Astaxanthin Market Revenue and Value Chain 2016-2024

Astaxanthin is a pigment, which belongs a chemical group called carotenoids. It is a naturally occurring pigment, found in certain marine plants and in certain algae. It also causes the pink or red color in various seafood such as salmon, shrimp, trout, and lobster. Astaxanthin finds its application in various industries like, food, nutraceutical, and aquaculture industry. It is also considered as a powerful antioxidants found in nature. Astaxanthin has no side effects when compared to other antioxidants, which becomes pro-oxidant in the body. Astaxanthin is produced through chemical synthesis and also derived from various natural sources such as Paracoccus bacteria, Phaffia yeast, shrimp bi-products and Haematococcus pluvialis microalgae, which is the current major natural source of astaxanthin.

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Geographically, the global astaxanthin market rapidly growing with growing demand in aquaculture and cosmetic industry. Global astaxanthin market can be divided by major regions which include North America, Latin America, Europe, Asia Pacific, Middle East and Africa.

Globally, among all regions, North America leads in the commercial production of astaxanthin, followed by Asia Pacific. Countries like India, Japan and Israel contributes significantly to the total astaxanthin production. The consumption of astaxanthin primarily goes into salmon feed industry and economies with high sea food consumption are expected to drive the demand for astaxanthin.

Increasing adaptation and usage of natural ingredients in various food nutrients is resulting in higher demand for natural astaxanthin. The growth of nutraceutical and cosmetic markets is also adapting naturally occurring astaxanthin in product formulation, due to increased concern for consumer safety, resulting in higher demand for natural astaxanthin. Furthermore, the approval of astaxanthin by the U.S. FDA as generally recognized as safe (GRAS) for dietary supplements and approval from various European food agencies has resulted in the growth of astaxanthin market.

As the astaxanthin can be derived from natural resources like Haematococcus pluvialis algae, increased consumer awareness of its health benefits and its clean label profile is also expected to drive the growth of global astaxanthin market.

Synthetic astaxanthin is mostly used in the aquaculture sector, and the major demand comes from the salmon feed industry.

Global astaxanthin market is concentrated as majority of the market share is contributed by major players such as Royal DSM and ADM. Other major players in global astaxanthin market are Viva Labsa, Otsuka Pharmaceutical, Phasex Corporation, Cyanotech Corporation, Algatechnologies, Spec-Chem Industry, Inc., Valensa International., and AstaReal Co., Ltd.