doption of advanced technologies in various stages of natural astaxanthin production, such as microalgae harvesting, cultivation, extraction, and drying, have been major factors driving astaxanthin’s market growth, expected to reach USD $2.57 billion by 2025. The new report, by Grand View Research, Inc., notes that awareness about health benefits, safety, and potential uses of astaxanthin is another driving force.
A rising geriatric population is estimated to result in an increase in the demand for cosmetics such as anti-ageing creams and antioxidant products for improving aesthetic appeal. Astaxanthin has been reported in many studies to possess 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.
Other findings in the report show that 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 multi-functionality.
Microalgae is estimated to be one of the largest and fastest growing natural sources, 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: the local presence of key manufacturers, an increasing population base of health-consciousness, and a 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.