According to the new research report available at MarketStudyReport.com under the title ‘Astaxanthin Market Size by Source (Synthetic, Natural), By Application (Dietary Supplement, Personal Care, Pharmaceuticals, Food & Beverages, Animal Feed {Aquaculture, Livestock, Pets}) Industry Outlook Report, Regional Analysis, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026’, the global astaxanthin market is anticipated to surpass USD 880 million by the year 2026.
 

Shifting consumer preference for natural products is the key factor propelling the growth of astaxanthin market. The ingredient is used in anti-aging creams owing to its antioxidant property and ability to enhance aesthetic appeal. Astaxanthin has lower LDL cholesterol levels and is known to possess anti-inflammatory capability. It improves eye health and aids in the recovery from prostate cancer, which is fueling the demand of astaxanthin across medical sector, hence driving the market growth.
 

Growing awareness about nutraceuticals, rising consumer spending on cosmetic and personal care products, coupled with surging adoption by wellness spa service providers are augmenting the market outlook. However, high cost of product and limited supply across emerging nations might hinder the expansion of astaxanthin market.
 

In terms of application, astaxanthin market is segmented as food & beverage, dietary supplement, animal feed, pharmaceuticals, and personal care.  The animal feed segment is presumed to grow significantly over the forecast period, owing to its extensive use as feed additive for egg production, chicken, shrimp, and salmon as well as feed supplement. The product helps in muscle recovery while enhancing energy levels and strength. Moreover, it is used in aquaculture to improve pigmentation in fishes and cost effective.
 

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Considering regional landscape, North America astaxanthin market is predicted to register accelerated growth in coming years, owing to the rising awareness and consumer preference for organic cosmetic products. While, Latin America market will witness lucrative growth opportunities, on account of expanding pulse flour industry which is focusing on meeting the ever-increasing demand for healthy snacks & bakery products.
 

The prominent companies operating in astaxanthin market are Algix, Algaecan Biotech, BGG, BASF, Cyanotech Corporation, Cardax, DSM, Divis Laboratories Limited, Fuji Chemical Industries Company Limited, Fenchem, JXTG Nippon Oil & Energy Corporation, INNOBIO Limited, and Kunming Biogenic Company Limited among others.