Astaxanthin Market Size

Astaxanthin Market Size

Astaxanthin Market size surpassed USD 921.3 million in 2023 and is estimated to grow at 9.1% CAGR from 2024 to 2032. Driven by the growing demand for dietary supplements.

The burgeoning geriatric population around the world is expected to foster the 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.

The rising demand for astaxanthin across a range of end-use industries, including nutraceuticals, cosmetics, pharmaceuticals, aquaculture & animal feed, food & beverages, and others. Additionally, it is anticipated that the presence of groups that raise awareness about the uses for these items would aid market expansion. For instance, the Natural Algae Astaxanthin Association (NAXA) advocates for, defends, and informs the public about the advantages of natural astaxanthin in a variety of end-use scenarios.
 

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.
 

Strict government regulations may restrain industry progression

Stringent government guidelines are restraining astaxanthin the 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.