The worldwide astaxanthin market is estimated to reach USD 4.75 billion by 2028, growing at a 16.8 percent CAGR.
The market is expected to develop due to increased usage of dietary supplements, increased awareness among people about healthy lifestyles, and government measures to enhance production capacity. For example, Algalif Iceland Ehf. obtained financial assistance from the EU's SME Instrument program and the Icelandic Centre for Research's Technology Development Fund in May 2019 to increase its production capacity by adding spray dryers.
Photo Bioreactor (PBR) and Flat Panel Airlift (FPA) reactors are two low-cost technologies frequently utilized for astaxanthin synthesis. In addition, open pond, closed microalgae, hybrid (a need-based mix of open pond system & flat panel photobioreactor), green technology production system fueled by natural sunlight, and supercritical carbon dioxide extraction systems are employed.
Market participants are working hard to develop new ways to increase production in order to fulfill rising demand in the nutraceutical and pharmaceutical industries. For example, an ongoing study at the University of Pennsylvania has shown a method to maximize astaxanthin synthesis by employing an E. coli strain.
According to one study, the rate of biomass production using modified E. coli was 16 times greater than the existing algal growing method. This indicates the industry's capacity to invest in new technology in order to fulfill customer quality requirements and desires.
Increasing study into the use of astaxanthin products for various purposes will open up a new business potential. Many research has been carried out to assess the potential of astaxanthin in various end-use industries. For example, in April 2021, MDPI released research on the usage of astaxanthin-based feed additives in the chicken business.