The North America Astaxanthin Market would witness market growth of 14.4% CAGR during the forecast period (2022-2028).
Companies in the nutraceutical industry are drastically rising the production & manufacturing ability and distribution chain to meet the demand for nutraceutical products. Additionally, the rising adoption of enhanced technologies to increase production is anticipated to support the market in expansion. The utilization of new technologies to fulfill the demand without hampering the quality of astaxanthin will eventually increase production.
The affordable technologies which are highly utilized in the production of astaxanthin are photo bioreactor (PBR) and flat panel airlift (FPA). Apart from this, other technologies are an open pond, hybrid, closed microalgae, green technology production systems powered by sunlight, and supercritical carbon dioxide extraction.
To overcome the rising demand in the nutraceutical and pharmaceutical businesses, the market players are extensively looking for enhanced practices and technologies. There will be a new option available soon as a rise in the study of astaxanthin utilization can be witnessed. Several studies have been conducted in the recent past to calculate the ability of astaxanthin in various end-use enterprises.
The customers in the United States and Canada are well aware regarding the concept of “beauty foods” and are highly interested in purchasing products like UV protection and wrinkle smoothing products, which pushes the manufacturers to bring these types of products to market. Moreover, the number of people aged 50 and more is increasing. As the aging population is increasing, there will be a huge demand for nutra-cosmetic products to protect their skin from aging. This will increase the usage of astaxanthin as an ingredient in cosmetics, thereby leading to market growth in this region.
The US market dominated the North America Astaxanthin Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,259.6 million by 2028.The Canada market is poised to grow at a CAGR of 17% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 15.9% during (2022 - 2028).
Based on Product, the market is segmented into Dried Algae Meal Or Biomass, Softgel, Oil, Liquid and Others. Based on Source, the market is segmented into Natural and Synthetic. Based on Natural Type, the market is segmented into Yeast, Microalgae, Krill/Shrimp and Others. Based on Application, the market is segmented into Aquaculture & Animal Feed, Nutraceuticals, Cosmetics, Food and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America
Free Valuable Insights: The Global Astaxanthin Market is Estimated to reach $4.4 Billion by 2028, at a CAGR of 15%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include E.I.D. Parry Limited (Murugappa Group), Cyanotech Corporation, ENEOS Corporation (Eneos Holdings), Algatech Ltd. (Solabia Group), MicroA AS, Beijing Gingko Group, Algalif Iceland ehf, Piveg, Inc., Fuji Chemical Industries Co., Ltd., and Atacama Bio Natural Products S.A.
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