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

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.
 

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.
 

Astaxanthin Market Share

Prominent participants operating across the market include:

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

These firms majorly focus on expanding their customer base and strategic acquisitions & partnerships to boost their market standing.
 

Impact of the COVID-19 pandemic

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 market research report of astaxanthin includes in-depth coverage of the industry with estimates & forecast in terms of volume in Tons and revenue in USD Million from 2018 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