Global Astaxanthin Market to Expand as Dietary Supplements Become a Part of the Food Industry: TMR

• Rise in demand within the global astaxanthin market can be attributed to advancements in biochemical research. Several new chemical compounds used in key industries have been researched across leading research laboratories. Terpene compounds, of which astaxanthin is a key classification, have gained traction from several researchers.
• The use of Terpene compounds in chemical research has gained momentum in recent years. Several applications of these compounds in food and non-food industries have come to the fore. This trend has reflected in the growth of the global astaxanthin market.

ALBANY, New York, June 8, 2020 /PRNewswire/ -- The demand for astaxanthin has increased alongside advancements in the field of chemical research. Compounds containing oxygen, hydroxyl, and ketone groups have gained popularity across the globe. These compounds are constantly being studied to explore their properties and applications. It is important for the chemical industry to acknowledge the effectiveness of these compounds in key industries. This would help in popularization of the benefits and applications of these compounds. In light of the factors stated herein, the global astaxanthin market is projected to grow along a lucrative trajectory. Astaxanthin occurs naturally in freshwater micro algae, adding to its utility and purity. Attempts to artificially synthesize the compound have also been made in the recent past. The growing relevance of the compound in key industries has created a plethora of opportunities for market growth.

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Approval by FDA as a Precursor to Popularity of Astaxanthin

In recent times, production and extraction of astaxanthin has become a matter of discussion across global research circles. It has become evident that the uses of astaxanthin in leading industries have prompted researchers to look into its chemical and physical properties. Several trends and factors have played a formative role in popularizing astaxanthin across key industries.

• The Food and Drug Administration (FDA) has approved the use of astaxanthin as a dietary supplement in several feed products. This trend shall give a mark of confidence to manufacturers of astaxanthin.
• Astaxanthin is non-toxic when administered orally, and this is an important consideration for biochemical researchers. Astaxanthin does not convert to vitamin-A inside the body.
• Several biochemical research organizations have emphasized on the need to study terpenes in order to discover their potential applications.

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Global Astaxanthin Market: Growth Drivers

The growth of the global astaxanthin market mainly depends on the use of this compound in commercial industries. Some of the leading driver of demand within the global astaxanthin market are:

• Use of astaxanthin as a dietary supplement in aquaculture has created a large playfield of opportunities within the global market.
• Several food organizations have invested in the use of astaxanthin as a coloring agent for food products, especially seafood such as shrimps and crabs.
• Use of astaxanthin in chicken and egg production is also an important dynamic of market growth and maturity.
• The use of astaxanthin in cold-storage food products has helped in creating seamless demand across the global market.

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Global Astaxanthin Market: Restraints to Expansion

Despite the accepted usage of astaxanthin in feeds for aquaculture, several medical research organizations have contested the effectiveness of the compound. The compound is still under preliminary research across several research labs. The European Food Safety Authority, in the past, has asked for safety certifications from manufacturers of the compound. Vendors operating in the global astaxanthin market are looking for ways to bypass the odds to market expansion.

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Global Astaxanthin Market: Key Market Players

• Archer Daniels Midland Co. (ADM)
• BGG (Beijing Gingko Group)
• BASF SE
• Cardax, Inc.
• Divis Laboratories Ltd.
• Cyanotech Corporation (BioAstin)

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