The Astaxanthin Market is projected to reach USD 965 million by 2026, from USD 647 million in 2021, at a CAGR of 8.3% during the forecast period.
Astaxanthin is recognized as the most powerful antioxidant in nature, wherein according to a 2019 report by NCBI, astaxanthin has established its benefits as a vital nutrient for human consumption. Its unique structure helps it to scavenge free radicals and protect the body against oxidative damage. Therefore, it is called super antioxidant. Apart from imparting antioxidant properties, astaxanthin is also beneficial to the eyes, heart, and skin, and has anti-cancer, anti-inflammatory, and anti-diabetic properties. Some of the key factors driving the growth of astaxanthin across the globe include beneficial effects on the healthcare sector, the growth of the end-user industries, and rising innovative technology developments for the extraction of astaxanthin.
Key players in this market include BASF SE, Otsuka Holdings Co. Ltd., Koninklijke DSM N.V., Divi’s Laboratories Ltd., and Cyanotech Corporation.
Koninklijke DSM N.V., also called Royal DSM, is a science-based company engaged in the health, nutrition, and materials business. The company operates through four segments: nutrition, materials, innovation center, and corporate activities. Its nutrition segment includes DSM Nutritional Products and DSM Food Specialties. The company’s nutrition and food ingredients segment caters to different end-use application industries such as food, feed, and pharmaceuticals. It offers nutraceutical ingredient products for dietary supplements and the food beverages industry. Being one of the leaders in vitamins, carotenoids, nutraceuticals, and premixes, DSM has entered the astaxanthin industry with innovative products for both human and animal nutrition.
BASF SE is one of the leading chemical companies and is listed on stock exchanges in Frankfurt (Germany), London (UK), and Zurich (Switzerland). The company has 11 divisions grouped into six segments: chemicals, materials, industrial solutions, surface technologies, nutrition care, and agricultural solutions. For financial reporting, it has organized its regional divisions into four regions: Europe, North America, Asia Pacific, and South America/Africa/Middle East. The nutrition care segment offers a comprehensive range of products across human nutrition, animal nutrition, pharma solutions, and aroma ingredients. BASF is one of the strongest suppliers of vitamins, antioxidants, and carotenoids for the human nutrition business supplying to all major companies in the pharma, nutraceutical, beverage, and dietary supplement industries.
Otsuka Holdings Co. Ltd. is a manufacturer of pharmaceuticals; clinical testing equipment; and medical devices and equipment, food, and cosmetic products. The company operates through four segments: pharmaceuticals, nutraceuticals, consumer products, and other businesses. The pharmaceutical business entails prescription drugs, while the nutraceutical business encompasses nutritional food beverages and cosmetics. It offers astaxanthin through its nutraceutical business segment. Otsuka Pharmaceutical Co., Ltd. is a subsidiary of Otsuka Holdings Co. Ltd.
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