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Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Astaxanthin market. Market segmentation includes Source (Synthetic, Natural); Application (Feed, Supplements, Food, Other Applications).

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24 November 4:22 a.m., Silicon Valley, California - According to the new market research report, the global market for Astaxanthin is projected to grow at a CAGR of 5.8% reach US$841.3 million by 2027, driven by its rising use in various industries such as dietary supplements, animal feed and aquaculture, food and beverages, cosmetics, and pharmaceuticals, among others. The global Astaxanthin market will be reset to a new normal which going forwards in a post COVID-19 era will be continuously redefined and redesigned. Synthetic Astaxanthin, one of the segments analyzed and sized in this study, is forecast to grow at over 5.6% and reach a market size of US$492.6 million by the end of the analysis period. The United States is forecast to readjust to a 5.3% CAGR. Within Europe, the worst affected by the pandemic, Germany will reach a market size of US$56.8 million growing at a CAGR of 5.4% over the next couple of years. In addition, over US$17.6 million worth of projected demand in the region will come from Rest of European markets. In Japan, the Synthetic Astaxanthin segment will reach a market size of US$28.6 million by the close of the analysis period. Facing a global backlash over the coronavirus outbreak and spread, China the world's second largest economy faces economic and geopolitical challenges including economic distancing which can likely put China's monopoly of global supply chains in crisis. The Synthetic Astaxanthin segment in this country against this backdrop will grow at a CAGR of 6.9% over the next couple of years to create an addressable market opportunity worth US$127.8 billion by the year 2027.

Astaxanthin is a carotenoid pigment is a naturally-occurring reddish pigment with a variety of applications including antioxidants for humans, healthcare ingredients, and animal feed ingredients among others. Global astaxanthin market is expected to grow at a rapid pace over the coming years, driven by rising health awareness among people amidst their increasingly busy lifestyles particularly in the US and EU nations. In the recent years, the publication of study results offering support for the capabilities of astaxanthin in protecting heart health, improving workout endurance, and reducing wrinkles has contributed significantly to the growth of astaxanthin market. Strong research support has become available for the ingredient's benefits, with eye and brain protection, skin improvement, joint health, improved athletic performance, and cardiovascular benefits among few areas of research in the astaxanthin market. Astaxanthin is growing in popularity as an immune booster and is expected to witness growth given the present COVID-19 pandemic and the need for immune supplements to fight against the virus. Astaxanthin is a highly potent antioxidant, has many health benefits and is effective in managing multiple conditions such as cholesterol, heart conditions, stroke, liver malfunctions, macular degeneration, sunburn, wrinkles, and infertility in males among others. Astaxanthin is used even in treating difficult conditions such as Parkinson's and Alzheimer's disease. Astaxanthin is also expected to aid in improving physical endurance during exercise, opening up a potentially new application. However, growth in the astaxanthin market is being restrained by high production costs, limited availability of raw materials, and limited availability of traditional technology for production.

Research Methodology
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. The views, opinions and findings presented are based on validated engagements from a total executive pool size of 4308. Among this pool, 773 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 129 unique participations, a total of 58 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.

Key Competitors Covered in the Report -
BASF SE
Archer Daniels Midland Company
Otsuka Pharmaceutical Co., Ltd.
FUJIFILM Holdings Corporation
Koninklijke DSM NV
Cyanotech Corporation
E.I.D Parry (India) Ltd.
Zhejiang Medicine Co., Ltd.
Algatechnologies Ltd.
Fenchem Biotek Ltd.
PIVEG, Inc.
Synthetic Genomics, Inc.

Segments Covered in the Report -
Source (Synthetic, Natural)
Application (Feed, Supplements, Food, Other Applications)

Geographies Analyzed in the Report -
World
USA
Canada
Japan
China
Europe
France
Germany
Italy
UK
Spain
Russia
Rest of Europe
Asia-Pacific
Australia
India
South Korea
Rest of Asia-Pacific
Latin America
Argentina
Brazil
Mexico
Rest of Latin America
Middle East
Iran
Israel
Saudi Arabia
UAE
Rest of Middle East
Africa.

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About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) (www.strategyr.com) is the world`s only influencer driven AI powered market research company. Serving more than 41,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for 33 years, offering the widest coverage of topics, geographic markets, competitive brands, and companies profiled.

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