Middle East and Africa Astaxanthin Market was worth USD 56.81 million in 2022 and estimated to be growing at a CAGR of 6.78%, to reach USD 79.01 million by 2028.
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 Middle East and Africa 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.
Middle East and Africa Astaxanthin Market Segmentation Analysis:
The Middle East and Africa 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 market in the region can be divided based on geography broadly into Middle East and Africa regions. Factors such as rising geriatric population and adoption of various technologies during production are expected to drive the market growth in the region.
Key Players in the Market:
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.).
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