INTRODUCTION

Astaxanthin is a naturally occurring carotenoid pigment that can be found in algae, crab, salmon, and other plants and animals. Astaxanthin is a carotene that belongs to the xanthophyll family and is one of the most important naturally occurring antioxidants. Because of the product's health benefits as well as technological improvements in product manufacturing, the global astaxanthin market is expected to increase significantly during the forecast period.

BY PRODUCT

Due to increasing product demand from food supplements and animal feed, astaxanthin is expected to expand during the projected period, owing to its high nutritional and anti-oxidant characteristics, as well as greater government support for astaxanthin-containing products. The FDA approved Cyanotech Corp's request to increase the daily dosage of its natural astaxanthin ingredient in dietary supplement from 7.8 mg to 12 mg in 2011. The availability of a variety of natural and synthetic extraction sources such as algae, crab, salmon, and others, as well as better extraction procedures such as microalgae culture, extraction, and drying, are expected to fuel market growth. Furthermore, because of its anti-oxidant characteristics and skin-friendly nature, astaxanthin is expected to be adopted by the personal care industry in the creation of skin rejuvenating and anti-ageing creams. However, the high costs of producing astaxanthin from natural sources, as well as the limited availability of raw materials such as algae and yeast, may hinder the worldwide astaxanthin market's growth.

BY SOURCE

Because of modern chemical synthesis processes like hydroxylation of canthaxanthin and isomerization of lutein, synthetic sources for astaxanthin extraction may dominate the market, as well as the lower complexity involved with synthetic astaxanthin production. Chemical synthesis of astaxanthin, for example, uses 5 times less energy than algal induction and 6 times less energy than yeast fermentation. Other factors contributing to synthetic astaxanthin's market domination include its low cost of manufacturing and lower energy consumption when compared to natural sources such as yeast and algae. Due to a greater focus on biologically active compounds derived from natural sources, as well as their growing consumption in the production of dietary supplements such as BioAstin Hawaii Astaxanthin and Nutricost Astaxanthin for human consumption, the production of Astaxanthin from natural sources is expected to increase over the forecast period.

BY APPLICATION

Due to rising product demands for aquafeed and government support in the upliftment of aquaculture, which has become one of the world's primary sources of food, the global astaxanthin market for animal feed is likely to account for the highest share over the forecast period. Aquaculture is expected to account for more than half of worldwide fish production by 2020-21, according to the United Nations Food and Agriculture Organization (FAO 2016), indicating its critical role in supplying global seafood demand. Furthermore, due to growing knowledge of the health benefits of astaxanthin consumption, such as increased plasma concentration, vitamin present, skin rejuvenation, and others, the dietary supplements industry is predicted to rise rapidly.

BY FORM

Astaxanthin is commonly available in both liquid and powdered form. Manufacturers employ astaxanthin powder to make a variety of products, including astaxanthin capsules, astaxanthin oil, and astaxanthin emulsions, which are used in a variety of sectors. Because astaxanthin is originally found in liquid form, the manufacture of dried astaxanthin or astaxanthin powder is more complicated than that of liquid astaxanthin. As a result, advanced technologies are utilised to create their powdered form. H. pluvialis is a common algal biomass powder utilised in a variety of sectors, including pharmaceuticals, cosmetics, and food supplements.

REGIONAL INSIGHT

Because of the large number of health-conscious people in the region, as well as the presence of important producers such as BGG, BlueOcean NutraSciences, Cardax Inc., and others, North America is likely to dominate the worldwide astaxanthin market. Due to continued development in the pharmaceutical sector in developing countries such as India and China, as well as the presence of major market players such as Fuji Chemical Industry Company Limited and YunNan Alphy Biotech Co., Ltd in the region, the Astaxanthin market in Asia Pacific is expected to grow significantly over the forecast period. The pharmaceutical market in China is predicted to rise from $108 billion in 2015 to $167 billion by 2020, according to the International Trade Organization.

COMPETITIVE LANDSCAPE

Cyanotech Corporation, BlueOcean NutraSciences, Inc., Beijing Ginko Group (BGG), BASF SE, IGENE Corporation, Parry Neutraceuticals, JX Nippon Oil and Energy Corporation, Cardax, Fuji Chemical Company, and Heliae Development, LLC are some of the major companies in the Astaxanthin market. Significant health benefits linked with Astaxanthin are incentivizing important players to merge with speciality product makers in order to expand their business and reach out to a wider range of sectors. For example, on May 17, 2018, BGG and Solix Algredients joined to develop a new firm that will sell functional ingredients derived from nature to a variety of industries, including food and beverage, personal care, and the feed market. Astaxanthin, Vitamin E Tocotrienols, apple polyphenols, and other ingredients are included exclusively in the product line. BGG hopes to strengthen their position as the global leader in antioxidants while also expanding their skills into new areas and applications.