The Asia Pacific Astaxanthin Market was worth USD 156.5 million in 2018 and estimated to be growing at a CAGR of 8.34%, to reach USD 233.6 million by 2023. Astaxanthin is a keto-carotenoid which is colourful, liquid soluble pigment. It is found in many natural sources such as salmon, trout, microalgae, yeast, krill, shrimp, crayfish and crustaceans among others.
While Astaxanthin is a naturally available component of diet, it is also used as a food supplement. It is generally used for animal, human and aquaculture consumption. It is widely available in red-coloured aquatic foods. The primary source of Astaxanthin in aquatic food sources is algae. In species like shell fish, it is concentrated in the shells while it is also available in flesh at lower concentrations. However, most of the commercially available Astaxanthin is produced synthetically.
The driving factors of Asia Pacific Astaxanthin market are adoption of advanced technologies during various stages of the production of Astaxanthin such as cultivation, extraction, microalgae harvesting, extraction and drying, growing geriatric population and rising demand for cosmetic products like antioxidant creams and anti-ageing creams among others. Astaxanthin has been found in many studies to be skin-friendly as it offers various advantages. Because of this, it is being used extensively by cosmeceutical manufacturers and wellness spa owners.
The Asia Pacific Astaxanthin market is segmented based on source into plants, yeast & microbes, marine and petroleum segments. On the basis of form, it is divided into dry and liquid segments. By application, the market is divided into supplements, animal feed, cosmetics and food. By method of production, the market is segmented into fermentation, microalgae cultivation, extraction and chemical synthesis. In the Astaxanthin market, petroleum segment has the largest market by share and microalgae is expected to be the fastest growing segment.
The Asia Pacific Astaxanthin market is divided based on geography into India, China, Japan, South Korea, Australia and other parts of the region. Asia Pacific has the second largest market for Astaxanthin in the world by share and is also the fastest growing region. By country, China has the largest market in the world for Astaxanthin. Factors such as rising geriatric population and adoption of various technologies during production are expected to drive the market growth in the region.
Some of the major players in the market are Koninklijke DSM N.V. (Netherlands), BASF SE (Germany), Cyanotech Corporation (U.S.), Otsuka Pharmaceutical Co., Ltd. (Japan), Valensa International (U.S.), Fuji Chemical Industries Co., Ltd. (Japan), Divis Laboratories (India), Beijing Ginko Group (China), Igene Biotechnology, Inc. (U.S.), Piveg, Inc. (U.S.), Fenchem Biotek Ltd. (U.S.), Algatechnologies (Israel), Cardax, Inc. (U.S.), and Supreme Biotechnologies (U.S.).
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1.2 Yeast & Microbes
5.1.5 Y-o-Y Growth Analysis, By Source
5.1.6 Market Attractiveness Analysis, By Source
5.1.7 Market Share Analysis, By Source
5.2.3 Y-o-Y Growth Analysis, By Form
5.2.4 Market Attractiveness Analysis, By Form
5.2.5 Market Share Analysis, By Form
5.3.2 Animal Feed
5.3.5 Y-o-Y Growth Analysis, By Application
5.3.6 Market Attractiveness Analysis, By Application
5.3.7 Market Share Analysis, By Application
5.4 Method of Production
5.4.2 Microalgae Cultivation
5.4.4 Chemical Synthesis
5.4.5 Y-o-Y Growth Analysis, By Method of Production
5.4.6 Market Attractiveness Analysis, By Method of Production
5.4.7 Market Share Analysis, By Method of Production
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
184.108.40.206 By Source
220.127.116.11 By Form
18.104.22.168 By Application
22.214.171.124 By Method of Production
6.1.4 Market Attractiveness Analysis
126.96.36.199 By Source
188.8.131.52 By Form
184.108.40.206 By Application
220.127.116.11 By Method of Production
6.1.5 Market Share Analysis
18.104.22.168 By Source
22.214.171.124 By Form
126.96.36.199 By Application
188.8.131.52 By Method of Production
6.5 South Korea
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Koninklijke DSM N.V.
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 BASF SE
8.3 Cyanotech Corporation
8.4 Otsuka Pharmaceutical Co., Ltd.
8.5 Valensa International
8.6 Fuji Chemical Industries Co., Ltd.
8.7 Divis Laboratories
8.8 Beijing Ginko Group
8.9 Igene Biotechnology, Inc.
8.10 Piveg, Inc.
8.11 Fenchem Biotek Ltd.
8.13 Cardax, Inc.
8.14 Supreme Biotechnologies
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures