Astaxanthin Market: Introduction
The latest market forecast report published by Transparency MarketResearch on the astaxanthin market includes global industry analysis andopportunity assessment for 2020-2030. Revenue generated from theglobal astaxanthin market has beenestimated to be valued at ~US$ 633 Mn in 2020, which isprojected to increase at a CAGR of ~8%, to reach US$1.3 Bn by 2030.
As per studies conducted and research carried out on astaxanthin, it ispotentially safe for use with very less side effects on human body and animalswhen consumed in any form such as tablets, soft gel, capsules, liquid, andpowder The amount of astaxanthin found in whole food sources is generally safeand can be consumed with minimal risk of side effects. Potential side effectsthat may occur with supplementation include hormone changes, increased skinpigmentation, hair growth, and altered levels of calcium. In supplement form,however, it has been associated with some mild adverse symptoms as mentionedabove.
Various clinical trials are performed to check the side effects ofastaxanthin on its end users and if its consumption affects the applicantadversely, but as of now, no such adverse side effect of the product is found.Thus, astaxanthin is possibly safe when taken orally as a supplement. As aresult of this, the demand for astaxanthin is increasing in the market.
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Innovation is Key for Market Players to GainCompetitive Advantage
The manufacturers of astaxanthin-based products can benefit fromincreasing the frequency of product launches, so that they can easily connectwith the consumers and fulfil the growing demand for astaxanthin products.Conventionally, astaxanthin is available in powder and liquid format; however,new market players can formulate diverse astaxanthin formats and incorporatethem into various products such as food and nutraceuticals to attract a largerconsumer base.
· For instance, in September 2019, Atacama Bio Natural Products,headquartered in Chile, one of the astaxanthin-based product manufacturers haslaunched NatAxtinTM and is sourced from microalgae
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Government and Related Bodies lends Support toProduction of Astaxanthin
Various government institutions and related regulatory bodies such asFDA and EU supports the production and delivery of astaxanthin in differentapplications, which include food & beverages, cosmetics, healthcare,aqua-feed. Astaxanthin is mainly used for coloration in salmons and other foodproducts. Growing prevalence of astaxanthin is used in the healing process ofobesity, male infertility, heart related diseases, diabetes, and other relateddiseases. Consumers are shifting toward nutrient-rich cosmetics. Astaxanthinwith its anti-aging properties is used in the cosmetic industry to treatwrinkles in women. Therefore, the demand for astaxanthin is expected to rise inthe cosmetic industry. The United States Food and Drug Administration approvedastaxanthin as an additive for fish feed only as a component of a stabilizedcolor additive mixture. The manufacturers of astaxanthin in developingcountries have focused on increasing their production capabilities byincorporating technologies and researching sources of astaxanthin.
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