Global Astaxanthin Market Report and Forecast 2023-2031

The global astaxanthin market size attained a value of USD 1.3 billion in 2022. The market is likely to grow at a CAGR of 14.60% during the forecast period of 2023-2031, likely to reach a value of USD 4.45 billion by 2031.

Astaxanthin Market: Introduction

Astaxanthin is a powerful antioxidant belonging to the carotenoid family, which is responsible for the vibrant red, orange, and yellow pigments found in various plants, algae, and seafood. It is commonly found in microalgae Haematococcus pluvialis, and it gives the reddish colour to salmon, shrimp, lobster, and some species of birds such as flamingos. Astaxanthin has gained significant attention in recent years due to its numerous health benefits, potent antioxidant properties, and potential applications in various industries, such as nutraceuticals, cosmetics, and aquaculture.

Applications of Astaxanthin:

• Nutraceuticals and dietary supplements: Astaxanthin is widely used as a dietary supplement due to its potent antioxidant properties, which are believed to be significantly stronger than those of other well-known antioxidants like vitamin C, vitamin E, and beta-carotene. It helps combat oxidative stress, reduce inflammation, and support overall health and wellness
• Skin health and cosmetics: Astaxanthin has been shown to improve skin health by reducing the signs of aging, such as wrinkles and age spots, and improving skin elasticity and moisture content. It has been incorporated into various cosmetic products like creams, lotions, and serums for its skin-protective properties, and it also helps combat damage caused by exposure to UV radiation
• Eye health: Astaxanthin has been found to support eye health by reducing eye fatigue, improving visual acuity, and protecting the eyes from oxidative damage. It is increasingly used in eye health supplements and formulations designed to address age-related macular degeneration, cataracts, and other eye conditions
• Cardiovascular health: Astaxanthin has demonstrated potential benefits for cardiovascular health by reducing oxidative stress, improving lipid profiles, and supporting healthy blood flow. These properties make it an attractive ingredient in supplements aimed at promoting heart health and reducing the risk of cardiovascular diseases
• Aquaculture: Astaxanthin is widely used in the aquaculture industry to enhance the coloration of farmed fish, such as salmon and trout. It also contributes to the overall health of the fish, as it provides essential nutrients and supports the immune system
• Sports nutrition: Astaxanthin has been shown to improve exercise performance and endurance, reduce muscle damage and inflammation, and promote faster recovery. It is increasingly being incorporated into sports nutrition supplements to support athletes and fitness enthusiasts in achieving their performance goals

In summary, astaxanthin is a powerful antioxidant with a wide range of applications across various industries, including nutraceuticals, cosmetics, eye health, cardiovascular health, aquaculture, and sports nutrition. Its numerous health benefits and unique properties make it an attractive ingredient for the development of innovative products and formulations.

Astaxanthin Market Segmentations

The market can be categorised into product, source, application, and region.

Market Breakup by Product

• Dried Algae Meal or Biomass
• Oil
• Soft gel
• Liquid
• Others

Market Breakup by Source

• Natural
• Synthetic

Market Breakup by Application

• Aquaculture and animal feed
• Nutraceuticals
• Cosmetics
• Food
• Others

Astaxanthin Market Breakup by Region

North America

• United States of America
• Canada

Europe

• United Kingdom
• Germany
• France
• Italy
• Others

Asia Pacific

• China
• Japan
• India
• ASEAN
• Australia
• Others

Latin America

• Brazil
• Argentina
• Mexico
• Others

Middle East and Africa

• Saudi Arabia
• United Arab Emirates
• Nigeria
• South Africa
• Others

Astaxanthin Market Scenario

The astaxanthin market has witnessed substantial growth in recent years, driven by increasing consumer awareness of its numerous health benefits, applications across various industries, and a growing demand for natural, high-quality antioxidants. The market has expanded into nutraceuticals, cosmetics, eye health, cardiovascular health, aquaculture, and sports nutrition sectors. Additionally, research and development efforts continue to explore new applications and benefits of astaxanthin, further bolstering the market's potential. As consumer preferences shift towards natural and health-promoting ingredients, the astaxanthin market is expected to experience sustained growth in the coming years.

Key Players in the Global Astaxanthin Market

The report gives an in-depth analysis of the key players involved in the astaxanthin market, sponsors manufacturing the drugs, and putting them through trials to get FDA approvals. The companies included in the market are as follows:

• Algatech Ltd
• Cyanotech Corporation
• MicroA
• Beijing Gingko Group (BGG)
• Algalíf Iceland ehf
• Fuji Chemical Industries Co., Ltd
• CO2 GRO Inc
• E.I.D. - Parry (India) Limited
• PIVEG, Inc
• Atacama Bio Natural Products S.A
• ENEOS Corporation