Astaxanthin Market Is Anticipated To Grow Hastily Due To Growing Demand For Natural Food Coloring Agents Till 2025: Grand View Research, Inc.
The global astaxanthin market is expected to reach USD 2.57
billion by 2025, according to a new report by Grand View Research, Inc.
Adoption of advanced technologies in various stages of natural astaxanthin
production, such as microalgae harvesting, cultivation, extraction, and drying,
have been major factors driving market growth. Moreover, awareness about health
benefits, safety, and potential uses of astaxanthin is another driving
force.
Rising geriatric population is
estimated to result in an increase in the demand for cosmetics such as
antiageing creams and antioxidant products for improving aesthetic appeal.
Astaxanthin has been reported in many studies for its high antioxidant and
skin-friendly properties. Due to this, many cosmeceutical manufacturers and
wellness spa owners are using it in new products and associated therapies,
which is also estimated to drive demand.
U.S. astaxanthin market by
product, 2014 - 2025 (USD Million)
Browse full research report on
Astaxanthin
Market
Further key findings from
the report suggest:
- Naturally
produced astaxanthin dominated the production technology segment with a
market share of 52.4% in 2016, owing to increasing awareness about its
health benefits, safety, and multifunctionality.
- Microalgae is
estimated to be one of the largest and fastest growing natural source,
owing to increasing use of H. pluvialis for production of
high-grade astaxanthin
- Adoption of
technologically advanced procedures for manufacturing natural astaxanthin
with less contamination and maximum yield is expected to fuel market
growth
- Dried algae
meal or biomass held the largest market share by type of product in 2016
due to low production cost and high use in aquaculture and as animal food
- Softgel
capsules containing astaxanthin oil or powder are rapidly gaining
acceptance as oral nutraceutical, and this is expected to fuel demand.
- Based on
application, aquaculture and animal feed dominated the market in 2016 with
revenue of USD 220.0 million, owing to its increased usage in coloring
fish and trout for quality enhancement
- On the other
hand, nutraceuticals are expected to witness lucrative growth over the
forecast period due to factors such as high nutritional value, antioxidant
properties, and low adverse effects
- North America
held the largest market share by region in 2016. Key factors for that can
be attributed to its dominance are local presence of key manufacturers,
increasing base of health-conscious population, and flourishing
nutraceutical industry
- Supportive government
regulations, growth in population with nutritional deficiencies, and
increasing liquidity in developing countries are key drivers anticipated
to provide high growth opportunities to the Asia Pacific region.
- Some of the
major players of the astaxanthin market are Alga Technologies; Cyanotech
Corporation; Fuji Chemicals Industry Co., Ltd.; BlueOcean NutraSciences,
Inc.; MicroA AS; Fenchem; EID Parry (India) Ltd.; Beijing Gingko Group
(BGG); Heliae Development, LLC; IGENE Biotechnology, Inc.; and JX Nippon
Oil and Energy Corporation.
For
more information: http://www.grandviewresearch.com
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