The global astaxanthin market size was estimated to be USD 2.28 billion in 2023 and is expected to reach at USD 13.29 billion by 2034 with a CAGR of 17.38% during the forecast period 2024-2034. Rising demand of astaxanthin from nutraceuticals, cosmetics, food & beverages, pharmaceuticals, & aquaculture & animal feed, growing awareness regarding nutritional products, surge in adoption of dietary supplements due to the high cost of hospitalization & fewer side effects, increasing prevalence of chronic conditions, rising introduction of advanced technologies to boost production, growing partnerships & collaborations within market players, and increasing launch of novel astaxanthin products are some of the key factors boosting the market growth.
Increasing launch of novel astaxanthin products is predicted to grow at fastest CAGR during the forecast period. Astaxanthin, a potent antioxidant known for its numerous health advantages, offers essential dietary supplements with minimal side effects. It is extensively employed in the management of various health conditions. As a result, the global demand for astaxanthin-based nutritional products is on the rise. For instance, in May 2022, At Vitafoods Europe, AstaReal, known for its pioneering research in the human consumption of natural astaxanthin, presented AstaGummy Boost. This product, abundant in natural astaxanthin, offers a superb vegan antioxidant in the form of a soft gel capsule gummy.
By product, dried algae meal or biomass was the highest revenue-grossing segment in the global astaxanthin market in 2023 owing to the increasing utilization of biomass for creating various formulations, the need for reduced post-processing steps, a greater emphasis on its use as animal feed, the ease of large-scale production, and surge in new product launches. For instance, in October 2022, Solabia-Algatech has unveiled Astaxanthin Gummies infused with vitamin C, free from preservatives or artificial colors. Each gummy provides a 4mg astaxanthin algae complex. Additionally, softgel is predicted to grow at fastest CAGR during the forecast period owing to the enhanced product stability compared to liquid formulations, rising adoption by geriatric population, growing demand for nutraceuticals, and increasing regulatory approvals of softgel products.
By source, natural was the highest revenue-grossing segment in the global astaxanthin market in 2023 owing to the benefits such as superior effectiveness and sustainability, increased demand for natural dietary supplements, widespread accessibility, & superior efficacy when compared to synthetic alternatives, and increasing focus on the development of innovative products. For instance, in March 2023, NextFerm Technologies Ltd., a food technology company specializing in the development of ProteVin, a vegan, yeast-based, non-GMO protein substitute, as well as other inventive yeast-based nutritional products, has released its financial results for the year concluding on December 31, 2022, along with a business update. Additionally, synthetic is predicted to grow at fastest CAGR during the forecast period owing to the surge in the large-scale production of astaxanthin, rising demand from the aquaculture & animal feed sector, growing number of companies engaged in the manufacturing of synthetic products.
By application, aquaculture & animal feed was the highest revenue-grossing segment in the global astaxanthin market in 2023 owing to the growing adoption in aquaculture industry to improve the quality of seafood and rising introduction of astaxanthin products for animal feed with medicinal advantages by market players. For instance, in July 2022, AstaReal has introduced Novasta EB15, an astaxanthin ingredient designed for use in animal feed. Additionally, nutraceuticals is predicted to grow at fastest CAGR during the forecast period owing to the rising interest in natural astaxanthin within nutritional products & its superior antioxidant properties compared to other existing dietary supplements, surge in adoption of unhealthy lifestyles, growing geriatric population, and inadequate consumption of vital nutrients.
North America region is anticipated for the highest revenue share during the forecast period owing to the rising prevalence of nutrition & skin-related diseases, the presence of leading market players, growing adoption of nutraceuticals, surge in well-established cosmeceutical sector, and increasing partnerships within market players. For instance, in May 2022, Algalif and Divi’s Nutraceuticals have collaborated to introduce high-concentration astaxanthin beadlets named AstaBeads. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the growing production of astaxanthin, surge in research & development expenditure, rising awareness regarding the natural astaxanthin, increasing aging population, growing investments made by several astaxanthin companies, and growing launch of astaxanthin products. For instance, in June 2023, Cadila Pharmaceuticals, a prominent pharmaceutical company dedicated to enhancing global healthcare, is pleased to announce the successful introduction of Yunara Tablet. It incorporates a potent combination of L-Glutathione, Grape Seed Extract, Alpha Lipoic Acid, and Astaxanthin. This formula aids in shielding the skin from free radicals and the harm inflicted by UV rays.
Increasing launch of novel astaxanthin products is predicted to grow at fastest CAGR during the forecast period. Astaxanthin, a potent antioxidant known for its numerous health advantages, offers essential dietary supplements with minimal side effects. It is extensively employed in the management of various health conditions. As a result, the global demand for astaxanthin-based nutritional products is on the rise. For instance, in May 2022, At Vitafoods Europe, AstaReal, known for its pioneering research in the human consumption of natural astaxanthin, presented AstaGummy Boost. This product, abundant in natural astaxanthin, offers a superb vegan antioxidant in the form of a soft gel capsule gummy.
