ASTAXANTHIN MARKET ANALYSIS

Market Challenges And Opportunities

Asia Pacific and North America are expected to be the most potential markets for Astaxanthin manufacturers. Asia Pacific is projected to witness relatively high growth in terms of value over the forecast period. This is attributed to the expected growth in pharmaceutical industry, especially in emerging economies such as China and India. According to India Brand Equity Foundation (IBEF), Indian pharmaceuticals industry is expected to generate US$ 55 billion by 2026. Moreover, growing medical tourism in India has boosted growth of astaxanthin market in the region. India Brand Equity Foundation (IBEF) is a Trust established by the Ministry of Commerce and Industry, Department of Commerce in collaboration with the Government of India with the purpose of promoting and creating international awareness of goods manufactured in India.

Various applications of astaxanthin in pharmaceutical and personal care products are fueling growth of the global astaxanthin market, especially in Asia Pacific and Middle East regions. However, high production cost due to limited availability of raw materials is one of the factors hindering growth of the global astaxanthin market. Mergers and acquisitions, developing innovative portfolio, and business expansion are some of the key strategies adopted by the top players in the global astaxanthin market. In September 2018, Fenchem Biotek Ltd., a leading provider of high-quality constituents for the cosmetics industry, expanded its cosmetic business in South America market. The company established a new plant in Sao Paulo, Brazil, which also includes a warehouse for optimizing supply chain.