Global Astaxanthin Market by Type (Cosmetics, Aquaculture & animal Feed), By Application (Dried Algae Meal and Biomass, Oil, Soft gel, ), By Source (Natural and Synthetic), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

Global Astaxanthin Market is valued at USD 3.7 Bn and is expected to reach USD 11.1 Bn in 2032, with a CAGR of 11.9% from 2022 to 2032.

Astaxanthin is a group of chemicals with reddish-brown pigment, also known as carotenoids. It occurs naturally as algae, Salmon, and seafood. Synthetic Astaxanthin also required significant growth and popularity.

Astaxanthin is used as a dietary supplement as an antioxidant that safeguards human cells from inflammation and oxidation. An increase in chronic diseases such as cardiovascular diseases, cancer, and diabetes is expected to boost the growth of the Astaxanthin market.

Astaxanthin helps to reduce blood sugar and increase the blood flow in the patients. Advanced technology is also the main key factor in driving the growth of the Astaxanthin market. Its widespread applications help to boost the astaxanthin market growth. Astaxanthin is used as a dietary supplement as an antioxidant that safeguards human cells from inflammation and oxidation.

Key Takeaways

• Market Growth and Projection: The Astaxanthin market is valued at USD 3.7 billion and is projected to reach USD 11.1 billion by 2032, exhibiting a remarkable CAGR of 11.9% from 2022 to 2032. This growth is attributed to the increasing demand for Astaxanthin in various applications.
• Astaxanthin Overview: Astaxanthin is a reddish-brown pigment classified as a carotenoid, naturally found in algae, salmon, and seafood. Synthetic Astaxanthin has also gained popularity. It is used as a dietary supplement with antioxidant properties that protect human cells from inflammation and oxidation.
• Health Benefits: Astaxanthin has been shown to reduce blood sugar levels and improve blood flow, making it a valuable dietary supplement for health-conscious individuals. The rise in chronic diseases like cardiovascular diseases, cancer, and diabetes is expected to boost its market growth.
• Product Types: Dried Algae or Biomass is the dominant product type in the Astaxanthin market. It is favored for its use in formulations, minimal downstream processing, and animal feed. Soft gels are also popular due to increased demand and their acceptance by the aging population.
• Application Dominance: The aquaculture and animal feed segment leads in the application category. This is driven by the widespread use of Astaxanthin in animal feed, which enhances seafood quality in the expanding aquaculture market. Nutraceutical products are growing rapidly due to rising demand for natural Astaxanthin with superior antioxidant properties.
• Source Preferences: Natural sources of Astaxanthin hold a larger market share due to sustainability and higher efficacy compared to synthetic sources. Market players are investing in advanced development and innovation in natural products to tap into future opportunities.
• Market Drivers: The growth of the cosmetics industry, particularly in developing regions like India, China, and Brazil, is driving demand for Astaxanthin. Additionally, the increased awareness of health-conscious consumers and the demand for natural ingredients are fueling market growth.
• Market Restraints: Limited research and development activities in developing countries, as well as side effects when consumed without proper prescription, pose challenges to market expansion. Lack of development and research in certain African regions has also hindered the adoption of cosmetics products.
• Market Opportunities: Initiatives by governments in developing countries, such as India’s Pradhan Mantri Matsya Smpada Yojana, provide opportunities for the expansion of the aquaculture sector, driving Astaxanthin demand. The market benefits from increasing awareness of natural ingredients and the rising demand for organic food coloring agents.
• Regional Insights: North America dominates the market, driven by a high prevalence of skin-related disorders and the presence of key manufacturers. Asia-Pacific is anticipated to exhibit the fastest growth, owing to innovative research, rising production, and increased R&D expenditures.
• Key Players: Prominent companies in the Astaxanthin market include Algatech Ltd, Cyanotech Corporation, MicroA, Beijing Gingko Group, Algalíf Iceland ehf, Fuji Chemical Industries Co., Ltd, PIVEG, Inc., Atacama Bio Natural Products S.A., ENEOS Corporation, and others. These players are focused on strategic expansion and new product development.

