1.1 STUDY OBJECTIVES
➢ To forecast the market in terms of value, volume, and CAGR (2021-2026).
➢ To provide in-depth information pertaining to opportunities, risks, drivers, challenges and
emerging trends in the market.
➢ To analyze the sector with respect to prospects, trends and market-influencing factors.
➢ To analyze emerging developments, including with respect to new products, partnerships,
collaborations, mergers, expansions in the market.
➢ To provide insight into key players in the market and strategically analyze their market contribution with respect to revenue generation and competencies.
1.3 STUDY SCOPE
1.3.1 MARKETS COVERED
This report includes the demand- and supply-side analyses of the Astaxanthin Market. The supply-side market segmentation includes Source, Application, and Product, while the demand-side segmentation includes various industries and regions.
The following diagram provides an overview of the micro markets covered in the Astaxanthin Market report.
Figure 1 ASTAXANTHIN MARKET SEGMENTATION
Description: Amid the coronavirus outbreak, the astaxanthin market is projected to reach USD 2.31 billion by 2026, growing at a CAGR of 8.21% during the forecast period. Increasing awareness about nutrition for a healthy lifestyle and growing preference for dietary supplements due to the high cost of hospitalization are factors anticipated to drive the demand for astaxanthin and natural antioxidants.
1.3.2 GEOGRAPHIC SCOPE
1.3.3 YEARS CONSIDERED
Note: The forecast period considered for the study is from 2021 to 2026. To provide the latest company information,the base year considered for the company profiles is 2020, wherever possible. Wherever the information for the base year is not available, the year prior to the base year has been considered.
1.6 MARKET STAKEHOLDERS
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
This section of the report helps in understanding the methodology implemented during the development of the Astaxanthin Market report. There are 2 basic sources of information, which include secondary sources and primary sources that have been used to identify and collect the information for an extensive technical and commercial study of the Astaxanthin Market. Secondary sources include company websites, magazines, and databases (OneSource, Factiva, and Bloomberg). Primary sources mainly include several industry experts from the core and related industries, along with preferred suppliers, manufacturers, distributors, service providers, reimbursement providers, technology developers, alliances, and standards and certification organizations related to various parts of this industry’s value chain.
The key players in the Astaxanthin Market have been identified through secondary research, and their market share has been determined through primary and secondary research. This research includes the study of annual reports of market players to identify the top players and interview with key opinion leaders such as CEOs, directors, and marketing personnel. The following illustration depicts the market research methodology applied in making this report on the Astaxanthin Market.
Figure 2 ASTAXANTHIN MARKET: RESEARCH DESIGN
2.1.1 SECONDARY DATA
In the secondary research process, various secondary sources have been referred to for identifying and collecting information important for this study. Secondary sources include corporate filings (such as annual reports, investor presentations, and financial statements); trade, business, and professional associations; white papers, related journals and certified publications; articles from recognized authors, gold and silver standard websites; directories; and databases.
Secondary research has been mainly used to obtain key information about the industry’s supply chain, market’s value chain, total pool of key players, market classification and segmentation according to industry trends to the bottom-most level, geographic markets, and key developments from both market- and technology-oriented perspectives. The secondary data has been collected and analyzed to arrive at the overall market size, which has been further validated by primary research.
22.214.171.124 SECONDARY SOURCES
2.1.2 PRIMARY DATA
In the primary research process, various primary sources from both supply and demand sides have been interviewed to obtain qualitative and quantitative information for this report .Primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing directors, technology and innovation directors, and related key executives from major companies and organizations operating in the Astaxanthin Market.
After the complete market engineering (which includes calculations for market statistics, market breakdown, market size estimations, market forecasting, and data triangulation), extensive primary research has been conducted to gather information and verify and validate the critical numbers arrived at. Primary research has been conducted to identify segmentation types, industry trends, key players, competitive landscape, and key market dynamics, namely, drivers, restraints, opportunities, challenges, and industry trends, along with key strategies adopted by market players.
Extensive primary research has been conducted after acquiring knowledge about the Astaxanthin Market scenario through secondary research. Several primary interviews have been conducted with market experts from both the demand and supply sides across the 4 major regions—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW). RoW comprises the Middle East, Africa, and South America. Approximately, 60% and 40% primary interviews have been conducted with both the demand- and supply-side parties, respectively. This primary data has been collected through
questionnaires, emails, and telephonic interviews.
126.96.36.199 PRIMARY SOURCES
188.8.131.52 BREAKDOWN OF
2.2 MARKET SIZE ESTIMATION
In the complete market engineering process, both top-down and bottom-up approaches, along with several data triangulation methods, have been used to perform the market size estimation and forecasting for the overall market segments and sub-segments listed in this report. Extensive qualitative and quantitative analyses have been performed on the complete market engineering process to list the key information/insights throughout the report. The following table explains the process flow of the market size estimation.
The key players in the market have been identified through secondary research, and their market shares in respective regions have been determined through primary and secondary research. This entire procedure includes the study of annual and financial reports of top players as well as extensive interviews of industry experts (such as CEOs, VPs, directors, and marketing executives) for key insights (both quantitative and qualitative) on the Astaxanthin Market. All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources. All the possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. This data has been consolidated and supplemented with detailed inputs and analysis from Global Market Studies and presented in this report.
2.2.1 BOTTOM-UP APPROACH
The bottom-up procedure has been employed to arrive at the overall size of the Astaxanthin Market from revenues of key players (companies) and their share in the market. The overall market size has been calculated on the basis of the revenues of the key companies identified in the market.
Figure 4 Market Size Estimation Methodology: Bottom-Up Approach
2.2.2 TOP-DOWN APPROACH
In the top-down approach, the overall market size has been used to estimate the size of the individual markets (mentioned in the market segmentation)through percentage splits from secondary and primary researches. For the calculation of specific market segments, the most appropriate parent market size has been used to implement the top-down approach. The bottom-up approach has also been implemented for the data extracted from the secondary research to validate the market size of various segments.
The market share of each company has been estimated to verify the revenue shares used earlier in the bottom-up approach. With the data triangulation procedure and validation of data through primaries, the overall parent market size and each individual market size have been determined and confirmed in this study. The data triangulation procedure used in this study is explained in the next section.
Figure 5 Market Size Estimation Methodology: Top-Down Approach
2.2.3 MARKET SHARE ESTIMATION
The market share of manufacturing companies has been arrived at on the basis of the secondary data available through paid and unpaid sources, as well as on the basis of the analysis of product portfolios of major companies and rating them according to the performance and quality. This data has been further validated through primary sources.
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION
After arriving at the overall market size from the market size estimation process explained in the earlier section, the overall Astaxanthin Market has been split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments, the data triangulation and market breakdown procedures have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides. Along with this, the market has been validated using both top-down and bottom-up approaches.
2.4 RESEARCH ASSUMPTIONS
The following assumptions have been taken into consideration to complete the overall market engineering of the Astaxanthin Market.
3 EXECUTIVE SUMMARY
FIGURE 8 MARKET GEOGRAPHICAL ANALYSIS, 2020 & 2026
FIGURE 9 GLOBAL ASTAXANTHIN MARKET, BY SEGMENT (2020 VS 2026)