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.
Global Astaxanthin Market: Segmentation
Global Astaxanthin Market can be segmented on the basis of sources, application and region.
On the basis of sources, global astaxanthin market can be segmented into Natural and Artificial. Natural sources of Astaxanthin can be further sub-segmented into Pacific sockeye salmon, Phaffia yeast, Paracoccus bacteria, Shrimp bi-products, and Haematococcus pluvialis. Haematococcus pluvialis microalgae is one of the most prominent natural resource for astaxanthin production.
Astaxanthin is also produced by an artificial method, known as chemical synthesis. Most of the commercial astaxanthin for aquaculture is produced synthetically and contribute significantly to the total astaxanthin market revenue.
Global Astaxanthin Market can be further segmented on the basis of application. A huge share of astaxanthin produced globally is used aquaculture industry, for pigmentation of trout, shrimps and salmon. Astaxanthin is also used in various nutraceuticals products, due to its antioxidant properties. In food and beverages, astaxanthin is used to fulfil specific proteins demand from natural sources. Astaxanthin also finds its application in cosmetics & personal care products owing to its anti-aging properties. Astaxanthin is also used in various pharmaceuticals application and as colouring agent in animal feed.
Global Astaxanthin Market: Regional Outlook
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.
Global Astaxanthin Market: Growth Drivers
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: Players
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.
The companies are expected to expand their business by enhancing their product portfolio in global astaxanthin market, focusing on offering natural astaxanthin products. The companies are projected to frame certain strategies in future in order to gain the competitive advantage in global bakery filling till 2024.
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