Astaxanthin Market Size By Source (Synthetic, Natural), By Application (Dietary Supplement, Personal Care, Pharmaceuticals, Food & Beverages, Animal Feed {Aquaculture, Livestock, Pets}), Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2023 – 2032

Industry Statistics

Astaxanthin Market size was recorded at over USD 845 million in revenue in 2022. Driven by the growing demand for dietary supplements, the industry is estimated to progress at a 9% CAGR from 2023 to 2032.
 

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Burgeoning geriatric population around the world is expected to foster market growth. Moreover, the significant rise in demand for beauty and personal care products is also boosting the uptake of astaxanthin compounds. For instance, in September 2022, Chosen, an Indian cosmetics retail store, launched WahTOR, three actives mix, including phycocyanin, pycnogenol, and astaxanthin, that can be consumed in the form of smoothies & salads, juices, and supercharged water.
 

Moreover, the booming animal feed industry due to the rise in food uptake and substantial demand for animal-based products is fostering astaxanthin market penetration. The increasing awareness regarding its benefits for animal health is also encouraging the introduction of new products, thereby benefitting the industry outlook.
 

Strict government regulations may restrain industry progression

Stringent government guidelines are restraining astaxanthin market demand. Government-imposed rules and regulations regarding the intake of astaxanthin delay the approval process of these compounds, which has hampered the consumption of food & beverages with astaxanthin. Nonetheless, growing health consciousness among consumers, along with snowballing cases of chronic diseases in the elder population is speculated to promote the uptake of astaxanthin in the coming years.
 

Significant demand for meat to accelerate synthetic segment expansion

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In terms of source, astaxanthin market is categorized into synthetic and natural. The synthetic segment is anticipated to grow at over 6.5% CAGR from 2023 to 2032 on account of its easy and cheap production as compared to natural astaxanthin. These astaxanthins are derived from petrochemicals that are low-cost and easily manufactured, promoting the demand for astaxanthin for aquafeed applications. Furthermore, they are widely used to feed farmed fishes, which is set to bolster product demand.
 

Prominent health benefits to promote product adoption for animal feed applications

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Based on application, astaxanthin market is segregated into dietary supplement, pharmaceuticals, personal care, food & beverages, and animal feed. Animal feed segment is foreseen to depict more than 8.5% CAGR over the next 10 years. The antioxidant property of astaxanthin safeguards the well-being and general health of animal feed such as livestock, pet, and aquaculture feed. It protects the animals from diseases and maintains animal health, encouraging product adoption among consumers due to the health benefits of nutritious animal feed.
 

Strong presence of chronic diseases to aid North America emerge as a prominent revenue pocket

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North America astaxanthin market is slated to expand at over 9% CAGR between 2023 and 2032. New product launches, the high prevalence of chronic diseases, and soaring consumer attention towards disease prevention are poised to drive the demand for dietary supplements and pharmaceutical products in the region, thereby propelling business development.
 

Growth partnerships & mergers to strengthen the astaxanthin industry outlook

Algix, ALGA Technologies, BASF, Cyanotech Corporation, BGG, DSM, Lycored, Fenchem, Piveg, INNOBIO, Cardax, and Wellgreen Technology are some of the key astaxanthin market players. These firms majorly focus on expanding their customer base and strategic acquisitions & partnerships to boost their market standing.
 

Impact of COVID-19 on the astaxanthin market trends

The COVID-19 pandemic had a positive influence on the demand for astaxanthin products. As a result of the deteriorating effects of coronavirus on immunity systems, many professionals suggested the utilization of natural astaxanthin, which is an efficient anti-oxidant and anti-inflammatory compound that reduces recovery time and improves the gut & health of patients. Additionally, the mounting number of people suffering from obesity also boosted consumer inclination toward astaxanthin food supplements, which are known to reduce toxins in the digestive system and improve metabolism, thereby positively influencing the industry scenario.

The astaxanthin market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Tons and revenue in USD Million from 2023 to 2032 for the following segments:

By Source

• Synthetic
• Natural

By Application

• Dietary Supplements
• Personal Care
• Pharmaceuticals
• Food & Beverage
• Animal feed
  • Aquaculture
  • Livestock
  • Pets

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Norway
  • Denmark
  • Turkey
  • Ireland
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • Malaysia
  • South Korea
  • Australia
  • Thailand
  • Indonesia
  • Vietnam
• Latin America (LATAM)
  • Brazil
  • Argentina
  • Chile
  • Mexico
  • Ecuador
• Middle East & Africa (MEA)
  • Saudi Arabia
  • South Africa
  • UAE