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Astaxanthin market is projected to reach USD 800 million globally with 4.8% CAGR by 2022

Author : Rahul Sankrityayan | Published Date : 2019-03-29 

Powered by a plethora of applications in the animal feed domain, astaxanthin market has indeed been one of the most lucrative business spheres under the canopy of specialty chemicals space.  In fact, the animal feed application vertical procured almost 40% of the overall industry share in 2017. A large credit of this goes to the governmental backup with regards to aquaculture, which has extensively prompted astaxanthin’s utilization as pigment coloring agent.

Elaborating further on the diverse application landscape of astaxanthin industry, dietary supplements have stood as another major growth avenue for this business space. Easy product availability coupled with a slew of associated health benefits will further generate a massive demand for astaxanthin in the ensuing years. As per estimates, the dietary supplements market is expected to register a CAGR of more than 4% over 2018-2024.

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An insight into the latest developments underlining astaxanthin market

  • Two of the leading behemoths in astaxanthin market, American firm Solix Algredients and Chinese company BGG have recently collaborated to form a new Colorado based ingredient supplier. BGG though boasts of a portfolio of a variety of botanical ingredients, has garnered maximum acclamation for its algae production facility in Yunnan Province. For the record, the astaxanthin market player has recently joined NAXA (Natural Algae Astaxanthin Association). The new unit which is a collaboration of BGG, Algae Health Sciences, and Solix Algredients is reported to build a production scale supercritical fluid CO2 extraction unit in Colorado to extract natural astaxanthin along with other products. The merger is deemed to strengthen the stance of both the players in the evolving astaxanthin industry, given the collaboration of their marketing as well as technical expertise.
  • In what may be touted as an attempt in sync with global sustainability march, Iceland based astaxanthin industry firm, Algalif recently made an official declaration of emphasizing more on sustainable growth and research-based algae cultivation. At 2017’s SupplySide West trade show, the company’s unwavering commitment toward high-quality astaxanthin production via environmentally viable practices was rather evident. The move comes on the heels of Iceland’s renowned portfolio in the sustainability matrix – the region being a rich natural resources spot along with having the largest supply of fresh water and clean air. This would lead to the astaxanthin produced remain free from heavy metals and other contaminants or bioburdens.
  • Another potential contender in astaxanthin market, Nutrex Hawaii, Inc. has recently made to the front page with the news of its breakthrough products, MD Formulas™ and BioAstin® Hawaiian Astaxanthin®, to have received IGEN (The International GMO Evaluation and Notification Program™) verification. Allegedly, BioAstin Hawaiian Astaxanthin is a significant anti-oxidant supplement that is basically derived from natural micro-algae, grown across the Big Island of Hawaii. BioAstin has also received a green signal from GIG (Gluten Intolerance Group) for its gluten free nature and has been also verified as natural astaxanthin by NAXA.

Analyzing the above trends, it is undeniable that sustainability and environmental viability are two of the top-notch parameters underlining the strategic landscape of astaxanthin industry. Regional governments along with renowned regulatory authorities have enforced various directives, the compliance of which, is a major factor influencing the astaxanthin production.

In a recent turn of events, the Natural Algae Astaxanthin Association (NAXA) has recently filed a citizen’s petition, seeking regulatory action by FDA against a synthetic formulation of astaxanthin being marketed by Cardax. Reportedly, the petition that was filed with US FDA, has requested the agency to analyze the regulatory status of Cardax’s astaxanthin ingredient. NAXA’s allegation revolved around Cardax’s products not falling under the category of a legal dietary ingredient. For the record, FDA’s say on the matter is still not revealed.

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Driven by a regulatory-influenced and somewhat driven approach of this industry, manufacturers are constantly integrating advanced cultivation, drying, and extraction technologies in natural variants production that ensure high quality yield, minimal wastage, and above all health and environmental viability. In this regard, an emerging trend regarding which astaxanthin market players are highly optimistic about is sealed microalgae cultivation. The approach ensures a considerable reduction of entrapment risk of microbial contaminations, foreign substances, and agricultural residues. With these product innovations in the pipeline, the commercialization matrix of astaxanthin industry is likely to expand robustly in the coming years. Global Market Insights, Inc. forecasts the worldwide astaxanthin market to surpass a revenue of USD 800 million by 2024.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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