By product, dried algae meal or biomass was the highest revenue-grossing segment in the global astaxanthin market in 2023 owing to the increasing utilization of biomass for creating various formulations, the need for reduced post-processing steps, a greater emphasis on its use as animal feed, the ease of large-scale production, and surge in new product launches. For instance, in October 2022, Solabia-Algatech has unveiled Astaxanthin Gummies infused with vitamin C, free from preservatives or artificial colors. Each gummy provides a 4mg astaxanthin algae complex. Additionally, softgel is predicted to grow at fastest CAGR during the forecast period owing to the enhanced product stability compared to liquid formulations, rising adoption by geriatric population, growing demand for nutraceuticals, and increasing regulatory approvals of softgel products.
By source, natural was the highest revenue-grossing segment in the global astaxanthin market in 2023 owing to the benefits such as superior effectiveness and sustainability, increased demand for natural dietary supplements, widespread accessibility, & superior efficacy when compared to synthetic alternatives, and increasing focus on the development of innovative products. For instance, in March 2023, NextFerm Technologies Ltd., a food technology company specializing in the development of ProteVin, a vegan, yeast-based, non-GMO protein substitute, as well as other inventive yeast-based nutritional products, has released its financial results for the year concluding on December 31, 2022, along with a business update. Additionally, synthetic is predicted to grow at fastest CAGR during the forecast period owing to the surge in the large-scale production of astaxanthin, rising demand from the aquaculture & animal feed sector, growing number of companies engaged in the manufacturing of synthetic products.
By application, aquaculture & animal feed was the highest revenue-grossing segment in the global astaxanthin market in 2023 owing to the growing adoption in aquaculture industry to improve the quality of seafood and rising introduction of astaxanthin products for animal feed with medicinal advantages by market players. For instance, in July 2022, AstaReal has introduced Novasta EB15, an astaxanthin ingredient designed for use in animal feed. Additionally, nutraceuticals is predicted to grow at fastest CAGR during the forecast period owing to the rising interest in natural astaxanthin within nutritional products & its superior antioxidant properties compared to other existing dietary supplements, surge in adoption of unhealthy lifestyles, growing geriatric population, and inadequate consumption of vital nutrients.
North America region is anticipated for the highest revenue share during the forecast period owing to the rising prevalence of nutrition & skin-related diseases, the presence of leading market players, growing adoption of nutraceuticals, surge in well-established cosmeceutical sector, and increasing partnerships within market players. For instance, in May 2022, Algalif and Divi’s Nutraceuticals have collaborated to introduce high-concentration astaxanthin beadlets named AstaBeads. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the growing production of astaxanthin, surge in research & development expenditure, rising awareness regarding the natural astaxanthin, increasing aging population, growing investments made by several astaxanthin companies, and growing launch of astaxanthin products. For instance, in June 2023, Cadila Pharmaceuticals, a prominent pharmaceutical company dedicated to enhancing global healthcare, is pleased to announce the successful introduction of Yunara Tablet. It incorporates a potent combination of L-Glutathione, Grape Seed Extract, Alpha Lipoic Acid, and Astaxanthin. This formula aids in shielding the skin from free radicals and the harm inflicted by UV rays.
Segmentation: Astaxanthin Market Report 2023 - 2034
Astaxanthin Market Analysis & Forecast by Product 2023 - 2034 (Revenue USD Bn)
- Dried Algae Meal Or Biomass
- Liquid
- Oil
- Softgel
- Others
Astaxanthin Market Analysis & Forecast by Source 2023 - 2034 (Revenue USD Bn)
- Synthetic
- Natural
- Krill/Shrimp
- Microalgae
- Yeast
- Others
Astaxanthin Market Analysis & Forecast by Application 2023 - 2034 (Revenue USD Bn)
- Cosmetics
- Nutraceuticals
- Aquaculture And Animal Feed
- Food
- Functional Foods And Beverages
- Other Traditional Food Manufacturing Applications
- Others
Astaxanthin Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Astaxanthin Market: Product Estimates & Trend Analysis
8. Astaxanthin Market: Source Estimates & Trend Analysis
9. Astaxanthin Market: Application Estimates & Trend Analysis
10. Regional Market Analysis
11. North America Astaxanthin Market
12. Europe Global Astaxanthin Market
13. Asia Pacific Global Astaxanthin Market
14. Latin America Global Astaxanthin Market
15. MEA Global Astaxanthin Market
16. Competitor Analysis
17. Company Profiles
Companies Mentioned
- MicroA
- Algatech Ltd
- ENEOS Corporation
- Algalíf Iceland ehf
- PIVEG Inc.
- Cyanotech Corporation
- Beijing Gingko Group (BGG)
- Fuji Chemical Industries Co. Ltd
- Atacama Bio Natural Products S.A.
- E.I.D. - Parry Limited (Alimtec S.A.
- Valensa International)
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | January 2024 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value ( USD | $ 2.28 Billion |
| Forecasted Market Value ( USD | $ 13.29 Billion |
| Compound Annual Growth Rate | 17.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
