New York, April 19, 2023 (GLOBE NEWSWIRE) -- The Astaxanthin market size is expected to reach USD 11.1 billion in 2032, exhibiting an impressive CAGR of 11.9% between 2022 and 2032, from its current value of USD 3.7 billion in 2022. Astaxanthin is an antioxidant that protects human cells from oxidation and inflammation. Astaxanthin assists with reducing glucose and increasing it in the bloodstream in the patients. Such factors drive the growth of the astaxanthin market. The astaxanthin market is expected to expand due to increased chronic diseases such as diabetes, cancer, and cardiovascular diseases.
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Key Takeaway:
- By Product Type, the Dried Algae Meal & Biomass segment generated a revenue share of 30.5% in 2022.
- By Application, the aquaculture & animal feed segment has dominated the market, and it is growing at a CAGR of 45% over the forecast period 2023 to 2032.
- In 2022, North America dominated the market with the highest revenue share of 38%.
- Europe held a 32% revenue share in 2022.
- Asia-Pacific will grow at the highest CAGR from 2023-2032.
Factors affecting the growth of Astaxanthin Market?
- Increasing Demand: The demand for astaxanthin is rising as consumers become aware of the healthy lifestyle and diet related to the natural substances.
- Practical Applications: Astaxanthin has many applications, including a dietary supplement, feed additive for aquaculture, and cosmetic ingredients.
- Market Growth: Astaxanthin market is anticipated to grow due to rising demand for functional and natural ingredients in the food, dietary supplement, and beverages industries.
- Technological Advances: The new and innovative technologies in astaxanthin help the growth of the market by offering a better user experience, greater convenience, and increased market growth.
- Natural Source: Astaxanthin is a naturally occurring substance that is found in a variety of organisms, including yeast, trout, crayfish, and algae.
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Top Trends in Global Astaxanthin Market
Increasing awareness of the number of health-conscious people and increasing demand for organic food coloring agents with fewer side effects by using chemical products is anticipated to boost the astaxanthin market size. Due to their antioxidant properties and increasing demand for astaxanthin in animal feed, the aquaculture market helps boost the market growth.
Market Growth
The increase in technological advancement and R&D investment is responsible for market growth. Scientists and researchers understood the demand of cost factors and started focusing on innovative technologies for the cost of treatments that patients can afford. Affordable technologies have been implanted in manufacturing astaxanthin in nutraceuticals to cure chronic diseases. The advancements in development and research activities help to increase demand for astaxanthin supplements. It is the major factor that helps to boost market growth.
Regional Analysis
North America dominates the region with the largest global revenue shares in the astaxanthin market. There is an increasing number of poor nutrition and skin-related disorders in North America, and there is an increase in demand for astaxanthin in food products. A large number of health-conscious people and an increase in the adaption of nutraceuticals and cosmetics companies are the main key factors that help the market growth expansion. Asia-Pacific is expected to exhibit the fastest growth during the forecast period due to increased R&D expenditures, economic growth, and astaxanthin production in Asia Pacific are the main reasons for the increasing demand for these products in this region. The increasing urbanization, funding, and awareness about natural astaxanthin are expected to boost market growth.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 3.7 Billion |
| Market Size (2032) | USD 11.1 Billion |
| CAGR(2023 to 2033) | 11.9% |
| North America Revenue Share | 38% |
| Europe Revenue Share | 32% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The demand for cosmetics in the world is also showing a significant expansion of cosmetics companies. The Majority in developing regions such as India, China, and Brazil also help drive the astaxanthin market's growth. The rising demand for Skin-whitening products and cosmetics in rural areas is the major driving factor that helps to expand cosmetics companies. Developing cosmeceuticals and nutricosmetics demands, specifically in developing countries such as the US and Canada, helps drive market growth. Consumers worldwide are becoming more aware of nutritional products and their results, which helps to drive the astaxanthin market expansion.
