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Astaxanthin Market size to exceed $1.5 Bn by 2032

  • Published Date: December 7, 2022

Astaxanthin Market size valuation is speculated to surpass USD 1.5 billion by 2032, as per a recent research report announced by Global Market Insights Inc.

Swelling demand for beauty products and the increasing adoption of animals as the chief drivers of the astaxanthin industry trends. The soaring health consciousness among young adults has boosted the demand for dietary supplements, fueling the use of astaxanthin in food & beverage products for better health benefits, which is likely to facilitate product penetration.

Snowballing demand for naturally derived dietary supplements to push natural astaxanthin consumption

With respect to source, the study classifies the astaxanthin market into synthetic and natural. Natural segment is projected to depict more than 9.5% CAGR over 2023-2032. The fast-growing demand for natural products is fueling the demand for astaxanthin derived from algae and yeast or a specific type of microalgae known as Haematococcus Pluvialis. Natural astaxanthin is also 20 times stronger than synthetic astaxanthin as an antioxidant.

Immunity boosting properties to augment astaxanthin use in pharmaceutical applications

Deployment of astaxanthin in pharmaceutical products is expected to remain high in the coming years.  Astaxanthin market share from the pharmaceutical application segment is set to depict over 8.5% CAGR from 2023 to 2032. Owing to its antioxidant properties, astaxanthin finds usage in drugs used in the treatment of prostate cancer, degenerative eye condition, lactose intolerance, and diabetes. The segment growth is further speculated to be driven by proliferating incidences of cancer and diabetes across the world as astaxanthin is known to improve blood flow.

Browse key industry insights spread across 277 pages with 417 market data tables and 15 figures & charts from the report “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”, in detail along with the table of contents:

Soaring health consciousness to positively influence Asia Pacific astaxanthin industry

Asia Pacific astaxanthin market is anticipated to witness growth at more than 9% CAGR over the next 10 years. The region may emerge as a major hub for this industry owing to the growing demand for dietary supplements due to rising health consciousness among the expanding middle-class population. Moreover, the flourishing e-commerce business in Vietnam is encouraging the uptake of supplement products, which is foreseen to promote regional market demand.

Product development initiatives to remain a key growth strategy

Strategic landscape of the astaxanthin market is slated to witness a series of R&D initiatives and growth partnerships by industry players to boost their business reach. For instance, in October 2018, BGG World, a clinically-supported natural ingredients manufacturer for dietary supplements, along with its associate, natural ingredients producer Algae Health Sciences, received NOP Organic Certification for its astaxanthin supercritical CO2 oleoresin, AstaZine. This product is used in oleoresin form which is used in dietary supplements.

In another instance, in October 2022, Solabia ALGA Technologies Ltd., an astaxanthin specialist, introduced astaxanthin whole microalgae dietary gummies, AstaPure. The product was intended to provide the company with new growth opportunities and help the company expand its portfolio. This comes after the launch of the AstaPure powder concept astaxanthin formula. Some of the key astaxanthin market players profiled in the report include Allergan, Syneron Candela, Galderma, and Cynosure, among others.

Authors: Kiran Pulidindi, Kunal Ahuja