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The increasing awareness of people about nutritional products, dietary supplements, rising adoption of novel technologies to boost the production of astaxanthin is anticipated to lead the Astaxanthin Market.
JERSEY CITY, N.J. , Feb. 23, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Astaxanthin Market" By Source (Synthetic, Natural), By Application (Dietary Supplement, Personal Care, Pharmaceuticals, Food And Beverages), and By Geography. According to Verified Market Research, the Global Astaxanthin Market size was valued at USD 77.66 Billion in 2020 and is projected to reach USD 93.66 Billion by 2028, growing at a CAGR of 2.38% from 2021 to 2028.
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The rising awareness of people about nutritional products, as well as their preference for dietary supplements as a result of the high expense of hospitalization, are expected to fuel demand for nutraceuticals and natural antioxidants. Astaxanthin is a potent antioxidant with health advantages that is 550 times more potent than antioxidants like vitamin E. Nutraceuticals are widely employed in the prevention of diseases such as Cardiovascular Diseases (CVDs), diabetes, and cancer because they give the essential nutritional nutrients with fewer side effects. Furthermore, the growing popularity of nutrient-dense foods is propelling the nutraceutical business forward at a rapid pace. As a result, there is a growing demand for astaxanthin-based nutritional products all over the world.
The increasing adoption of novel technologies to boost the production of astaxanthin is anticipated to propel growth over the forecast period. For instance, ALGAMO produces photo-bioreactors and micro-modules to create astaxanthin while minimizing water waste and saving electricity. Furthermore, investigations are being conducted to determine the technical and economic viability of increasing output through the use of various technologies. To fulfill the rising demand without sacrificing quality or production, businesses are implementing technologically advanced systems. Algatech Ltd., for example, cultivates microalgae in a sealed system (closed microalgae growth system), which reduces the possibility of foreign objects, farm residue, and microbial contamination. The availability of higher-quality products with higher yields will provide new opportunities for market participants. An increase in the number of initiatives undertaken by key players to boost awareness about astaxanthin is expected to rise the market growth over the forecast period.
The major players in the market are ALGA Technologies, Algaecan Biotech, Algix, BASF, BGG (Beijing Gingko Group), DSM, Fenchem, Cardax, Cyanotech Corporation, and Divis Laboratories Limited.
Verified Market Research has segmented the Global Astaxanthin Market On the basis of Source, Application, and Geography.
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