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Global Astaxanthin Market2021: By Source (Synthetic , By Product (Dried algae meal or Biomass, Oil, Softgel, Liquid, Others), By Application (Nutraceuticals, Cosmetics, Aquaculture and animal feed, Others)Global Astaxanthin Market is an upcoming report by Trusted Business Insights. The astaxanthin market segmentation allows for deeper understanding and thought, to decisively assess, analyze, and study. Besides revenues for global, regional, and country-wise segments, market revenue segmentation will be compiled in a scrupulous manner for clear flow and understanding. The analysis will be conducted using expert opinions and inputs, as well as comprehensive primary and secondary research efforts to establish various aspects of the astaxanthin market. The global astaxanthin market report will be segmented on the basis of source, product, application, as well as region and countries.Request Covid - 19 Impact The Global Astaxanthin market size was valued at USD $549 Million in 2020, USD $573.16 Million in 2021, forecasted to reach USD $598.38 Million in 2022, and is projected to reach USD $844.46 Million by 2030, and is anticipated to expand at a CAGR of 4.4% over the forecast period from 2020 to 2030.
Overview:Astaxanthin is a keto-cartenoid that belongs to a larer class of chemicals compounds known as terpenesbuilt from five carbon precursors, dimethylallyl siphosphate and isopentenyl diphosphate. It is normally found In shrimp, algae, lobster, salmon, and crab. These are naturally occurring pigment colors that support good health. They have anti-inflammatory properties that aid in reducing pain in tendons, joints, and the muscles of chronic arthritis patients. And can reduce blood sugar as well as increase general blood flow in patients suffering from diabetes and blood pressure.
Dynamics:Key factors that are fueling the revenue growth of the global astaxanthin market are the implementation of cost-effective technologies and other technological advancements in the production of synthetic astaxanthin. The several benefits of astaxanthin such as antioxidant, photoprotective and anti-inflammatory effects which allow for skin homeostasis as well as in the form of nutraceuticals to reduce the occurrence of chronic diseases and to slower the aging process. With respect to the source, the natural astaxanthin segment in 2019 accounted for the highest revenue share of the global astaxanthin market and is projected to continue to do so over the next 10 years. Factors that are contributing to the revenue growth of this segment are the increasing demand for natural food supplements and the growing awareness regarding the adverse effects of chemical products as well as the high carotenoid levels and low maintenance costs associated with natural astaxanthin. In terms of product, the biomass or dried algae meal segment accounted for the highest revenue share in 2019 and is projected to continue to do so over the coming years. Due to its higher stablilty when compared with liquids or tablets, the softgels segment is expected to be the fastest growing in the years to come. The aquaculture & animal feed segment is the largest application segment due to its extensive use as a feed additive. Whereas, the nutraceutical segment is projected to experience lucrative revenue growth over the next 10 years due to astaxanthins ability to neutralize free radicals.
Regional Analysis:The market in North America is expected to account for the highest revenue share of the global astaxanthin market over the years to come due to the existence of key players and the rising number of awareness programs that are carried out by non-profit organizations in the region. The Asia Pacific market is expected to experience significant revenue growth over the foreseeable future due to increasing awareness of this product among healthcare professionals, the existence of a large number of individuals that suffer from nutritional deficiencies as well as a thriving cosmeceutical industry that now is beginning to rely on organic resources.
Below are the leading companies profiled in this Astaxanthin Market Report:
Chapter 1 Methodology and Scope