Astaxanthin is produced by the yeast fungus Xanthophyllomyces dendrorhous and the freshwater microalgae Haematococcus Pluvialis. Astaxanthin is synthesized in response to several stressors, such as nutritional deficiency, elevated salinity, or excessive solar exposure in algae. Astaxanthin is a red pigment classified as a xanthophyll carotenoid. It exhibits a strong antioxidant effect. It also finds commercial applications in several areas like aquaculture, food, cosmetics, nutraceuticals, and medicines.
The demand for nutraceuticals and natural antioxidants is expected to increase due to the rising awareness of nutrition for maintaining a healthy lifestyle and the growing preference for dietary supplements as a result of the expensive nature of hospitalization. Market players are substantially expanding their production capacity to contend with the rising demand for nutraceutical items. Algatech Ltd. expanded its production capacity for FucoVital, a dietary supplement derived from brown algae, by a factor of three in order to meet the growing demand in the market.
In addition, major players in the nutraceutical industry's need for astaxanthin are investing in increasing their production capacity, including Beijing Gingko Group, Jianhe Biotech Co., Ltd., and Algalíf Iceland ehf. Nutraceuticals are nutritional supplements that are necessary for the treatment of cardiovascular illnesses, diabetes, and cancer. They have less side effects than other options. The nutraceutical industry is expanding due to rising interest in nutrient-dense foods and supplements. Thus, there is a rise in the demand for dietary supplements containing astaxanthin.
Concerns about chemical toxicity and the widespread use of synthetic additives in food and personal care products are two factors fueling the growth of natural alternatives. The usage of nutraceuticals can be advantageous for dermatologists. Nutritional Research reports that a study conducted in the United Kingdom found that astaxanthin can reduce oxidative stress, accelerating the aging process and preventing skin sagging.
In addition, in April 2019, scientists from Japan and China investigated the effects of astaxanthin on aging in mice and found that it increased dysregulation of gene expression related to aging. Companies are using strategies including product launches and partnership formation with influential figures in end-use industries to increase the penetration of natural astaxanthin-based goods. For instance, Algatech LTD collaborated with a US-based personal care product manufacturer in March 2019 to develop topical applications for astaxanthin.
North America is the most significant global astaxanthin market shareholder and is expected to expand substantially during the forecast period. Microbiological testing is conducted on all-natural astaxanthin products in accordance with FDA regulations and Good Manufacturing Practices (GMP) standards. Several government authorities, such as the Federal Trade Commission, the State of Hawaii Department of Health, and the Consumer Product Safety Commission, provide additional oversight of natural astaxanthin products. Likewise, substances that are judged safe by specialists are classified as Generally Recognized As Safe (GRAS) goods, following sections 201 (s) and 409 of the Federal Food, Drug, and Cosmetics Act.
Furthermore, the availability of tools and databases to support manufacturers, researchers, and other users in relation to Astaxanthin and its utilization is expected to enhance market expansion. An example is the Personal Care Products Council (PCPC), which has internationally established a dictionary of labeling names for cosmetic compounds known as the International Nomenclature Cosmetic Ingredient (INCI).
The key players in the global astaxanthin market are ENEOS Corporation; Cyanotech Corporation; Algatech LTD (Solabia Group); CO2 GRO Inc. (BlueOcean NutraSciences); Beijing Gingko Group (BGG); Fuji Chemical Industry Co., Ltd.; MicroA AS; E.I.D. - Parry (India) Limited; and FENCHEM.