Market Restraints
Most companies require lots of funding for the production & services of astaxanthin. The presence of expensive astaxanthin supplements is responsible for the decline in market growth. In developing regions such as India, Brazil, and others, producing and improving facilities and good healthcare infrastructure becomes challenging. Such things hamper the development of the astaxanthin market. If astaxanthin is consumed without a proper prescription, it causes several side effects such as Stomach pain, headache, and others.
Market Opportunities
Aquaculture is the largest industry which is anticipated to increase the growth of the astaxanthin market. The aquaculture market is rising due to initiatives by the government in developing regions across the globe. This initiative provides flexibility and support for the manufacturers to develop the aqua feed industry and provide opportunities to expand universally. For example, in India, the Ministry of Agriculture is responsible for the funding, monitoring, and planning are locating by central development schemes for aquacultures and fisheries overall in Indian country. It provides an opportunity for the Indian aquaculture market to concentrate on the expansion of aquaculture sectors, such as Pradhan Mantri Matsya Smpada Yojana, to keep the aquaculture business and increase production. It includes a distributed approach to help the double farmer’s income.
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Report Segmentation of the Astaxanthin Market
Product Type Insight
Based on Product Type, the astaxanthin market is segmented into dried algae or biomass, soft gel, liquid, oil, and others. Biomass and dried algae dominated the product type segment in the astaxanthin market. The biomass segment is used for formulation production, the requirement for minimal downstream processing, and convenient bulk production, and also it is used for animal feed. These are the main key factors driving the market growth. The Soft gel segment also held the largest segment during the forecast period. The consumer widely accepts soft gels due to the increased demand and the geriatric population. The soft gel has larger consistency compared to liquid preparation.
Application Insight
Based on application, the astaxanthin market is segmented into cosmetics, aquaculture & animal feed, nutraceuticals, and others. Due to the wide use of astaxanthin as an animal feed worldwide, aquaculture & animal feed held the largest market shares in the application segments. The increase in demand for these products in the expanding aquaculture market for improving seafood quality contributes to the rise in significant shares in the astaxanthin market. Natural astaxanthin has better antioxidant properties as compared to available food supplements. Unhealthy food, poor lifestyle, increasing population, and insufficient intake of essential nutrients help to increase the demand for nutraceuticals.
Source Insight
The market is segmented into natural and synthetic sources based on the source type. The viability and efficacy of the natural source compared to the synthetic source increased the demand for natural supplements. The natural source segment held the highest revenue shares in the astaxanthin market. These are the main key factors that help this segment's expansion. Also, investments and providing policies by leading players to expand their natural products are anticipated for the growth of this segment. The synthetic segment is also dominated in the astaxanthin market of volume expansion. Many market key players are interested in producing synthetic sources to generate opportunities to boost the astaxanthin market.
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Market Segmentation
Based on Type
- Dried Algae Meal and Biomass
- Oil
- Soft gel
- Liquid
- Others
By Application
By Source
- Natural
- Synthetic
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
The competitive landscape of the market has also been examined in this report. Some of the major players include:
- Algatech Ltd
- Cyanotech Corporation Company Profile
- MicroA
- Beijing Gingko Group
- Algalíf Iceland ehf
- Fuji Chemical Industries Co., Ltd
- PIVEG, Inc.
- Atacama Bio Natural Products S.A.
- ENEOS Corporation
- Other key players
Recent Development of the Astaxanthin Market
- In October 2020: Cyanotech Corporation launched a water-disposable powder form of BioAstin, existing in one to two percent concentrations. It is dispersible and free-flowing in either cold or hot water. It is prepared to be incorporated into drink powder mixes, instant drinking beverages, fruit juices, and teas.
- In February 2019: Algatech LTD declared effective astaxanthin in whole-food setup.
- In May 2018: Algalif Iceland presented a range of numerous astaxanthin-branded ice caps and capsules.
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