Astaxanthin Market Driving Factors and Covid - 19 Impact on the Global Market
Astaxanthin Market by Source (Natural, Synthetic), Form (Dry, Liquid), Method of Production (Microalgae Cultivation, Chemical Synthesis, Fermentation), Application (Dietary Supplements, Food & Beverages, Cosmetics), and Region - Global Forecast to 2026
Northbrook, IL 60062 -- (SBWire) -- 11/30/2022 --Astaxanthin is recognized as the most powerful antioxidant in nature, wherein according to a 2019 report by NCBI, astaxanthin has established its benefits as a vital nutrient for human consumption. Its unique structure helps it to scavenge free radicals and protect the body against oxidative damage. Therefore, it is called super antioxidant.
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With increasing awareness among consumers, the market for functional and fortified foods is growing, with consumers preferring balanced diets and food that satisfy hunger and benefit health. Moreover, the hectic lifestyles of the working middle-class population led to the rising demand for convenience products for on-the-go consumption to save time, which would have otherwise been spent in preparing food & beverages at home. Therefore, the growing market for functional food is opening up opportunities for new applications in the astaxanthin market.
How big is the global astaxanthin market?
The global astaxanthin market size is estimated to be valued at USD 647.1 million in 2021. It is projected to reach USD 965.8 million by 2026, recording a CAGR of 8.3% during the forecast period.
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.
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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