Astaxanthin Market: Introduction
The latest market forecast report published by Transparency Market Research on the astaxanthin market includes global industry analysis and opportunity assessment for 2020-2030. Revenue generated from the global astaxanthin market has been estimated to be valued at ~US$ 633 Mn in 2020, which is projected 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 is potentially safe for use with very less side effects on human body and animals when consumed in any form such as tablets, soft gel, capsules, liquid, and powder The amount of astaxanthin found in whole food sources is generally safe and can be consumed with minimal risk of side effects. Potential side effects that may occur with supplementation include hormone changes, increased skin pigmentation, hair growth, and altered levels of calcium. In supplement form, however, it has been associated with some mild adverse symptoms as mentioned above.
Various clinical trials are performed to check the side effects of astaxanthin on its end users and if its consumption affects the applicant adversely, 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 a result of this, the demand for astaxanthin is increasing in the market.
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Innovation is Key for Market Players to Gain Competitive Advantage
The manufacturers of astaxanthin-based products can benefit from increasing the frequency of product launches, so that they can easily connect with 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 incorporate them into various products such as food and nutraceuticals to attract a larger consumer base.
· For instance, in September 2019, Atacama Bio Natural Products, headquartered in Chile, one of the astaxanthin-based product manufacturers has launched NatAxtinTM and is sourced from microalgae
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Government and Related Bodies lends Support to Production of Astaxanthin
Various government institutions and related regulatory bodies such as FDA and EU supports the production and delivery of astaxanthin in different applications, which include food & beverages, cosmetics, healthcare, aqua-feed. Astaxanthin is mainly used for coloration in salmons and other food products. Growing prevalence of astaxanthin is used in the healing process of obesity, male infertility, heart related diseases, diabetes, and other related diseases. Consumers are shifting toward nutrient-rich cosmetics. Astaxanthin with its anti-aging properties is used in the cosmetic industry to treat wrinkles in women. Therefore, the demand for astaxanthin is expected to rise in the cosmetic industry. The United States Food and Drug Administration approved astaxanthin as an additive for fish feed only as a component of a stabilized color additive mixture. The manufacturers of astaxanthin in developing countries have focused on increasing their production capabilities by incorporating technologies and researching sources of astaxanthin.
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