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Global Astaxanthin Market Research Report – Segmented By Source (Natural and Synthetic); By Form (Dry and Liquid); By Method of Production (Microalgae Cultivation, Chemical Synthesis, and Fermentation); By Application (Food & Beverages, Animal Feed, Cosmetics, and Nutraceuticals); and Region - Size, Share, Growth Analysis | Forecast (2024 – 2030)

Astaxanthin Market Size (2024 – 2030)

The global astaxanthin market demonstrated robust growth, soaring from USD 2.34 billion in 2023 to an anticipated USD 7.07 billion by 2030. Forecasts indicate a steady upward trajectory, with an estimated compound annual growth rate (CAGR) of 17.1% during the period from 2024 to 2030.

ASTAXANTHIN

This surge underscores the increasing demand for astaxanthin across various industries, driven by its diverse applications and recognized health benefits. As consumer awareness regarding natural ingredients and wellness continues to rise, the astaxanthin market is poised for substantial expansion in the coming years.

Key Market Insights:

Astaxanthin, a powerful antioxidant, is witnessing a transformative shift in its production and market dynamics. Traditionally synthesized from petrochemicals, the market is now gravitating towards natural sources such as algae, yeast, and marine animals, aligning with the global trend towards all-natural ingredients. While synthetic astaxanthin dominates due to its economical production, the natural astaxanthin market is rapidly expanding and poised to overtake its synthetic counterpart. This shift is fueled by heightened consumer preference for natural products and increased awareness of the health benefits associated with natural astaxanthin. In terms of market segmentation, the animal feed sector emerges as a dominant force in the global astaxanthin market. Astaxanthin's widespread use as a feed additive in aquaculture underscores its significance in this segment. The growing aquaculture industry, driven by the demand for high-quality seafood, contributes significantly to the substantial market share held by the animal feed category. Additionally, the versatility of astaxanthin extends beyond animal nutrition, with applications in pharmaceuticals, nutraceuticals, personal care, and the food and beverage industry. The rising prevalence of chronic diseases such as diabetes, cancer, and cardiovascular ailments catalyzes market growth. Astaxanthin's therapeutic properties, including its ability to improve blood flow, regulate blood sugar levels, and alleviate muscle and joint pain, resonate strongly with health-conscious consumers. Furthermore, its role in preventing photoaging, enhancing sleep quality, and combating depression underscores its multifaceted benefits. In the food and beverage industry, the demand for astaxanthin as a natural additive and coloring agent continues to surge, driven by its ability to preserve the taste, color, freshness, and quality of food products. As consumer preferences shift towards healthier and more natural options, the future of the astaxanthin market appears promising, with ample opportunities for growth and innovation.

Astaxanthin Market Drivers:

Rising health consciousness is driving market growth.

Consumers are increasingly prioritizing health and preventative measures. Astaxanthin's potent antioxidant properties and potential benefits for immune function, inflammation, and chronic diseases resonate with health-conscious individuals, propelling market growth.

Natural and clean-label trends are leading the demand for astaxanthin.

The demand for natural ingredients and clean-label products is surging. Astaxanthin, being a naturally derived antioxidant, aligns with this trend, finding favor in the food, beverage, nutraceutical, and cosmetic industries.

Growing demand for functional foods seeking health benefits is facilitating the expansion.

Functional foods that offer health benefits beyond basic nutrition are gaining traction. Astaxanthin's ability to enhance skin health, improve athletic performance, and potentially support cognitive function positions it well within this growing market segment.

The aging factor among the population is leading the Astaxanthin market:

The global population is aging, leading to an increased focus on maintaining health and vitality. Astaxanthin's potential to promote healthy aging and support cognitive function is attracting interest from this demographic and driving market growth.

Technological advancements are accelerating the growth rate.

Advancements in microalgal cultivation and astaxanthin extraction technologies are contributing to increased production efficiency and cost reduction. This, in turn, makes astaxanthin more accessible to a wider range of manufacturers and consumers.

Astaxanthin Market Restraints and Challenges:

Limited consumer awareness about astaxanthin benefits is a major barrier.

Despite its potential benefits, astaxanthin remains relatively unknown to a large portion of the global population. Raising consumer awareness and educating them about astaxanthin's applications is crucial for market expansion.

