Regional Analysis
Regionally, the global astaxanthin market is segmented into Europe, North America, Asia Pacific (APAC), and Rest-of-the-World (RoW).
The APAC region is expected to dominate the global market till the end of the forecast period due to high demand for animal feed. Presence of various players in the region focusing on improving the performance of the product as well as establishment of operating facilities can drive the market growth. In addition, awareness of the benefits of astaxanthin among cosmeceuticals and healthcare professionals can be lucrative for the astaxanthin market till 2024.
North America is deemed to register a high growth rate during the estimated period due to awareness of the product, presence of established organizations promoting the use of astaxanthin, and a highly aware populace. For instance, the Natural Algae Astaxanthin Association (NAXA) is creating awareness among the population regarding health benefits of astaxanthin.
Competitive Outlook
Koninklijke DSM N.V., JXTG Nippon Oil Energy Corporation, Fenchem Biotech Ltd., Parry Nutraceuticals, Alga Technologies, Divi's Laboratories Ltd., Mera Pharmaceuticals Inc., Archer Daniels Midland Co., Heliae Development, LLC, Cardax, Inc., Fuji Chemical Industries Co., Ltd., Piveg, Inc., Cyanotech Corporation, BASF SE, and Otsuka Pharmaceutical Co., Ltd. are prominent key astaxanthin market players.
Industry News
NextFerm Technologies has decided to file a patent for its astaxanthin derived naturally from yeast fermentation known as Astaferm. The product has shown remarkable progress in in-vitro and human clinical studies.
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