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Global Astaxanthin Industry

Global Astaxanthin Industry

  • January 2021
  • 293 pages
  • ID: 5797933
  • Format: PDF
  • Global Industry Analysts


Table of Contents


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- With Demand Linkages to the Meat & Aquatic Food Supply Chain, Astaxanthin Witnesses Demand Slump by -4.5%
- The global market for Astaxanthin is expected to plummet by -4.5% in the year 2020 and thereafter recover and grow to reach US$841.3 million by the year 2027, trailing a post COVID-19 CAGR of 5.8% over the analysis period 2020 through 2027. Astaxanthin is naturally present in red-colored aquatic species. The content of astaxanthin changes from species to species and from individual to individual as it is mostly dependent on living and diet conditions. In the aquatic food chain, the major natural source of astaxanthin is algae. Haematococcus pluvialis accumulates the maximum levels of natural astaxanthin. Most of the astaxanthin used for aquaculture is commercially available and is synthetically produced. Synthetic astaxanthin is not suitable for use by humans due to the petrochemicals employed in the synthesis process and is generally used in the production of animal feeds, particularly in the fish farming sector. Most of the commercial astaxanthin used in aquaculture is made synthetically. It is also used as a coloring agent in food for crabs, chicken, salmon, and shrimp, and additionally acts as a food supplement in agriculture, especially for chickens that produce eggs. By application, animal feed and aquaculture represents the largest category for astaxanthin. COVID-19 in the 1Half of 2020 brought global meat and dairy production to a screeching halt. At the peak of the first wave of infections, meat processing giants worldwide such as JBS USA, Tyson Foods, Smithfield Foods & Cargill shutdown slaughterhouses and packing facilities across North America. The sudden decline in production and demand resulted in livestock farmers culling millions of farm animals. In addition to food supply chain disruptions, sudden fears over animal borne diseases & shift to non-animal based protein sources additionally impacted consumer demand for meat products. Approximately 2.5 million animals have been killed on U.S. farms alone.
- With border closures, lockdowns and social distancing norms in place to contain virus from spreading, the fisheries and seafood production activity and trade has also come to a virtual halt in several nations. The shutdown of food service sectors in most pandemic affected nations including US, China and EU in particular has affected demand for seafood and fish products, and also impacted aquaculture operations. In North America, seafood and aquaculture industries are affected due to falling demand from food service industry. Trade restrictions have also affected exports and imports of vital seafood products. Another cause of concern for seafood and aquaculture industries is the likely change in consumer behavior towards live and frozen seafood in the long term. COVID-19 has affected seafood producing nations, with farm and factory work being stopped amidst government lockdown measures and subsequent shortage of workforce. Most of these nations are witnessing stock build up in cold storage facilities, and forcing farms to cease operations temporarily. In China, the largest aquaculture producer, the coronavirus pandemic has halted production activity and affected financial wellbeing of farmers. The inability to harvest due to restrictions has affected producers of freshwater species. Seafood processing plants have also been affected due to labor shortage and supplies of seafood getting stalled from farmers. With the livestock and aquaculture industries reeling, consumption of animal feed additives has taken a direct blow sending knock-on impact into the global Astaxanthin market.
- In the post COVID-19 period, growth will be led by the use of astaxanthin in the aquaculture sector which is expected to make a quick recovery. Astaxanthin and other carotenoids are synthetically added to the feed of farmed salmon to enhance their unappealing silver color. Both astaxanthin and canthaxanthin are USFDA approved to be utilized for fish feed. Fish color is one of the important quality criteria used by customers for assessing the taste, freshness, health, and nutritive value of crustaceans, salmonids, and other aquaculture products. The market value of marine animals, such as red sea bream, red porgy, and salmon, significantly depends on the fish color, as well as the color of molluskan gonads and the muscular epithelium and exoskeleton of lobsters, shrimps, and other crustacean carapaces. In wild salmonids, the levels of carotenoid can differ from one marine animal to another and depend significantly on the environmental conditions and preys. In aquaculture, carotenoids such as astaxanthin are widely used as live feed ingredients for ensuring the health and development of fish, such as red porgy, salmon, and trout, as well as shellfish, such as lobster and shrimp. Recent studies have demonstrated that the survival rate of fish larvae can be substantially increased by feeding them live food, such as carotenoid-containing copepods, rotifers, and Artemia sp. Carotenoid pigmentation is now considered as one of the key factors attributing the quality of the aquatic animal for its consumer approval and market value. These factors thereby increase the importance of properly formulated feeds in aquaculture to provide the necessary carotenoids for achieving the optimal pigmentation. In the EU, carotenoids, such as canthaxanthin can be used individually, or as a mixture with astaxanthin, provided the concentration of the overall feed for salmonids does not exceed 25 mg/kg. Results of recent studies have recognized that the retention of carotenoids in fish can be further increased by providing them along with lipids.

Select Competitors (Total 56 Featured) -
  • Algaecan Biotech Ltd
  • Algatechnologies Ltd
  • AstaReal, Inc
  • AstaSupreme
  • Beijing Gingko Group Co Ltd
  • Cardax, Inc
  • Cyanotech Corporation
  • Divi’s Laboratories Limited
  • Fenchem Biotek Ltd
  • Fuji Chemical Industries Co., Ltd
  • Koninklijke DSM N.V
  • Otsuka Pharmaceutical
  • Parry Nutraceuticals
  • Piveg, Inc.
  • Valensa International

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