Natural astaxanthin powder

Natural astaxanthin powder. Photo:

Anewly published study from Global Market Insights suggests that the global astaxanthin market size was more than 250 kilo tons in 2014 and is likely to grow at a CAGR of over 7% from 2016 to 2023. The global natural astaxanthin market size was over 25 tons in 2014 and is likely to see significant gains up to 2023.

Growing consumer interest in products derived from renewable sources is likely to drive the natural astaxanthin market. Common renewable sources include the green algae Haematococcus pluvialis, yeast Phaffia rhodizyma and crustacean byproducts. Haematococcus pluvialis represents the richest source of the product, accounting for over 3% of astaxanthin, primarily in esterified form.

Aquafeed dominated the end-use industry demand and accounted for more than 40% of the total volume in 2014. The global aquafeed market size was worth over $69 billion USD in 2014 and is predicted to grow at a CAGR of above 11% from 2016 to 2023. Increasing fish consumption, coupled with health benefits, is driving demand over the forecast period.

Astaxanthin is a high value product in the carotenoid market and is used as a pigmentation source for salmon, shrimp and trout, and is also used in poultry applications. Natural astaxanthin’s market price, despite progress in current production techniques, is not currently able to compete with synthetic. The natural product derived from Phaffia rhodizyma or Haematococcus pluvialis may compete in price once the production capacity increases.

Increase in nutraceutical demand, owing to consumer health benefits and nutrition, is likely to drive the astaxanthin market growth trend over the forecast period. Nutraceutical is likely to be the fastest growing application for this market. Natural astaxanthin is considered as a powerful anti-oxidant compared to beta carotene, lutein and lycopene. It is also much more effective for neutralizing free radicals. It provides health benefits such as immune system boost, and is seen as beneficial for cardiovascular disease and cataract prevention.

Increasing demand for skin care and anti-ageing care products, such as peels, creams and masks, are likely to drive demand for cosmetic applications. Astaxanthin is reported to have multiple skin benefits and is considered more effective than vitamin C.

The report states that astaxanthin helps in stimulating continuous collagen production in skin, which is responsible for skin firmness and tone elasticity. It can also inhibit melanogenesis by about 40%, diminish age spots, freckles and dark eye circles. It is also considered to be beneficial as a skin whitening agent, and an aid in wrinkle reduction, skin moisturizing and skin smoothness; and can be used as a sunscreen, providing excellent sun protection within skin.

Increase in nutritional deficiency, coupled with specific protein demand, is likely to drive astaxanthin growth in food and beverage applications. FDA affirmation of GRAS status for use in food and beverage ingredients is also likely to drive demand.

Astaxanthin production is concentrated in a few countries including the U.S., Israel, Japan and India. The U.S. is the dominant producer and accounts for more than 30% of the installed capacity, and is likely to be the dominant supplier over the forecast period, with Japan, Israel and India witnessing huge import demand and likely to increase market presence. The global synthetic astaxanthin market share is more concentrated, with Netherlands-based DSM occupying the dominant position.