Northrook, IL -- (SBWIRE) -- 01/23/2020 -- The astaxanthin market has been segmented on the basis of source, application, form, and method of production, which are further divided into their subsegments. It has also been segmented on the basis of region into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). The market for astaxanthin is projected to grow at a CAGR of 8.02% from 2017, to reach USD 814.1 million by 2022. Increasing awareness of the benefits of astaxanthin & its numerous end-use applications, growing market for nutraceuticals & dietary supplements, and industrialization of the animal feed market are the driving forces for the astaxanthin market. Growth in segments such as supplements, food, and cosmetics, among others has increased the use of astaxanthin.

There is an upsurge in the consumption of astaxanthin, especially plants and microalgae-based astaxanthin, across countries such as the U.S., China, and Germany since these regions are currently witnessing a trend of consumption of "natural and healthy" food, owing to their health benefits and lesser side effects. However, these natural astaxanthin products are priced higher than their synthetic counterparts, owing to which chemically synthesized astaxanthin dominated the astaxanthin market; however, the natural counterpart is exhibiting higher growth. The advanced algal biomass technology developed in the U.S. aids the natural astaxanthin market to grow in the country and also across European countries.

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The supplements segment is projected to be the fastest-growing application of astaxanthin as these dietary supplements and nutraceutical products are largely consumed to ensure a wholesome diet and a healthy life. The numerous health benefits offered by astaxanthin to combat a broad range of unhealthy conditions, such as cardiovascular and neurological health, and skin-related problems present an opportunity for the key market players to invest in R&D and introduce astaxanthin for health & nutrition products.

The Asia Pacific region dominated the market, accounting for a share of about 39.2% in 2016. The increasing demand for fortified, healthy, and nutritious products in the Asia Pacific region and the changing eating habits of consumers due to busy lifestyles are projected to drive the growth of the astaxanthin market.

Key players in the astaxanthin market include Koninklijke DSM N.V. (Netherlands), BASF SE (Germany), Cyanotech Corporation (US), Otsuka Pharmaceutical Co., Ltd. (Japan), Valensa International (US), Fuji Chemical Industries Co. (Japan), Divis Laboratories Ltd. (India). BASF offers astaxanthin products under its brand, Lucantin, wherein variants of different concentrations are developed to cater to the aquaculture feed application.

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