According to a new report, published by KBV research, The Global Astaxanthin Market size is expected to reach $4.4 billion by 2028, rising at a market growth of 15.0% CAGR during the forecast period.
The Oil segment is showcasing a CAGR of 15.5% during (2022 - 2028). Astaxanthin oil is a powerful antioxidant that removes free radicals and is considered crucial because most body problems are occurred due to oxidative stress, also called free radicals. Astaxanthin oil also has remarkable anti-inflammatory properties. Astaxanthin oil belongs to the carotenoid group, its antioxidant ability has been much more effective than Vitamin E, and it also protects skin from UVA-induced skin cancer, which raises the use of astaxanthin oil in several cosmetic products and pharmaceutical industries.
The Natural segment acquired maximum revenue share in the Global Astaxanthin Market by Source in 2021 thereby, achieving a market value of $3 billion by 2028. Natural astaxanthin is mostly found in aquatic environments. It provides pink and red color to the meat of fish such as atlantic salmon, rainbow trout, arctic char, and red beam as well as the outer covering of the crustacean such as krill, shrimp and lobster, etc. Natural astaxanthin is also found in algae, which is able to synthesize the pigment, and also in the plankton crustacean, which has the ability to convert carotenoid precursor into astaxanthin.
The Cosmetics segment has shown the growth rate of 15.5% during (2022 - 2028). The astaxanthin which is extracted from the microalgae is proven beneficial in reducing the wrinkled skin, age spot size, skin elasticity, moisture content of the corneocyte layer, and corneocyte. Astaxanthin can provide protection to the skin and decrease the appearance of fine lines, wrinkles, and hyperpigmentation along with repairing DNA damage due to exposure to UV rays. Due to these skin health benefits of astaxanthin, the market is flourishing in this segment.
The North America market dominated the Global Astaxanthin Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1.7 billion by 2028. The Europe market is exhibiting a CAGR of 14.6% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 15.9% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/astaxanthin-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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