Astaxanthin Market Size - By Source (Synthetic, Natural), By Application (Dietary Supplement, Personal Care, Pharmaceuticals, Food & Beverages, Animal Feed {Aquaculture, Livestock, Pets}) & Forecast, 2024 – 2032

Astaxanthin Market Size

Astaxanthin Market size was valued at USD 908.35 million in 2023 and is set to grow at 5.6% CAGR from 2024 to 2032, driven by its rising recognition as a potent antioxidant with numerous health benefits. As consumers seek more effective natural supplements, astaxanthin is gaining popularity for its ability to combat oxidative stress, support skin health, improve cardiovascular function, and power the body to combat diseases. Rising use in supplements and cosmetics will also add to the product demand as scientific research continues to show health benefits.
 

For instance, in June 2022, Nutrex Hawaii, Inc. launched TurmericAstin®, a blend of potent antioxidants BioAstin® Hawaiian Astaxanthin® and Organic Turmeric Root Extract for inflammation support.
 

Furthermore, astaxanthin is widely used as a feed additive to enhance the color and overall health of farmed fish, such as salmon and trout, making it very popular with consumers. Increasing demand for high quality seafood and shift towards sustainable aquaculture practices are driving the demand for natural astaxanthin over synthetic ones. Regulatory approval for use in animal feed across industries is also facilitating widespread acceptance within the industry.
 

However, high production costs and limited availability of raw materials may deter the product uptake. Natural astaxanthin derived from sources, such as Haematococcus pluvialis microalgae involves complex and expensive cultivation and extraction processes, making them much more expensive than synthetic sources. Stringent regulatory requirements for health claims and product approvals across industries may further slow the market entry and expansion of new astaxanthin products.
 

Astaxanthin Market Trends

The surge in demand for natural and clean-label products, alongside innovations in sustainable production methods will favor the market growth. Consumers are increasingly seeking natural astaxanthin derived from microalgae over synthetic forms, with a consequent increase in demand for non-GMO organic supplements. Advancements in biotechnology, such as closed system photobioreactors, are enabling efficient and sustainable production of natural astaxanthin while reducing cost and environmental impacts. For example, in March 2024, astaxanthin was extracted and separated by pre-treating Haematococcus pluvialis microalgae biomass using aqueous two-phase systems based on deep eutectic solvents.
 

Astaxanthin Market Analysis

Based on source, the market value from the natural segment will generate over USD 1 billion by 2032, due to increasing consumer demand for organic, clean-label, and sustainably sourced products. Natural astaxanthin, primarily derived from microalgae like Haematococcus pluvialis, is preferred over synthetic alternatives for its superior antioxidant properties and perceived health benefits. This demand is also driven by the growing awareness of the benefits of natural supplements in promoting overall health and well-being.
 

The astaxanthin market from the animal feed segment is expected to reach USD 659.32 million by 2032, owing to its critical role in enhancing the health and pigmentation of farmed seafood and livestock. Astaxanthin is widely used in aquaculture to improve the bright color of salmon, trout, and other fish, further increasing its market value and consumer interest. Antioxidant properties are contributing to healthy animal growth, immune function, and overall health, reducing mortality and improving productivity. As the demand for high-quality natural seafood and animal products increases, the preference for astaxanthin in animal feed will also rise.
 

Europe astaxanthin market size dominated around USD 426.21 million in 2023 and is poised to cross USD 702 million by 2032, attributed to strong regulatory frameworks favoring natural and health-promoting supplements, along with the presence of a robust aquaculture sector. European consumers are largely health-conscious, leading to increased demand for natural antioxidants in nutritional and functional foods. Stricter EU regulations on additives are also increasingly pushing manufacturers towards natural astaxanthin.
 

Astaxanthin Market Share

Leading astaxanthin firms are heavily investing in R&D activities to innovate and diversify their product offerings, including the development of new applications in nutraceuticals, cosmetics, and animal feed. Strategic collaboration with research institutes and aquaculture industry is helping them to improve product quality and expand markets. These companies are also focusing on more sustainable and cost-effective production methods, such as advanced agricultural technologies for natural astaxanthin production to meet the demand for environmentally friendly products.
 

Astaxanthin Market Companies

Major players operating in the astaxanthin industry include:

• Algix
• Wellgreen Technology
• ALGA Technologies
• Cardax
• BASF
• Cyanotech Corporation
• INNOBIO
• BGG
• Piveg, Inc.
• DSM
• Fenchem
• Lycored
   

Astaxanthin Industry News

• In March 2024, Kuehnle AgroSystems (KAS) secured a $3 million investment led by S2G Ventures to further develop its method for producing natural astaxanthin from microalgae, a key for sustainable aquaculture and human health.
   
• In March 2024, Nutrex Hawaii launched vegan, sugar-free version of top-selling astaxanthin supplement, BioAstin.
   

The astaxanthin includes in-depth coverage of the industry, with estimates & forecast in terms of revenue and volume (USD Million) (Tons) from 2021 to 2032, for the following segments:

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Market, By Source

• Synthetic
• Natural

Market, 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
• Rest of MEA