The global astaxanthin market was valued at USD 238.2 million in 2020 and growing at a CAGR of 17.7% during the forecast period.
Astaxanthin Market: Breakup by Region, 2022 & 2031
Source: Primary Research and Secondary Research Analysis
Astaxanthin is a naturally occurring carotenoid compound that can be extracted from various sources including algae, yeast, krill, salmon, and shrimp. It is known for its antioxidant properties and is used in dietary supplements, skincare products, and animal feed.
The growth of the astaxanthin market is attributed to the increasing prevalence of chronic diseases, rising demand for healthy dietary supplements, and increasing demand from the aquaculture industry. Additionally, the increasing awareness about the health benefits of astaxanthin, the introduction of new products, and the growing popularity of natural ingredients are further driving the growth of the market. However, the high cost of production and the stringent regulations on the use of natural ingredients are restraining the growth of the market.
The global astaxanthin market is segmented based on source, form, application, and region. By source, the market is divided into microbial, synthetic, and natural. The microbial segment is expected to account for the largest share of the market during the forecast period. This is attributed to the increasing demand for astaxanthin extracted from microbial sources, such as yeast and algae. By form, the market is divided into powder and liquid. The powder segment is anticipated to grow at a higher CAGR during the forecast period. This can be attributed to the increasing demand for powder forms of astaxanthin in dietary supplements and skincare products. By application, the market is divided into dietary supplements, food and beverages, animal feed, and cosmetics and personal care products. The dietary supplements segment is expected to account for the largest share of the market during the forecast period.
Geographically, the astaxanthin market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America is anticipated to account for the largest share of the market during the forecast period. This is attributed to the increasing demand for natural and organic ingredients, the presence of well-established players in the region, and the rising awareness about the health benefits of astaxanthin.
Source: Primary Research and Secondary Research Analysis
To chase the growing demand for nutraceutical products, the marketplace players are meaningly growing their production capacity and distribution network. Such as, in April 2022, Beijing Gingko Group declared a second-time expansion of its astaxanthin farm capacity in the Pristine region in the last 2 years. This is geared to take full advantage of its production capacity. As well, in April 2021, LEHVOSS Nutrition, an important nutraceutical provider in the U.K., presented the new AstaPure natural astaxanthin CWD. AstaPure aims to play an important part in the treatment of cardiovascular disorders.
Likewise, the growing introduction of innovative technologies to boost production is likely to expand the marketplace in the upcoming years. As, ALGAMO produces astaxanthin using photobioreactors and micromodules, to focus on dipping water wastage & saving electricity. Besides, research is being carried out to produce astaxanthin using diverse technologies to identify technical and economic likelihood.
The acceptance of technologically advanced production systems to see the growing demand without compromising the yield and quality of astaxanthin is increasing production. As, Algatech Ltd. is using a sealed system (closed microalgae cultivation system) for the cultivation of microalgae, which eradicates the risk of foreign objects, agriculture residue, and microbial contamination. The availability of high-quality products and high yield will open new avenues for marketplace investors.
Still, various strategic initiatives are being undertaken by marketplace players to announce novel platforms, and products, which are expected to offer lucrative growth opportunities in the regional market. For example, in August 2021, Swedish-Indian start-up Nack launched its digital wellness platform with Immunity Boost, a line-up of two herbal products formulated with real vegetarian protein powder & natural astaxanthin. Furthermore, in August 2020, DRL come into the hospital nutrition segment with the unveiling of Celevida Maxx, a nutrition drink that contains astaxanthin.
Market Breakup, by Source
Market Breakup, by Product
Dried Algae Meal or Biomass
Market Breakup, by Application
Aquaculture And Animal Feed
Functional Foods and Beverages
Other Traditional Food Manufacturing Applications
The research report of our company comprises specific segments by country (region), by company, by Type and by Application. Our research report study provides data about the sales and revenue during the historic and forecasted period of 2022 to 2031. Understanding the segments helps in identifying the importance of different factors that aid the market growth.
Market Breakup, by Region
Middle East and Africa
This section of the report identifies various key manufacturers of the market and important market players are adopting strategies such as new product development, merger & acquisition, and partnership to increase their market share. For example, in October 2022, Solabia-Algatech launched Astaxanthin Gummies with vitamin C, which comprises no preservatives or synthetic colors. Each gummy has a 4mg astaxanthin algae complex. Besides, in May 2022, Divi’s Nutraceuticals and Algalif declared a collaboration to introduce high-concentration astaxanthin beadlets in the marketplace. Some prominent players in the global astaxanthin market include:
Major players operating in the Astaxanthin Market are:
Beijing Gingko Group (BGG)
Algalíf Iceland ehf
Fuji Chemical Industries Co., Ltd
Atacama Bio Natural Products S.A.
E.I.D. - Parry (India) Limited
Global Astaxanthin Market Research Report, 2020-2031.
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