The global astaxanthin market has been segmented on the basis of source, application, form, method of production, and region. This market is projected to grow at a CAGR of 8.02% from 2017 to reach USD 814.1 million by 2022. The key driving factors of the astaxanthin market include the increasing end-use applications of astaxanthin across segments such as feed, supplements, pharmaceuticals, food & beverage, and cosmetics, among others, growing demand for natural antioxidants, and growing awareness towards preventive healthcare & nutraceuticals.
Key players identified in the market for astaxanthin include Koninklijke DSM N.V. (Netherlands), BASF SE (Germany), Cyanotech Corporation (U.S.), Otsuka Pharmaceutical Co., Ltd. (Japan), Valensa International (U.S.), Fuji Chemical Industries Co., Ltd. (Japan), Divis Laboratories (India), Beijing Ginko Group (China), Igene Biotechnology, Inc. (U.S.), Piveg, Inc. (U.S.), Fenchem Biotek Ltd. (U.S.), Algatechnologies (Israel), Cardax, Inc. (U.S.), and Supreme Biotechnologies (U.S.). These players have a strong presence in the global astaxanthin market.
Expansions and new product launches were the key strategies adopted by industry players to achieve growth in the astaxanthin market. This has helped companies to enhance their product offerings through the establishment of R&D and innovation centers and increase their clientele in regions of high potential growth. Cyanotech Corporation (U.S.), Igene, Inc. (U.S.), and Fenchem Biotek, Ltd. (U.S.) are some of the leading players that adopted these strategies to develop their astaxanthin business. Through acquisitions, key companies have gained distributional reach, increased their market capitalization, broadened their product portfolio, and achieved market consolidation. Koninklijke DSM N.V. (Netherlands), Otsuka Pharmaceuticals Co., Ltd. (Japan), and Valensa International (U.S.), are some of the leading manufacturers that adopted this strategy.
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Koninklijke DSM N.V.
Koninklijke DSM N.V. (Netherlands) is one of the key players in the astaxanthin market. The major strategy of the company has been acquisitions. Through this, the company strengthens its human nutrition and health business under which astaxanthin is manufactured and marketed. Strategic acquisitions have helped the company in strengthening its portfolio of approved astaxanthin in both established and emerging markets. In July 2015, DSM acquired Aland Holdings, Ltd. (Hong Kong), which is primarily involved in the manufacture of nutritional products for both animals and humans.
Fenchem Biotek, Ltd.
Fenchem Biotek, Ltd. (U.S.) has been one of the major players in the global astaxanthin market. The company has a good product strategy, wherein it offers three variants under its brand AstaSuper, for human nutrition. As a part of its strategy, the company invests on expanding its production facilities in emerging markets such as Brazil and Germany. For instance, the company expanded its presence in Brazil by establishing its setup, Fenchem Brazil, in 2015. The company also has a strong R&D facility that helps to boost its product portfolio through innovative offerings. For instance, in 2015, the company launched a product, AstaSuper Oleoresin, under its astaxanthin product line. The company, through organic business strategies, aims to capture a strong global share across major emerging markets for astaxanthin.
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