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Astaxanthin is a carotenoid, which is a chemical found in some marine plants and animals. Carotenoid is the class of pigment, which give colour to plants. Algae is a rich source of astaxanthin, which can be used as its source for the making of supplements. The astaxanthin causes red or pink colour in various seafood, such as lobster, salmon, and others. The popularity of astaxanthin in various applications, such as food sectors, aquaculture, and nutraceuticals industries has influenced its demand in global astaxanthin market positively. Astaxanthin is an antioxidant, which helps to reduce the oxidation in the human body. The rising popularity and the huge acceptance of astaxanthin among the consumers are due to its associated health benefits. Antioxidants can play an important role to prevent various human diseases, such as ageing, eye diseases, Alzheimer disease, and others, which is creating a huge demand for astaxanthin among consumers. Hence manufacturers are involving and utilising astaxanthin in the manufacturing of functional foods and other products, which is expected to give a boost in the growth of global astaxanthin market.
Key Market Driver -
Increased Consumer Awareness and Knowledge about Astaxanthin and its Health Benefits
Key Market Restraint -
High Price and Low Product Penetration in the Market
The health benefits associated with the consumption of astaxanthin is driving its demand in the global market. The rising health awareness and increased consumer knowledge have influenced its growth positively. The manufacturers are utilising this opportunity by availing their by-products in the market, such as dietary supplements and others.
The price of astaxanthin is high as compared to other alternative antioxidants which are available in the market. The product penetration is low in various developing as well as developed countries, which impact in low consumption of astaxanthin across the world.
Several key players are operating in the global astaxanthin market performing to make a grip on the market. The manufacturers are utilising the potential and increased demand for astaxanthin by catering the demand by producing the products to make it avail in the market. Some of the major key players include AstaReal, Inc., Valensa International, Nu U Nutrition Limited, iHerb LLC., Rudra Bioventures Private Limited, Icelandirect Inc., Peak Nutritional Products, and Algatech LTD.
The natural and organic product and food consumption trend have made the natural astaxanthin segment dominant in the market over synthetic astaxanthin. Consumers are shifting towards the clean label and natural products due to the increasing health concerns, which has led the demand up for the natural astaxanthin. Whereas synthetic astaxanthin offers the same benefits as natural but manufactured by using synthetic chemicals and substances, and hence, it costs less to the consumers.
Based on the application type, the nutraceutical is one of the growing and major consumer of astaxanthin to utilise it in their final products, such as dietary supplements and various functional foods. The rise in the popularity of nutraceuticals is influenced by the rising health concerns among the consumers, owing to its associated health benefits. Food and beverages sector is also growing and utilising astaxanthin in the final product to produce various functional foods. It is anticipated to increase in the consumption of astaxanthin along with the growth of its various applications.
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North-America is witnessed as one of the major key market regions for astaxanthin consumption. The rising trend of aquaculture in the region has led to increasing in the popularity of astaxanthin. The countries such as the U.S. and Mexico have large consumer base preferring seafood and animals, which requires astaxanthin as an ingredient for processing its functional foods and other dietary supplements for consumers. The aquaculture industry is one of the rising industry in the region, which indicates the growth in the consumption of astaxanthin in the global astaxanthin market.
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