The high cost of astaxanthin impacts the market.

Astaxanthin production can be expensive, impacting the overall cost of astaxanthin-containing products. Technological advancements and large-scale cultivation techniques are essential to bring down the cost and make astaxanthin more accessible.

The regulatory landscape can hinder market growth.

Regulations governing the use of astaxanthin as a food additive or nutraceutical ingredient vary across regions. Navigating these complexities can be challenging for manufacturers, potentially hindering market expansion.

Limited scientific research can create hurdles.

While research on astaxanthin's benefits is ongoing, further robust scientific studies are needed to solidify its efficacy for specific health conditions. This would strengthen its position in the nutraceutical and pharmaceutical markets.

Product stability can be affected by light and heat.

Astaxanthin is susceptible to degradation when exposed to light and heat. Developing innovative packaging solutions and maintaining proper storage conditions are crucial to ensuring product quality and consumer safety.

Astaxanthin Market Opportunities:

Innovation in delivery systems provides many possibilities

Developing innovative delivery systems that enhance astaxanthin's stability and bioavailability can significantly improve product efficacy. This could involve encapsulation technologies, controlled-release mechanisms, or formulations that maintain astaxanthin's potency throughout the product's shelf life.

Targeted product development is extremely beneficial.

Formulating astaxanthin-based products for specific health concerns holds immense potential. Targeting products toward athletes, aging demographics, or individuals with specific health conditions, like joint pain or eye health, can open up new market avenues.

Expansion into emerging markets is another significant opportunity.

The astaxanthin market in developing regions like Asia-Pacific and Latin America is expected to witness significant growth due to rising disposable incomes and increasing awareness of health and wellness. Targeting these markets with culturally relevant and competitively priced products presents a significant opportunity.

Strategic alliances and mergers contribute to development.

Strategic collaborations between astaxanthin producers, ingredient suppliers, and product manufacturers can accelerate market expansion and innovation. This can allow for streamlined production, improved distribution networks, and the development of new and improved astaxanthin-based products.

Investment in research and marketing is enabling progress.

Further clinical research to validate astaxanthin's health benefits for specific conditions is crucial. Additionally, extensive marketing campaigns that educate consumers about astaxanthin's properties and applications will drive market demand and brand awareness.

ASTAXANTHIN MARKET REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2023 - 2030

Base Year

2023

Forecast Period

2024 - 2030

CAGR

17.1%

Segments Covered

By Source, Form, Method of Production,  Application, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regional Scope

North America, Europe, APAC, Latin America, Middle East & Africa

Key Companies Profiled

Koninklijke DSM N.V, BASF SE, Cyanotech Corporation, Otsuka Holdings Co., Ltd., Divi’s Laboratories Ltd.. Valensa International, Fuji Chemical Industries Co., Ltd., Beijing Gingko Group, Cardax, Inc., Piveg, Inc, Fenchem Biotek Ltd., Algatech Ltd., Supreme Biotechnologies.

Astaxanthin Market Segmentation: By Source

  • Natural

  • Synthetic

The natural segment of the astaxanthin industry commanded the largest revenue share, accounting for 56.40% in 2023. Due to its inherent benefits, which include high efficacy and sustainability, this market is expected to rise rapidly throughout the projected period. Currently, natural astaxanthin finds applications in treating various conditions, including hypercholesterolemia, stroke, Parkinson's disease, Alzheimer’s disease, and cancer. Moreover, natural astaxanthin demonstrates remarkable benefits for skin and eye health. Numerous studies have underscored its efficacy in treating ophthalmic diseases like cataracts, uveitis, and glaucoma, as well as in skin photo-aging treatments. Its potency as an antioxidant is particularly noteworthy, with research indicating it possesses ten times higher free radical inhibitory action compared to other antioxidants. These attributes contribute to the increasing adoption of natural astaxanthin products across various industries. The synthetic segment is the fastest-growing. Red carotenoid synthetic astaxanthin (ASX) has potent antioxidant qualities. In the feed business, synthetic ASX is frequently utilized, particularly as a pink and red color for aquaculture. It is a successful nutritional approach to enhance the development and color of prawn bodies. The study "Effects of Synthetic Astaxanthin on the Growth Performance, Pigmentation, Antioxidant Capacity, and Immune Response in Black Tiger Prawns (Penaeus monodon)" found that synthetic astaxanthin outperforms natural astaxanthin in terms of growth performance and n-3 deposition.

