Astaxanthin is used as a dietary supplement. It is being regarded as a potential antioxidant that possesses ability to safeguard human cells from oxidation and inflammation. It is being used prominently as easily available and known to offer cardiovascular benefits. Astaxanthin is a carotenoid, which comes under the category of xanthophyll. It is a red color pigment which occurs naturally in some of the algae and causes pink color in sea foods like lobster, salmon, shrimp, and others. The product is showing significant market growth as it is effective when compared with other carotenoids like lycopene and lutein. 

Market scope and structure analysis

COVID-19 Scenario Analysis: 

• The closure of factories due to COVID-19 has led to the decline in the production of the astaxanthin in the industries. This not only affected the scale of production but also the growth of these industries.
• The online platforms, shops, and retail stores were shut due to lockdown observed worldwide. This also affected the trade of these products which in turn hampered the sales of astaxanthin in various countries around the world.
• The sale of astaxanthin is expected to boost after worldwide release of the lockdown situation due to COVID-19 due to the prevalence of healthy lifestyle

Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

Increase in prevalence of chronic diseases like cardiovascular issues, diabetes, and cancer is expected to boost the growth of the market as it is proven that astaxanthin helps increase the blood flow and reduce blood sugar among patients. Advancement in technology is also a key factor which drives the market growth. 

However, higher cost involved in the extraction process is the prime factor responsible for the high price of the product. Also, the stringent regulations and guidelines for the usage of product in direct human consumption hamper the growth of the market.

The global astaxanthin market trends are as follows:

Demand for Astaxanthin in liquid form

Based on the form, the liquid form segment is expected to grow during the forecast period. As in this form astaxanthin is used for multiple applications like as syrups and texturing agent which are being used in beverages, food products, and in pharmaceutical industries. 

Potential Market

The region of Asia Pacific is expected to dominate the market in the coming years as there is increase in demand for healthy, nutritious, and fortified products. Change in eating habits owing to the present lifestyle of the consumers tends to drive the market growth in the specific region.

Key Segments Covered:

Key Benefits of the Report:

• This study presents the analytical depiction of the global astaxanthin industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global astaxanthin market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global astaxanthin market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed global astaxanthin market analysis based on competitive intensity and how the competition will take shape in the coming years. 

Questions Answered in the Astaxanthin Market Research Report:

• What are the leading market players active in the astaxanthin market?
• What the current trends will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What future projections would help in taking further strategic steps?