The report “Astaxanthin Market by Source (Plant, Yeast & Microbes, Marine, Petroleum), Form (Dry, Liquid), Method of Production (Biological Process, Chemical Process), Application (Feed, Supplements, Food, Cosmetics), and Region — Global Forecast to 2022”, published by MarketsandMarkets™, the Astaxanthin Market is projected to grow at a CAGR of 8.02% from 2017 to reach USD 814.1 Million by 2022.
Browse 78 market data tables and 63 figures spread through 163 pages and in-depth TOC on “Astaxanthin Market — Global Forecast to 2022”
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This market is directly influenced by the increase in geriatric population which in turn impacts the preventive healthcare market changing consumer preferences toward healthy & wholesome diets, and increasing prevalence of nutritional deficiency, which drives the dietary supplements market.
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The application of astaxanthin in animal feed was the largest in 2016
The animal feed segment occupied a significant share of the Astaxanthin Market, by application, in 2016, due to its extensive use as an ingredient in feed, especially aquafeed. The demand for astaxanthin, as a pigment coloring agent for aquafeed, is boosted by the support offered by governments for aquaculture, and also the approvals granted by international food & feed regulations such as the European Food Safety Agency, Canadian Food Inspection Agency, and the U.S. Food and Drug Administration. Significant demand for astaxanthin from the aquaculture sector is seen in the Asia-Pacific region.
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Microalgae cultivation is projected to be the fastest-growing method of production for the next five years
Based on the method of production, the microalgae cultivation segment is expected to grow at a relatively higher rate in both developed and developing nations such as the U.S., China, Germany, and Japan. The high concentration of astaxanthin found in microalgae, coupled with its approval on food safety for human consumption, are the main drivers for the adoption of microalgae as a source, owing to which microalgae cultivation is seen to be the preferred production method for astaxanthin.
Food&farming 