Hawaii-based Cyanotech has posted a dramatic rise in sales in the first quarter of 2012 driven by growing demand for natural astaxanthin: a potent red antioxidant that hit the headlines earlier this year following favorable coverage on Dr Oz and Oprah. Cyanotech is based in Kona, Hawaii.
The microalgae specialist, which also makes spirulina – a blue/green nutrient packed with protein, carotenoids, B-Vitamins, GLA and essential amino acids – posted a 21.8 percent rise in net income to $486,000 on revenues up 54.3 percent to $5.95m in the three months to June 30.
The sharp rise was primarily due to a surge in sales of astaxanthin (accounting for 63 percent of sales) which were up 97 percent in the quarter.
The omega-3 sector continues to expand, according to Packaged facts data.
Packaged Facts said the food, beverages and supplements figure, which excludes fish, represented a 17% rise on 2009.
“This sector continues to show strong growth, although annual growth rates are naturally moderating downward from the explosive gains seen in 2004 and 2005,” Packaged Facts observed.
In 2003, global sales of such products sat at €685m which jumped to €1.4bn in 2004 and then €2.4bn in 2005.
Although growth rates have slowed since those peak years, Packaged Facts said it was far from overcrowded or saturated and predicted annual growth of 15-20% through 2015.
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