Astaxanthin Market Segmentation: By Form

  • Dry

  • Liquid

In 2023, dried algae meal or biomass claimed the largest market share. This significant share is primarily driven by several factors contributing to the segment's growth. Firstly, its versatility in biomass production for various formulations, such as capsules or tablets, plays a crucial role. Additionally, the minimal downstream processing required, convenient bulk production, and its widespread use as animal feed further bolster its market appeal. Moreover, the launch of new products like AstaPure Arava gummies by Solabia-Algatech Nutrition Ltd in October 2022 underscores the rising demand for algal astaxanthin. Similarly, strategic partnerships such as the collaboration between Algalif and the startup company Marea in May 2022, aimed at developing a biodegradable coating for products using residual algae biomass, are expected to propel further growth in this segment during the study period. These recent developments highlight the increasing market potential and innovation within the dried algae meal or biomass segment of the astaxanthin industry. Over the forecast period, it is expected that the liquid category will increase at the fastest rate. They are a popular choice among customers because of their ease of use and suitability for older adults. Nutraceutical providers choose them since they are made from modified cornflour and glycerin, have an herbal origin, and have few side effects. Additionally, the continued regulatory acceptance of liquid products is contributing to the segment's growth.

Astaxanthin Market Segmentation: By Method of Production

  • Microalgae Cultivation

  • Chemical Synthesis

  • Fermentation

The production method segment of astaxanthin includes fermentation, chemical synthesis, extraction, and microalgal cultivation. Among these methods, chemical synthesis had the largest market in 2023, accounting for 42.91% of the revenue share. Chemically synthesized astaxanthin is favored for its cost-effectiveness. However, it's worth noting that chemically synthesized astaxanthin is primarily suitable for feed production and may have limitations in other applications. The fermentation method is the fastest-growing. Microorganisms like yeast, bacteria, or fungus are used in fermentation procedures to create astaxanthin in a regulated setting. Scalability, efficiency, and sustainability are among the benefits this process offers over alternative manufacturing techniques like chemical synthesis or microalgal cultivation. Large-scale, consistent product-quality manufacturing of high-grade astaxanthin is made possible via fermentation, which also reduces environmental effects.

Astaxanthin Market Segmentation: By Application

  • Food & Beverages

  • Animal Feed

  • Cosmetics

  • Nutraceuticals

The global Astaxanthin market segmentation by application includes food and beverages, pharmaceuticals and nutraceuticals, animal feed, personal care, and others. Among these segments, the animal feed segment held the largest share of the global astaxanthin market. This dominance can be attributed to the extensive use of astaxanthin as a feed additive, particularly in the aquaculture industry. The comprehensive utilization of astaxanthin in animal feed, especially in aquaculture, significantly contributes to the substantial market share of this segment. Astaxanthin is widely employed in the aquaculture sector to enhance the quality of seafood produced. The increased adoption of astaxanthin in aquaculture practices to improve the coloration and overall health of seafood species is a key factor driving the considerable market share of the animal feed segment in the global astaxanthin market. During the projection period, the nutraceuticals category is anticipated to grow at the fastest rate. due to the growing need for natural astaxanthin in food items and its superior antioxidant qualities over other dietary supplements on the market. Furthermore, a population that is aging quickly due to bad lifestyle choices and inadequate consumption of critical nutrients is driving up demand for nutraceuticals.

               

Astaxanthin Market Segmentation: Regional Analysis

  • North America

  • Asia-Pacific

  • Europe

  • South America

  • Middle East and Africa

In North America, the astaxanthin market is highly developed and holds the largest share, primarily driven by the rising prevalence of nutrition and skin-related diseases in the region. The presence of key manufacturers such as Cyanotech, Piveg, Inc., and Beijing Ginko Group (BGG), along with synthetic producers like Cardax, Inc., further propels market growth. Additionally, the region benefits from a large population of health-conscious consumers, increased adoption of nutraceuticals, and a well-established cosmeceutical industry, all of which contribute to the growing demand for astaxanthin products. Meanwhile, the Asia-Pacific market is projected to witness the fastest growth during the study period. Factors such as growing awareness about the benefits of astaxanthin among health professionals, a significant population of malnourished individuals, and a thriving nutraceutical industry are driving market expansion in the region. Moreover, the presence of key market players in China equipped with advanced manufacturing capabilities, including InnoBio and BGG, is expected to further drive growth in the Asia-Pacific market.

