Astaxanthin Market size to grow at a CAGR of over 7% from 2016 to 2023: Global Market Insights Inc. Global astaxanthin market size is was more than 250 kilo tons in 2014 and is likely to grow at a CAGR of over 7% from 2016 to 2023. Global natural astaxanthin market size was over 25 tons in 2014 and is likely to witness significant gains up to 2023. Aquafeed dominated the end-use industry demand and accounted for more than 40% of the total volume in 2014. U.S. is the dominant producer and accounts for more than 30% of the installed capacity. Global aquafeed market size was worth over USD 69 billion in 2014 and is likely to grow at a CAGR of above 11% from 2016 to 2023. Growing demand owing to increasing fish consumption coupled with health benefits is likely to drive demand over the forecast period. This is a high value product in the carotenoid market and is used as pigmentation source majorly for salmon, shrimps and trout. It is also used in poultry applications.
Natural astaxanthin market price, despite progress in current production techniques, is not able to compete with synthetic one. The product derived from Phaffia or Haematococcus may compete in prices, once the production capacity increases. Increase in nutraceutical demand owing to consumer health benefits and nutrition is likely to drive astaxanthin market growth trend over the forecast period. Nutraceutical is likely to be the fastest growing application for this market. It is considered as a powerful anti-oxidant compared to beta carotene, lutein and lycopne. It is also much more effective for neutralizing free radical and proves to be beneficial. It provides health benefits such as immune system boost, cardiovascular disease and cataract prevention. Increasing demand for skin care & anti-ageing care products such as peels, creams and masks are likely to drive demand for cosmetic applications. It is reported to have multiple skin benefits and prove to be more effective than vitamin C. It helps in stimulating continuous collagen production in skin which is responsible for skin firmness and tone elasticity. It can also inhibit melanogenesis by about 40%; diminish age spots, freckles and dark eye circles. It can also prove beneficial as skin whitening agent, wrinkle reduction, skin moisturizer and skin smoothness. It can be also used as sunscreen as it can provide excellent sun protection within skin. Increase in nutritional deficiency coupled with specific proteins demand is likely to drive astaxanthin demand in food & beverages applications. FDA affirmation of GRAS status for use in food & beverages ingredients is also likely to drive demand.
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