(I-BusinessNews.Com, March 17, 2020 ) The report “Astaxanthin Market by Source (Plant, Yeast & Microbes, Marine, Petroleum), Form (Dry, Liquid), Method of Production (Biological Process, Chemical Process), Application (Feed, Supplements, Food, Cosmetics), and Region – Global Forecast to 2022″, The astaxanthin market is projected to grow at a CAGR of 8.02% from 2017 to reach USD 814.1 Million by 2022.This market is directly influenced by the increase in geriatric population which in turn impacts the preventive healthcare market changing consumer preferences toward healthy & wholesome diets, and increasing prevalence of nutritional deficiency, which drives the dietary supplements market.
The application of astaxanthin in animal feed was the largest in 2016
The animal feed segment occupied a significant share of the astaxanthin market, by application, in 2016, due to its extensive use as an ingredient in feed, especially aquafeed. The demand for astaxanthin, as a pigment coloring agent for aquafeed, is boosted by the support offered by governments for aquaculture, and also the approvals granted by international food & feed regulations such as the European Food Safety Agency, Canadian Food Inspection Agency, and the U.S. Food and Drug Administration. Significant demand for astaxanthin from the aquaculture sector is seen in the Asia-Pacific region.
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Microalgae cultivation is projected to be the fastest-growing method of production for the next five years
Based on the method of production, the microalgae cultivation segment is expected to grow at a relatively higher rate in both developed and developing nations such as the U.S., China, Germany, and Japan. The high concentration of astaxanthin found in microalgae, coupled with its approval on food safety for human consumption, are the main drivers for the adoption of microalgae as a source, owing to which microalgae cultivation is seen to be the preferred production method for astaxanthin.
Petroleum source dominated the astaxanthin market in 2016
Petroleum accounted for the largest source in the astaxanthin market in 2016. It held a share of 57.3% in 2016. This could be attributed to the lower cost of astaxanthin derived from petroleum when compared to the natural sources such as plants and microbes. Astaxanthin obtained from petroleum is mostly used in animal feed to provide pigmentation and vitality to animals. Animal feed dominates the application of astaxanthin with a share of 72% in the market. This makes astaxanthin derived from petroleum the most dominant source.
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This report includes a study of the marketing and development strategies, along with the product portfolio of the leading companies. It includes the profiles of leading companies such as Koninklijke DSM N.V. (Netherlands), BASF SE (Germany), Cyanotech Corporation (U.S.), Otsuka Pharmaceutical Co., Ltd. (Japan), Valensa International (U.S.), Fuji Chemical Industries Co., Ltd. (Japan), Divis Laboratories (India), Beijing Ginko Group (China), Igene Biotechnology, Inc. (U.S.), Piveg, Inc. (U.S.), Fenchem Biotek Ltd. (U.S.), Algatechnologies (Israel), Cardax, Inc. (U.S.), and Supreme Biotechnologies (U.S.).
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