According to the report titled ‘Astaxanthin Market Size By Source (Synthetic, Natural), By Application (Dietary Supplement, Personal Care, Pharmaceuticals, Food & Beverages, Animal Feed {Aquaculture, Livestock, Pets}), Industry Outlook Report, Regional Analysis, Application Potential, Covid-19 Impact Analysis, Price Trends, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, global astaxanthin market is projected to witness significant growth during the forecast period 2021-2027.

 

Escalating proportion of aging population, surging preference for dietary supplements, and rising inclination towards beauty & personal care products are all factors driving growth of global astaxanthin market.

 

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Notably, astaxanthin, which is a powerful carotenoid, has grown in popularity due to increased awareness of the product's benefits in a variety of applications. 

 

However, strict government regulations, and high cost of production are likely to impede the market growth during the forecast period.

 

Based on source, worldwide astaxanthin industry is categorized into two segments, namely, synthetic and natural. 

 

From the application standpoint, aquaculture animal feed segment is projected to expand at 5.5% CAGR over the forecast period. Extensive adoption of synthetic ingredients by aqua feed manufacturers will support segmental growth in the coming years.

 

Meanwhile, pharmaceuticals application share is reckoned to grow substantially through 2027, on account of properties like anti-inflammatory and antioxidant, which favors the usage of natural astaxanthin ingredients in medical formulations for ailments like age-related vision loss, high cholesterol, Parkinson’s disease, Alzheimer’s disease, stroke, and cancer among others.

 

On a regional scale, Middle East & Africa astaxanthin market is estimated to grow at a CAGR of 4.5 percent over the forecast period, resulting in a respectable valuation by 2027. Burgeoning presence of aquaculture and pharmaceutical industries in MEA is intended to foster the product demand.

 

The competitive landscape of global astaxanthin market is defined by companies such as Otsuka Pharmaceutical Co. Ltd., ALGA Technologies Ltd., Divis Laboratories Limited, AlgaeCan Biotech Ltd., Cardax Pharmaceuticals Inc., Algix Inc., Fuji Chemical Industries Company Limited, BASF SE, Kunming Biogenic Company Limited, Cyanotech Corporation, INNOBIO Limited, Fenchem Inc., ENEOS Corporation, Koninklijke DSM N.V., and Lycored among others.