Over the past decade, the demand for astaxanthin, particularly from the skin biology sector, has witnessed considerable growth. Traditionally, astaxanthin is obtained by chemical synthesis and despite a spike in interest in other production technologies including bacterial fermentation. The global astaxanthin market is set to witness considerable growth during the forecast period, due to the surge in demand for astaxanthin from different end-use industries, including pharmaceutical, cosmetics, food & beverages, aquaculture & animal feed, and dietary, among others. As several research activities continue to offer more evidence pertaining to health benefits and potential nutraceutical applications of astaxanthin in the dermatology field, its demand is set to witness unprecedented growth in the coming years.
At present, the primary source of astaxanthin is microorganisms, including fungi and microalgae. However, seafood processing wastes have also emerged as an ideal source of astaxanthin, wherein waste shrimps have gained a great amount of popularity, particularly for astaxanthin extraction. At present, participants of the current market for astaxanthin are increasingly focusing on adopting environment-friendly extraction techniques and the commercial production of astaxanthin complexes. More recently, the aerospace sector has expressed interest in astaxanthin as research activities continue to single out the benefits of microalgae in space. At the back of these factors, the global astaxanthin market is reach the value of ~US$ 1.3 Bn by 2030.
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Growing Demand from Food Industry Set to Boost Market Growth
The consistent growth in the demand for astaxanthin particularly from the food industry is expected to boost the growth of the astaxanthin market during the forecast period. In the past few decades, astaxanthin is increasingly being used as a food additive, owing to health benefits, including anti-inflammatory effects, improved immunity, and prevention of cerebrovascular and cardiovascular diseases, among others. Over the past decade, several studies have revealed that astaxanthin can play an important role in preventing photoaging, improving sleep, minimizing obesity, protecting vocal cord, combating depression, and increase sperm motility, among others.
The demand for astaxanthin from the food industry is on the rise, as it is increasingly being used as a food-coloring agent, an antioxidant to preserve the taste, color, freshness, and quality of food items. Traditionally, astaxanthin was predominantly used to retain the nutrients of the food from damage, enhance sensory aspects, and improving the overall appeal of food products. Within Europe, astaxanthin has attained approval as an essential raw material to develop dietary supplements. However, due to the instability of astaxanthin, it is vulnerable to degradation by a host of environmental factors, research activities continue to focus on this area within the astaxanthin market.
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High Adoption in Aquaculture to Propel Astaxanthin Market Growth
Within the astaxanthin market, the adoption levels from the aquaculture industry continue to move in the upward trajectory. The demand for astaxanthin from aquaculture is on the rise, as astaxanthin plays an essential role in improving the survivability and reproductivity of aquatic species. Moreover, another factor that is set to increase the demand for natural astaxanthin is the inability of marine animals and crustaceans to self-synthesize astaxanthin. The demand for natural astaxanthin that is largely sourced from yeast, bacteria, and algae is increasingly, particularly from the industrial sector.
Companies operating in the astaxanthin market landscape are also expected to launch innovative and eco-friendly bio-astaxanthin to gain an edge over competitors. Several companies are expected to allocate funds for research and development of new astaxanthin that is expected to find applications in the aquaculture space. For instance, KnipBio launched a new range of KnipBio Meal that contains bio-astaxanthin– an ingredient that plays a key role in improving the overall health of aquatic species, including shrimp, trout, and salmon, among others. Several researchers are also focused on finding new techniques to synthesize natural astaxanthin. For instance, in December 2019, a team of researchers from Japan revealed that they have discovered a novel way to synthesize natural astaxanthin by utilizing marine algae.
