Demand for Global Astaxanthin Market Size & Share to Surpass USD 980 Million By 2028, Exhibit a CAGR of 8.2% Growth | Astaxanthin Industry Trends, Value, Analysis & Forecast Report by Facts & Factors

NEW YORK, US, May 12, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled "Astaxanthin Market By Source (Natural and Synthetic), By Application (Animal Feed, Food & Beverage, Pharmaceuticals, Personal Care, Dietary Supplement, and Others), and By Region-Global and Regional Industry Trends, Competitive Intelligence, Analysis of Data, Statistical Data, and Forecast 2022–2028" in its research database.

"According to the latest research study, the demand of global Astaxanthin Market size & share was valued at approximately USD 650 Million in 2021 and is expected to reach a value of around USD 980 Million by 2028, at a compound annual growth rate (CAGR) of about 8.2% during the forecast period 2022 to 2028."

What is Astaxanthin? How big is the Astaxanthin Industry?

Market Overview:

The aquaculture and animal feed industries rely heavily on feed additives to provide better nutrition to animals. Astaxanthin, in essence, brings nutritional content and pigmentation to animal feed. As a result, the industrialization of aquaculture and poultry businesses has increased the demand for astaxanthin because these end-user businesses place a premium on animal health.

Increased consumption of diverse, nutritious food products has resulted from substantial growth in aquaculture and fishing production. Global seafood consumption has increased as consumer awareness of the health benefits of eating fish and other aquaculture species has grown.

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Our Free Sample Report Consists of the Following:

• Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
• The COVID-19 Pandemic Outbreak Impact Analysis is included in the package
• About 218+ Pages Research Report (Including Recent Research)
• Provide detailed chapter-by-chapter guidance on Request
• Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
• Includes Tables and figures have been updated
• The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
• Facts and Factors research methodology

(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)

Global Astaxanthin Market: Dynamics

• Increasing food industry demand will aid market growth

One of the major factors driving the global astaxanthin market growth is the rising prevalence of diseases such as cancer, diabetes, cognitive health issues, and cardiovascular disease. Astaxanthin promotes blood flow, lowers blood sugar levels, and alleviates pain in joints, muscles, and tendons. It also helps to prevent photoaging, enhances sleep cycles, fights depression, and boosts sperm motility. Furthermore, due to its ability to preserve the freshness, color, taste, and quality of food items, there is a substantial increase in the demand for astaxanthin as a food-coloring agent and food additive in the food & beverage industry worldwide.

Furthermore, astaxanthin is broadly used for skin tightening, fine line & wrinkle reduction, and moisture & elasticity retention. However, astaxanthin can be synthesized both naturally and synthetically. Synthetic astaxanthin is produced from various chemical formulations derived from petroleum products and is more affordable for consumers. Natural astaxanthin, on the other hand, is extracted and fermented using a variety of fungi, bacteria, yeast, algae, and marine animals. Natural astaxanthin is more difficult to produce and more expensive than synthetic astaxanthin. 

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Industry Major Market Players

• Divis Laboratories Ltd.
• Algaecan Biotech Ltd.
• Igene BioProduction Technology Inc.
• Valensa International Global
• PIVEG Inc.
• BGG (Beijing Gingko Group)
• Kunming biogenic
• ATACAMA BIONATURAL
• Fenchem Biotek Ltd
• Supreme Biotechnologies NZ Ltd
• Archer Daniels Midland Co. (ADM)
• JXTG Nippon Oil & Energy Corporation
• INNOBIO Limited
• Fuji Chemical Industries Co. Ltd.
• AstaReal Inc
• Algatechnologies Ltd.
• Cyanotech Corporation (BioAstin)
• Parry Nutraceuticals
• BASF SE
• Otsuka Pharmaceutica
• Cardax Inc.
• Koninklijke DSM N.V.

Astaxanthin Market: COVID-19 Impact Analysis

To prevent virus spread, border closures, lockdowns, and social distancing rules have halted fishing and seafood production and commerce in various countries. Foodservice closures in most pandemic-affected countries, including the US, EU, and China, have hampered seafood and aquaculture supplies.

