SAN FRANCISCO, Sept. 2, 2020
SAN FRANCISCO, Sept. 2, 2020 /PRNewswire/ -- The global astaxanthin market size is expected to reach USD 3.4 billion by 2027, expanding at a CAGR of 16.2%, according to a new report by Grand View Research, Inc. Increasing awareness about nutrition for healthy lifestyle and growing preference for dietary supplements due to high hospitalization costs are factors fueling the demand for nutraceuticals and natural antioxidants, thus driving the market.
Key suggestions from the report:
Read 76 page research report with ToC on "Astaxanthin Market Size, Share & Trends Analysis Report By Source, By Product (Dried Algae Meal, Oil, Softgel), By Application (Nutraceutical, Cosmetics, Aquaculture and Animal Feed), And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/global-astaxanthin-market
The key concerns regarding the adverse effects of chemical-based cosmetics has driven focus on the use of natural cosmetics and pharmaceuticals. Also, nutraceuticals have found a major application in the field of dermatology. For instance, in April 2019, researches in Japan and China investigated the use of astaxanthin on skin aging using mouse model and found that it improved dysregulation of aging-related gene expression.
Astaxanthin is widely used as a high value keto–carotenoid pigment for coloring of fishes like prawns, salmon, trout, and ornamental fishes, in order to increase their commercial value. Apart from coloring of aquatic animals, the carotenoid also improved the biological properties like improvements in survival, reproductive capacity, growth performance, stress tolerance, immune–related gene expression, and disease resistance.
Major players are focusing on new product development and collaborative agreements to meet the increasing demand for the carotenoid in aquaculture. For instance, Heliae collaborated with Syndel Laboratories Ltd. for production of producing Nymega-an aquaculture feed ingredient-which was expected to be commercialized in 2017. Thus, increased adoption of the carotenoid in the aforementioned applications is anticipated to drive the market.
Grand View Research has segmented the global astaxanthin market on the basis of source, product, application, and region:
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