Astaxanthin Market Analysis

Astaxanthin Market Analysis

The astaxanthin market from synthetic segment will exhibit a CAGR of 6.5% CAGR between 2023 and 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.
 

In terms of astaxanthin production volume, the synthetic sector dominated the market. Aquaculture and the animal feed industries are driving up demand for astaxanthin, which is also being driven up by the availability of safe, endorsed products like ZanthoSyn, an anti-inflammatory from Cardax, Inc. Also, a huge number of firms engaged in the manufacture of synthetic goods increase market competition.
 

The animal feed segment will witness 8.5% CAGR till 2032. 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.
 

The North America astaxanthin market is slated to expand at 9% CAGR during the forecast period. 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 growth.