COVID-19 Impact Analysis on the Global Astaxanthin Market:

The COVID-19 pandemic prompted a surge in demand for astaxanthin products due to its perceived benefits for immunity and overall health. As the virus compromised immune systems, professionals advocated for natural remedies like astaxanthin, known for its antioxidant and anti-inflammatory properties. Its ability to potentially reduce recovery time appealed to those battling illnesses, including COVID-19. Moreover, with an increasing number of people experiencing obesity-related issues, the appeal of astaxanthin as a supplement to improve gut health and metabolism has grown. This heightened awareness of proactive health measures during the pandemic led to greater consumer interest in astaxanthin products.

Latest Trends/ Developments:

  • In October 2022, Solabia-Algatech launched Astaxanthin Gummies with vitamin C, which contain no preservatives or synthetic colors. Each gummy has a 4mg astaxanthin algae complex.

  • In April 2022, BGG announced a second expansion of the pristine region's astaxanthin farm capacity in the last 2 years and expected to maximize its production capacity. Such initiatives are contributing to market growth.

Key Players:

  1. Koninklijke DSM N.V

  2. BASF SE

  3. Cyanotech Corporation

  4. Otsuka Holdings Co., Ltd.

  5. Divi’s Laboratories Ltd.

  6. Valensa International

  7. Fuji Chemical Industries Co., Ltd.

  8. Beijing Gingko Group

  9. Cardax, Inc.

  10. Piveg

  11. Inc, Fenchem Biotek Ltd.

  12. Algatech Ltd.

  13. Supreme Biotechnologies.

Chapter 1. Astaxanthin Market – Scope & Methodology
1.1    Market Segmentation
1.2    Scope, Assumptions & Limitations
1.3    Research Methodology
1.4    Primary Sources
1.5    Secondary Sources
Chapter 2. Astaxanthin Market – Executive Summary
2.1    Market Size & Forecast – (2024 – 2030) ($M/$Bn)
2.2    Key Trends & Insights
                2.2.1    Demand Side
                2.2.2    Supply Side
2.3    Attractive Investment Propositions
2.4    COVID-19 Impact Analysis 
Chapter 3. Astaxanthin Market – Competition Scenario
3.1    Market Share Analysis & Company Benchmarking
3.2    Competitive Strategy & Development Scenario
3.3    Competitive Pricing Analysis
3.4    Supplier-Distributor Analysis 
Chapter 4. Astaxanthin Market Entry Scenario
4.1    Regulatory Scenario
4.2    Case Studies – Key Start-ups
4.3    Customer Analysis
4.4    PESTLE Analysis
4.5    Porters Five Force Model
                4.5.1    Bargaining Power of Suppliers
                4.5.2    Bargaining Powers of Customers
                4.5.3    Threat of New Entrants
                4.5.4    Rivalry among Existing Players
                4.5.5    Threat of Substitutes 
Chapter 5. Astaxanthin Market – Landscape
5.1    Value Chain Analysis – Key Stakeholders Impact Analysis
5.2    Market Drivers
5.3    Market Restraints/Challenges
5.4    Market Opportunities 
Chapter 6. Astaxanthin Market – By Source
6.1    Introduction/Key Findings   
6.2    Natural
6.3    Synthetic
6.4    Y-O-Y Growth trend Analysis By Source
6.5    Absolute $ Opportunity Analysis By Source, 2024-2030 
Chapter 7. Astaxanthin Market – By Form
7.1    Introduction/Key Findings   
7.2    Dry
7.3    Liquid Y-O-Y Growth  trend Analysis By Form
7.4    Absolute $ Opportunity Analysis By Form, 2024-2030 
Chapter 8. Astaxanthin Market – By Method of Production
8.1    Introduction/Key Findings   
8.2    Microalgae Cultivation
8.3    Chemical Synthesis
8.4    Fermentation
8.5    Y-O-Y Growth trend Analysis By Method of Production
8.6    Absolute $ Opportunity Analysis By Method of Production, 2024-2030
Chapter 9. Astaxanthin Market – By Application
9.1    Introduction/Key Findings   
9.2    Food & Beverages
9.3    Animal Feed
9.4    Cosmetics
9.5    Nutraceuticals
9.6    Y-O-Y Growth trend Analysis By Application
9.7    Absolute $ Opportunity Analysis By Application, 2024-2030 
Chapter 10. Machine Learning Market, By Geography – Market Size, Forecast, Trends & Insights
10.1    North America
                10.1.1    By Country
                               10.1.1.1    U.S.A.
                                10.1.1.2    Canada
                                10.1.1.3    Mexico
                10.1.2    By Source
                                10.1.2.1    By Form