The seafood and aquaculture businesses are being impacted by a drop in revenue from the food service sector. Trade restrictions have also had an influence on the imports and exports of essential seafood goods. Another cause of concern for the seafood and aquaculture sectors is the long-term shift in consumer behaviour toward live and frozen seafood.

COVID-19 has had an impact on seafood-producing countries, with agriculture and factory work being shuttered due to government lockdown initiatives and a resulting labour shortage. Most of these countries are experiencing stocks in cold storage, prompting farms to temporarily suspend operations.

Key Insights & Findings from the report:

• As per the analysis shared by our primary respondents, the Astaxanthin market is expected to grow at a CAGR of around 8.2% during the forecast period.
• Through the primary research, it was established that the Astaxanthin market was valued at around US$ 650 Million in 2021 and it is anticipated to exceed USD 980 million by 2028.
• By source, the Synthetic astaxanthin is widely utilised in poultry, aquaculture, and pet food, with a market value of more than USD 350 million predicted by 2028.
• By application, the Consumer demand for chemical-free organic skincare products made from naturally sourced raw ingredients could help the industry grow.
• On the basis of region, the North America is estimated to have the highest share of the global astaxanthin market during the forecast period, owing to increased astaxanthin awareness and the presence of industry players in the area.

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Key questions answered in this report:

• What are the top five global Astaxanthin players?
• How will the market look like in five years?
• What are the Astaxanthin market's drivers and restraints?
• Which region's market will increase the most?
• What will the Astaxanthin market's CAGR and size be during the forecast period?
• Which area offers the greatest benefit to the global market?
• What are the business risks, and how will the current situation affect growth and market perception?

Report Scope

Astaxanthin Market: Segmentation Analysis

The global astaxanthin market is segmented on the basis of source, application, and region.

By source, the market is divided into natural and synthetic. Synthetic astaxanthin is most commonly used in poultry, aquaculture, and pet food applications, and its market value is expected to exceed USD 350 million by 2028.

By application, the market is divided into animal feed, food & beverage, pharmaceutical, personal care, dietary supplement, and others. Rising consumer preference for chemical-free organic skincare products derived from naturally derived raw materials may drive product growth.

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Regional Analysis:

Asia Pacific region's overall economic growth has resulted in increased growth and industrialization. As a result, astaxanthin consumption differs from country to country and region to region. The growing consumer preference for healthy foods, as well as the limited supply of meat and seafood, are some of the key factors driving the growth of astaxanthin animal feed applications in the region. Because of the price advantage and growing preference in this region, Asia Pacific provides excellent opportunities for astaxanthin manufacturers and suppliers, thereby leading the global astaxanthin market.

Recent Development

• December 2020: BASF collaborated with Adifo Software to introduce a digital platform for the animal agriculture supply chain that included sustainability analytics. This collaboration significantly aided BASF's advancement in feed formulation.
• October 2020: Biomin, a specialized animal health and nutrition business owned by the Erber Group, was acquired by Koninklijke DSM N.V. This acquisition will add to Koninklijke DSM N.V.'s knowledge, experience, and reputation as a leading source of animal health and nutrition options for farm sustainability and productivity, with a focus on reducing emissions, feed consumption efficiency, and improving the use of land & water.

Browse the full "Astaxanthin Market By Source (Natural and Synthetic), By Application (Animal Feed, Food & Beverage, Pharmaceuticals, Personal Care, Dietary Supplement, and Others), and By Region-Global and Regional Industry Trends, Competitive Intelligence, Analysis of Data, Statistical Data, and Forecast 2022–2028" Report at https://www.fnfresearch.com/astaxanthin-market

This report segments the global astaxanthin market as follows:

By Source

• Natural
• Synthetic

By Application

• Animal Feed
• Food & Beverage
• Pharmaceuticals
• Personal Care
• Dietary Supplement
• Others

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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