Astaxanthin is a red pigment that belongs to the family of carotenoids, found naturally in algae, yeast, salmon, trout, krill, shrimp, crayfish, and some types of bacteria. The global astaxanthin market is primarily driven by its high demand in the food and beverage industry due to its antioxidant and anti-inflammatory properties. Additionally, its increasing use in the pharmaceutical and cosmetics industries for its health benefits is contributing to the market growth. The market is also being driven by the rising health awareness among consumers and the growing demand for natural and organic products. However, the high production cost of astaxanthin is expected to hinder the market growth. The market is expected to witness significant growth in the Asia-Pacific region due to the increasing demand from the food and beverage, pharmaceutical, and cosmetics industries in countries such as China, Japan, and India.
Market Players in the Astaxanthin Industry:
1. BASF SE
This German company was founded in 1865 and is headquartered in Ludwigshafen, Germany. BASF is one of the leading producers of astaxanthin and supplies it to various industries such as food, feed, cosmetics, and pharmaceuticals. It operates in more than 80 countries worldwide.
2. Cyanotech Corporation
This American company was founded in 1983 and is headquartered in Kailua-Kona, Hawaii. It is a leading producer of astaxanthin from microalgae and supplies it to various industries such as food, dietary supplements, and cosmetics. In May 2021, Cyanotech announced the launch of its new line of vegan and vegetarian-friendly astaxanthin capsules.
3. IGENE
This Chinese company was founded in 1999 and is headquartered in Beijing, China. It specializes in the production and supply of natural astaxanthin from microalgae and operates in more than 20 countries worldwide. In June 2020, IGENE announced the launch of its new astaxanthin ingredient for use in dietary supplements.
4. BGG (Beijing Ginko Group)
This Chinese company was founded in 1995 and is headquartered in Beijing, China. It is a leading producer of natural astaxanthin from microalgae and supplies it to various industries such as food, dietary supplements, and cosmetics. In December 2021, BGG announced the launch of its new astaxanthin ingredient for use in pet food.
5. Supreme Biotechnologies NZ Ltd
This New Zealand-based company was founded in 1995 and is headquartered in Tauranga, New Zealand. It specializes in the production and supply of natural astaxanthin from microalgae and operates in more than 25 countries worldwide. In August 2021, Supreme Biotechnologies announced the launch of its new water-soluble astaxanthin powder for use in functional beverages.
6. Parry Nutraceuticals
This Indian company was founded in 1994 and is headquartered in Chennai, India. It is a leading producer of natural astaxanthin from microalgae and supplies it to various industries such as food, dietary supplements, and cosmetics. In September 2021, Parry Nutraceuticals announced the launch of its new astaxanthin ingredient for use in functional foods.
7. DSM NV
This Dutch company was founded in 1902 and is headquartered in Heerlen, Netherlands. It is a leading producer of natural astaxanthin from microalgae and supplies it to various industries such as food, feed, and dietary supplements. DSM operates in more than 50 countries worldwide.
8. Algatechnologies Ltd.
This Israeli company was founded in 1998 and is headquartered in Kibbutz Ketura, Israel. It is a leading producer of natural astaxanthin from microalgae and supplies it to various industries such as food, dietary supplements, and cosmetics. In November 2021, Algatechnologies announced the launch of its new organic-certified astaxanthin ingredient for use in food and beverages.
9. Yunnan Alphy Biotech Co., LTD.
This Chinese company was founded in 2008 and is headquartered in Kunming, China. It specializes in the production and supply of natural astaxanthin from microalgae and operates in more than 10 countries worldwide. In April 2021, Yunnan Alphy Biotech announced the launch of its new astaxanthin ingredient for use in pet food.
10. Fenchem Biotek Ltd.
This Chinese company was founded in 1999 and is headquartered in Jinan, China. It is a leading producer of natural astaxanthin from microalgae and supplies it to various industries such as food, dietary supplements.
*Definition- Astaxanthin is a naturally occurring carotenoid pigment that is found in various marine organisms and is responsible for their red or pink color. It is also used as a dietary supplement due to its antioxidant properties.
