The global astaxanthin market is expected to exceed 800 million dollars
The global astaxanthin market is expected to exceed 800 million dollars
Global Market Insights market data shows that the Market size of astaxanthin exceeded 550 million US dollars in 2017, is expected to reach 800 million US dollars in 2024, and the compound annual growth rate from 2018 to 2024 will exceed 4.8%. The main driving factors include the continuous growth of the anti-aging market, the increasing demand of the cosmetics industry, and the growth of health care products to improve vision and brain health. Astaxanthin, with its antioxidant and skin friendly properties, is a key raw material used by cosmetics manufacturers and SPA products. In addition, astaxanthin has been widely used in animal feed, especially in aquaculture.
Astaxanthin is mainly divided into natural astaxanthin and synthetic astaxanthin. The extraction methods of natural astaxanthin are divided into the methods of Haematococcus pluvialis and Phaffia rhodozyma. At present, astaxanthin extracted by red hair yeast method accounts for 73.17% of the market share, which is mainly used in the aquatic feed industry. Astaxanthin extracted by Haematococcus pluvialis is mainly used in health products, food and beverage and cosmetics, while astaxanthin extracted by chemical synthesis is mainly used in aquatic feed industry.
Feed application accounts for the largest proportion
The application demand of astaxanthin is mainly animal feed, exceeding 40% in 2016. The product is widely used as a key ingredient in aquaculture and animal husbandry. Regulators around the world continue to support aquaculture and further strengthen industry penetration. In addition, the approval of international food agencies, including the Canadian Food Inspection Agency and the European Food Safety Agency, will support the growth of the industry.
Due to the increasing demand for natural astaxanthin, the compound annual growth rate of dietary supplements will reach 4.2%. As a special healthy raw material, the increase of natural astaxanthin consumption will still be the key factor to promote the demand for products. In addition, dietary supplements containing carotenoids can lead to an increase in plasma concentrations, thereby controlling pain symptoms. These factors will further strengthen the penetration of astaxanthin in dietary supplements in the next few years.
Significant growth in the Asia Pacific region
The Asia Pacific astaxanthin market plays a leading role in the world, and the demand is expected to exceed 150 tons in 2024. The huge demand for animal feed application products in this region will mainly help to achieve high growth business. The presence of BGG and other veteran industry players in China and their advanced operating facilities will further promote the growth of the industry. In addition, the growing awareness of its health benefits among consumers, coupled with a large population and insufficient nutrition, will drive growth in the region.
From 2018 to 2024, the CAGR of the North American market will exceed 3.5%, which is due to the huge demand of the dietary supplement industry and the growing awareness of the health benefits provided by this product. In addition, various health related organizations have emerged in the region, including the Natural Algal Astaxanthin Association (NAXA).
In 2017, the global astaxanthin output was about 511.8 tons. Japan is the largest production region, accounting for 47.22% of the global market share. The producers are mainly KI Chemical, JX Nippon Oil&Energy and Biogenic. In April 2018, Weihai Lida Bio produced astaxanthin by microbial fermentation, which can effectively reduce costs, improve production capacity and fill the gap in this field in China. Since then, China has become the world's largest producer of astaxanthin. It is estimated that the output of astaxanthin in China will reach 637.4 tons in 2018.
The major manufacturers of astaxanthin in the world include DSM, BASF, Cyanotech, Fuji, BGG, Yunnan Erfa, Kunming White Gull, Kunming Caijing Spring, Yunnan Boxin, Yunnan Time Stamp, Algatechnologies, Parry Nutraceuticals, Jingzhou Natural Astaxanthin Co., Ltd., Weihai Lida Biotechnology, JX Nippon Oil&Energy, Supreme Biotechnologies, Biogenic, and KI Chemical.
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