The global Astaxanthin Market size is
expected to reach USD 4.75 billion by 2028, registering a CAGR of 16.8%,
according to a new report by Grand View Research, Inc. Increasing adoption
of dietary supplements, growing awareness among people regarding healthy
lifestyle, and government initiatives to increase the manufacturing capacity
are anticipated to boost the market growth. For instance, in May 2019, Algalíf
Iceland ehf. received financial aid from EU’s SME Instrument program and
Icelandic Centre for Research’s Technology Development Fund to expand its
manufacturing capacities by adding spray dryers.
Cost-effective technologies widely used for
astaxanthin production include Photo Bioreactor (PBR) and Flat Panel Airlift
(FPA) reactors. Furthermore, other technologies used are open pond, closed
microalgae, hybrid (a need-based combination of open pond system & flat
panel photobioreactor), green technology production system energized by natural
sunlight, and supercritical carbon dioxide extraction systems.
Market players are aggressively finding innovative
methods to improve production for meeting the growing demand in the
nutraceutical and pharmaceutical industry. For instance, an ongoing study
conducted by scientists at the University of Pennsylvania has shown a route to
optimize the production of astaxanthin by using a strain of E. coli. According
to a study, the production rate of biomass via modified E. coli was 16 times
higher than the current algae cultivation method. This reflects the industry’s
ability to invest in new technologies for meeting the quality standards and
demands of consumers.
Increasing research on the usage of astaxanthin
products for different applications will create a new opportunity in the
market. Many studies have been conducted to evaluate the potential of
astaxanthin in different end-use industries. For instance, in April 2021, a
study was published in MDPI related to the use of astaxanthin-based feed
additives in the poultry industry. The study revealed that a moderate dose
could efficiently improve egg yolk color and the general health of laying hens.
Moreover, in April 2019, researchers in Japan and China investigated the use of
astaxanthin on aging using a mice model and found improved dysregulation of
aging-related gene expression.
The nutraceutical industry is a dynamic and evolving
end-use industry that offers new opportunities to key players looking to
introduce novel products. Key players are continuously conducting R&D to
develop a novel product for nutraceutical applications. Companies, such as
Algatech Ltd. and Cyanotech Corp., have introduced ready-to-mix and
water-dispersible powder for the supplements & beverages industries.
Similarly, companies are studying its applications in the pharmaceutical
industry.
Companies are adopting strategies, such as new product
launches and partnerships with major players in end-use industries, to increase
the penetration of natural astaxanthin-based products. For instance, in March
2019, Algatech Ltd. entered into a partnership with a personal care product
manufacturer for astaxanthin topical applications in the U.S. market. This
initiative was anticipated to drive the commercial reach of the product in
North America, thereby fueling the global market.
The market is highly competitive due to the presence
of a large pool of players. Key players are adopting new technologies and
producing an optimal quality of products to increase sales and gain maximum
market share.
Related Press Release@ Astaxanthin Market Report
Astaxanthin Market Report
Highlights
- In 2020, natural astaxanthin accounted for the largest market share
and is anticipated to maintain its dominance over the forecast period
- Microalgae is the largest natural source, which held more than 70%
of the total natural astaxanthin product
- Ongoing studies to expand the use of astaxanthin products are
anticipated to boost the demand in the coming years
- Based on product, dried algae meal or biomass is the largest
segment and is expected to maintain its dominance over the forecast period
- Asia Pacific region is expected to experience the fastest growth
over the forecast period owing to the increasing adoption
of nutraceuticals and increasing consumer disposable income in
the region
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Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports, customized
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technology, chemicals, materials, healthcare and energy.
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