The Astaxanthin Market is estimated to expand at a significant CAGR over the forecast period
The factors driving the growth of Astaxanthin Market includes growing demand for fortified food and beverages around the world, rising consciousness amongst consumers about adopting healthy lifestyles and rapid industrialization of feed industry. According to the report published by Statista, the market size of Flavored vitamin Fortified, and Mineral Enriched Food and Beverage in the Latin American region was estimated around USD 7.55 billion in 2018 and is predicted to reach USD 10.9 billion by the end of 2023, which will boost the Global Astaxanthin Market in the approaching years. Moreover, rising awareness about the health benefits of natural astaxanthin, growing use of astaxanthin in the dietary supplements and increase in the number of chronic diseases such as Cancer, Cardiovascular Diseases (CVDs) and Diabetes, are some of the additional factors supplementing the Astaxanthin Market size. In addition, the increasing investments by leading players on research and development, rapid urbanization rising disposable incomes and improvements in the living standards, are further contributing to the market growth.
However, the growth of Astaxanthin Market is hindered due to high production costs of natural astaxanthins.
Based on Form, the Liquid segment is predicted to capture the largest market share during the forecast period
Increasing application of astaxanthin in the manufacturing of soft gels, oil extracts and beadlets, is the major factor responsible for the segment’s growth.
Based on the Method of Production, the microalgae cultivation segment emerged as the fastest growing over the forecast period
The Microalgae are excellent source of protein, adds nutritional values to the food products upon incorporating and are the richest source of astaxanthin, are some of the factors propelling the segment’s growth.
Based on Region, Asia-Pacific region is predicted to capture the largest market share during the forecast period
As per the Astaxanthin Market Report, rising consumers inclination towards adopting healthy lifestyles, growing adoption of advanced technologies by manufacturers, rising disposable incomes, high population growth rates and rapid urbanization, are some of the important factors influencing the market growth in Asia-Pacific.
Segmentation By source
Segmentation By form:
Segmentation By method of production
Segmentation By application
Segmentation by Region
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