Astaxanthin Market Driving Factors & Impact of Covid-19 on the Global Market

Posted on 2021-08-20 by MarketsandMarkets in Food & Beverage, Pharmaceuticals // 0 Comments

The Astaxanthin Market is projected to reach USD 965 million by 2026, from USD 647 million in 2021, at a CAGR of 8.3% during the forecast period.

The increase in awareness toward preventive healthcare & nutraceuticals and the rising demand for cosmetic products have gained the attention of the key players in the astaxanthin market to develop new and effective products. Astaxanthin also has anti-inflammatory properties. Other health benefits associated with astaxanthin are cardiovascular disease prevention, boosting immunity and bioactivity against Helicobacter pylori, and cataract prevention.

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Aquaculture and animal feed industries are highly dependent on feed additives for higher nutritive benefits for animals. Essentially, astaxanthin adds nutritional value and pigmentation to animal feed. Thus, the industrialization of poultry and aquaculture businesses has driven the market for astaxanthin since these end user industries value health of animals. The significant growth in fisheries and aquaculture production has resulted in the increased consumption of diversified nutritious food products. The global consumption of seafood has increased owing to the rising consumer awareness regarding the health benefits of consuming fish and other aquaculture species.

Impact of Covid-19 on Global Astaxanthin Market:

The COVID-19 pandemic is expected to significantly impact the astaxanthin market as the current crisis has highlighted the significance of safe, healthy, and nutritive eating habits among consumers across the globe. While ingredient sales span across the countries, key companies in the astaxanthin market have also begun to establish regional production, R&D, and sales departments. They are also optimizing supply chains for the distribution of raw materials.

Amid the COVID-19 outbreak, astaxanthin manufacturers face significant challenges to address the demand for the increased functional food products to include changing tastes and preferences. The prices of raw materials are projected to increase due to trade barriers, disruptions in the supply of raw materials, and inefficient distribution channels due to COVID-19. The non-availability and high cost of raw materials, and high production costs are likely to create challenges for the growth of the global astaxanthin market.

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Key players in this market include Koninklijke DSM N.V. (the Netherlands), BASF SE (Germany), Cyanotech Corporation (US), Otsuka Holdings Co. Ltd. (Japan), Divi’s Laboratories Ltd. (India), Valensa International (US), Fuji Chemical Industries Co. Ltd. (Japan), Beijing Gingko Group (China), Cardax, Inc. (Denmark), Piveg, Inc. (US). Some of the other players are Fenchem Biotek Ltd. (China), Algatech Ltd. (Israel), Supreme Biotechnologies (New Zealand), Igene Biotechnology Inc. (US), Algamo (Czech Republic), Biogenic Co., Ltd. (Japan), Astamaz NZ Ltd. (New Zealand), Algalif (Iceland), Algae to Omega (US), and Algae Health Sciences, Inc. (US).

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