                10.1.3    By Method of Production
                10.1.4    Countries & Segments - Market Attractiveness Analysis
10.2    Europe
                10.2.1    By Country
                                10.2.1.1    U.K
                                10.2.1.2    Germany
                                10.2.1.3    France
                                10.2.1.4    Italy
                                10.2.1.5    Spain
                                10.2.1.6    Rest of Europe
                10.2.2    By Source
                10.2.3    By Form
                10.2.4    By Method of Production
                10.2.5    By Application
                10.2.6    Countries & Segments - Market Attractiveness Analysis
10.3    Asia Pacific
                10.3.1    By Country
                                10.3.1.1    China
                                10.3.1.2    Japan
                                10.3.1.3    South Korea
                                10.3.1.4    India      
                                10.3.1.5    Australia & New Zealand
                                10.3.1.6    Rest of Asia-Pacific
                10.3.2    By Source
                10.3.3    By Form
                10.3.4    By Method of Production
                10.3.5    By Application
                10.3.6    Countries & Segments - Market Attractiveness Analysis
10.4    South America
                10.4.1    By Country
                                10.4.1.1    Brazil
                                10.4.1.2    Argentina
                                10.4.1.3    Colombia
                                10.4.1.4    Chile
                                10.4.1.5    Rest of South America
                10.4.2    By Source
                10.4.3    By Form
                10.4.4    By Method of Production
                10.4.5    By Application
                10.4.6    Countries & Segments - Market Attractiveness Analysis
10.5    Middle East & Africa
                10.5.1    By Country
                                10.5.1.1    United Arab Emirates (UAE)
                                10.5.1.2    Saudi Arabia
                                10.5.1.3    Qatar
                                10.5.1.4    Israel
                                10.5.1.5    South Africa
                                10.5.1.6    Nigeria
                                10.5.1.7    Kenya
                                10.5.1.8    Egypt
                                10.5.1.9    Rest of MEA
                10.5.2    By Source
                10.5.3    By Form
                10.5.4    By Method of Production
                10.5.5    By Application
                10.5.6    Countries & Segments - Market Attractiveness Analysis 
Chapter 11. Astaxanthin Market – Company Profiles – (Overview, Product Portfolio, Financials, Strategies & Developments)
11.1    Koninklijke DSM N.V
11.2    BASF SE
11.3    Cyanotech Corporation
11.4    Otsuka Holdings Co., Ltd.
11.5    Divi’s Laboratories Ltd.
11.6    Valensa International
11.7    Fuji Chemical Industries Co., Ltd.
11.8    Beijing Gingko Group
11.9    Cardax, Inc.
11.10    Piveg
11.11    Inc, Fenchem Biotek Ltd.
11.12    Algatech Ltd.
11.13    Supreme Biotechnologies.

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Frequently Asked Questions

The global astaxanthin market was valued at USD 2.34 billion and is projected to reach a market size of USD 7.07 billion by the end of 2030. Over the forecast period of 2024–2030, the market is projected to grow at a CAGR of 17.1%. 

The rising health consciousness, natural and clean-label trends, growing demand for functional foods, aging population, and technological advancements are propelling the global astaxanthin market.

Based on the source, the global astaxanthin market is segmented into natural and synthetic.

 North America is the most dominant region for the global astaxanthin market.

Koninklijke DSM N.V., BASF SE, Cyanotech Corporation, Otsuka Holdings Co. Ltd., Divi’s Laboratories Ltd., Valensa International, Fuji Chemical Industries Co. Ltd., Beijing Gingko Group, Cardax, Inc., and Piveg are some of the leading players in the global astaxanthin market.

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