The astaxanthin market is poised to scale impressive heights, registering a robust 13.8% value CAGR through 2030. Widespread usage across a range of industries is the primary growth driver for the market.
Astaxanthins are a group of carotenoids which contain high antioxidant properties. Therefore, they have proven beneficial in containing and preventing various ailments ranging from cardiac arrest and stroke to debilitating cancers. Additionally, they are also known to stop the progression of Alzheimer’s and Parkinson’s diseases respectively.
Astaxanthins are extensively utilized across the aquaculture, cosmetics, animal feed and nutraceutical industries due to their useful properties. Based on these projections, the global market is only set to accelerate in the near future, opening up lucrative revenue prospects for vendors.
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Global Astaxanthin Market- Key Takeaways
South Asia to emerge as a promising market, attributed to high demand for antioxidant and protein rich diets Algae and crustacean-based natural astaxanthins to enjoy popularity, capturing 16.5% market share by 2030 95-97% grade astaxanthin to be the chief ingredient across key application areas Major application is likely to be witnessed in the aquaculture segment Powdered astaxanthin to capture over 80% market share by 2030
COVID-19 Impact Analysis
The COVID-19 pandemic has brought the entire world to a standstill. While various industries are struggling to address revenue shortfalls, prospects for the astaxanthin market appear extremely bright in the near future.
Attributed to its anti-inflammatory and antioxidant properties, natural astaxanthin is slated to play a pivotal role in modulating the immune response by regulating cytokine release among COVID-19 patients.
Acute inflammatory disease such as sepsis and acute lung injury (ALI) is a systemic inflammatory syndrome induced by the infection and causes multiple organ failure in extreme cases. Thus, to combat this, natural anti-inflammatory astaxanthin compounds are being considered as a viable option to reduce organ damage.
Therefore, continuous research and development efforts by the medical fraternity is laying fertile ground for the astaxanthin market to flourish in the remainder of the pandemic’s duration.
Key Segments
Source
- Natural
- Crustaceans
- Crabs & Lobsters
- Shrimps
- Prawns & Crawfish
- Others
- Microalgae
- Haematoccocus P.
- Chlorococcum
- Chlorella Zofingiensis
- Schizocytrium Genus
- Paracoccus
- Carotinifaciens
- Yeast/Fungi
- Synthetic
Grade
- > 98%
- 95-97%
- < 94%
Form
- Powder
- Liquid
Production Technology
- Chemical Synthesis
- Natural Extraction
Application
- Aquaculture
- Dietary Supplements
- General Wellbeing
- Eye Health
- Brain Health
- Immune & Digestive Health
- Bone & Joint Health
- Heart Health
- Other Supplements (Weight Loss, Allergies, etc.)
- Food & Beverages
- Personal Care & Cosmetics
- Skin Care
- Hair Care
- Pet Food
- Eye Health
- Brain Health
- Immune & Digestive Health
- Bone & Joint Health
- Others
- Animal Feed
Global/Regional Overview
- North America (U.S & Canada)
- Latin America (Brazil, Mexico, Argentina & Rest of Latin America)
- Europe (Germany, Italy, France, U.K, Spain, BENELUX, Russia, Poland & Rest of Europe)
- East Asia (China, Japan & South Korea)
- South Asia (India, Indonesia, Thailand, Malaysia, Singapore, Philippines & Rest of South Asia)
- Oceania (Australia and New Zealand)
- Middle East & Africa (GCC, Turkey, Israel, South Africa and North & Central Africa and Rest of MEA)
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Key Questions Answered in the Report
How has the Astaxanthin Market fared in the past decade?
The global astaxanthin market was valued at US$ 282.9 Mn in 2010 and acquired a value of US$ 583.8 Mn in 2019. This upsurge was largely a product of rising awareness regarding potential antioxidant properties and effectiveness in eradicating chronic conditions.
What is the likely growth scenario for the astaxanthin market in the forthcoming forecast period?
According to FMI, the astaxanthin market is slated to expand at an astounding 13.8% CAGR in the 2020-2030. It is anticipated to reach a value of US$ 2.3 Bn by 2030-end.
What drivers underpin market expansion for the upcoming decade?
Transition towards natural therapeutic options to cure chronic ailments as well as increasing prevalence of sedentary lifestyles leading to habits such as smoking and alcohol consumption are expected to pivot the astaxanthin market growth in future.
Identify possible impediments or hindrances to market growth
Availability of plant-based alternatives and volatility in pricing are expected to restrain growth prospects for the market for the 2020-2030 forecast period.
What will be the impact of COVID-19?
Yes. The COVID-19 pandemic is expected to have an impact on the astaxanthin market. Various healthcare professionals are touting natural astaxanthins as the answer to inhibit the inflammation of respiratory organs by limiting cytokine secretion in infected patients.
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