Astaxanthin Market Analysis
Astaxanthin Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026
Global Astaxanthin is a member of the xanthophyll family of carotenoids, which is found in some marine plants and animals. It is also known as ‘The king of the carotenoids’ and is acknowledged as one of the most powerful antioxidants present in nature. The highest concentration of astaxanthin is found in Pacific sockeye salmon. It is also present in crab, algae, shrimp, krill, red trout, and lobster. Commercial production of is from astaxanthin Haematococcus pluviailis (HP). A hybrid system for photoautotrophic cultivation of Haematococcus pluviailis comprises of a photobioreactor (PBR) fence.
Astaxanthin has various health benefits such as supports cardiovascular health, supports immune functioning, helps in protection of cells and nervous system from oxidative damage and supports brain health. Astaxanthin has excellent UV-light protection effect and antioxidant activity which makes it an excellent enhancement for eye health care. Astaxanthin is beneficial in lowering oxidative stress and improving blood flow in smokers and weighty people. Astaxanthin is used for curing Alzheimer's disease, Parkinson's disease, protection against cancer, in boosting recovery after stroke, and in reducing skin damage from ultraviolet (UV) light.
Gloval Astaxanthin Market Taxonomy
On the basis of source, the global astaxanthin market is classified into:
On the basis of end use industry, the global astaxanthin market is classified into:
On the basis of region, the global astaxanthin market is segmented into:
Astaxanthin has powerful UV-blocking properties that help protect human skin from the sun-related damage. It is also beneficial in reducing wrinkles and in improving skin moisture levels. Astaxanthin has natural anti-inflammatory properties and natural forms of astaxanthin helps to block inflammatory COX2 enzymes and also suppressing serum levels of interleukin 1B, nitric oxide, C Reactive Protein (CRP), prostaglandin E2, and TNF-alpha (tumor necrosis factor alpha). Astaxanthin is used for the treatment of breast cancer, comprising of reduced growth of breast cancer cells. Astaxanthin can enhance endurance and fatigue levels after exercise and also helps in boosting the body's consumption of fatty acids which helps prevent muscle and skeletal damage.
Global Astaxanthin Market Outlook – Increasing Pharmaceutical Applications are expected to be the Major Market Driver
Asia Pacific and North America are expected to be the most potential markets for Astaxanthin manufacturers. Asia Pacific is projected to witness relatively high growth in terms of value over the forecast period. This is attributed to the expected growth in pharmaceutical industry, especially in emerging economies such as China and India. According to India Brand Equity Foundation (IBEF), Indian pharmaceuticals industry is expected to generate US$ 55 billion by 2026. Moreover, growing medical tourism in India has boosted growth of astaxanthin market in the region. India Brand Equity Foundation (IBEF) is a Trust established by the Ministry of Commerce and Industry, Department of Commerce in collaboration with the Government of India with the purpose of promoting and creating international awareness of goods manufactured in India.
Various applications of astaxanthin in pharmaceutical and personal care products are fueling growth of the global astaxanthin market, especially in Asia Pacific and Middle East regions. However, high production cost due to limited availability of raw materials is one of the factors hindering growth of the global astaxanthin market. Mergers and acquisitions, developing innovative portfolio, and business expansion are some of the key strategies adopted by the top players in the global astaxanthin market. In September 2018, Fenchem Biotek Ltd., a leading provider of high-quality constituents for the cosmetics industry, expanded its cosmetic business in South America market. The company established a new plant in Sao Paulo, Brazil, which also includes a warehouse for optimizing supply chain.
Some of the major companies operating in the global astaxanthin market include, BASF SE, Cyanotech Corporation, IGENE, BGG (Beijing Ginko Group), Supreme Biotechnologies NZ Ltd, Parry Nutraceuticals, DSM NV, Algatechnologies Ltd., Yunnan Alphy Biotech Co., LTD., and Fenchem Biotek Ltd.
Key Developments in the market