Product Type Analysis

Dried Algae or Biomass Segment Held the Largest Market Share in Astaxanthin Market

Based on Product Type, the astaxanthin market is segmented into dried algae or biomass, soft gel, liquid, oil, and others. Dried algae meal or biomass dominated the product segment in the astaxanthin market. The major factors driving the segment growth are the use of biomass for formulation production, the requirement for minimal downstream processing, convenient bulk production, and animal feed use.

The Soft gel segment also held the largest segment during the forecast period. The consumer widely accepts soft gels due to the increased demand and the geriatric population. However, the larger product constancy than liquid preparation and nutraceutical demand help the segment grow.

Application Analysis

Aquaculture & Animal Feed Dominate the Application Segment in Astaxanthin Market

Based on Application, the astaxanthin market is segmented into cosmetics, aquaculture & animal feed, nutraceuticals, and others. The aquaculture & animal feed segment held the largest market shares in the product segment.

It is dominated due to the wide use of Astaxanthin as an animal feed. The rise in demand for these products in the expanding aquaculture market for improving seafood quality contributes to the increase in significant shares in the astaxanthin market.

Nutraceutical products also grow at the highest rate during the projection period due to rising demand for natural astaxanthin products. Natural Astaxanthin has better antioxidant properties than the available food supplements.

The poor lifestyle, unhealthy food, increasing population, and insufficient intake of essential nutrients increase the demand for nutraceuticals. However, COVID-19 also increases the demand for nutraceuticals growing awareness about preventive healthcare.

Source Analysis

Natural Source Segment Held the Largest Market Share in Astaxanthin Market

The market is segmented into natural and synthetic sources based on the source type. The natural source segment held the highest revenue shares in the astaxanthin market due to advantages such as sustainability and high efficacy.

The increase in demand for natural food supplements is available in a wide range and has higher efficacy than synthetic products. However, the increasing involvement of market players in the advanced development and innovative products generates future market opportunities.

Furthermore, some investments and policies by leading players to enhance their natural products are estimated to increase segment expansion. The synthetic segment is also dominated in the astaxanthin market of volume expansion of Astaxanthin. The large number of players operating in the manufacturing of synthetic products creates more market competition.

Key Market Segments

Based on Type

• Dried Algae Meal and Biomass
• Oil
• Soft gel
• Liquid
• Others

By Application

• Cosmetics
• Aquaculture & Animal Feed
• Food
• Nutraceuticals
• Others

By Source

• Natural
• Synthetic

Drivers

Increase in Demand for Cosmetics Products

There is an increase in the demand for cosmetic products with significant growth in cosmetic companies. This growth is seen in most developing regions, such as India, China, and Brazil. The increase in demand for whitening skin products and the adaption of cosmetics in rural areas are the major driving factors for cosmetics companies.

The demand for cosmeceuticals and nutricosmetics increases specifically in developing countries such as the US and Canada. Consumers around the globe are becoming more aware of nutritional products that contribute to skin health and disease.

Restraints

Lack of R&D Activities in Developing Countries of Astaxanthin Market

Due to the high-cost requirement for the development and services of Astaxanthin from the industry perspective, a high rate of astaxanthin suppliants is anticipated to hinder market growth. It becomes challenging to function in developing countries such as India, Brazil, etc., with limited healthcare facilities and infrastructure.

Astaxanthin shows several side effects it consumes without a proper prescription, such as headaches and stomach pains. Such a thing hampers the growth of the astaxanthin market. The lack of development and research in African regions such as South Africa, Nigeria, and Egypt in these countries had decreased the adaption of cosmetics products consumptions. Theirs is a rise in product manufacturing products and innovation of new applications.

Opportunity

Increasing Demand for Advanced Treatments Drives the Market Growth

The aquaculture market is growing due to many initiatives by the government in developing countries across the globe. For example, in India, the Ministry of Agriculture is responsible for the monitoring, funding, and planning obtained by central development schemes for the aquacultures and fisheries overall in the Indian country. It provides an opportunity for the Indian aquaculture market to concentrate on the expansion of aquaculture sectors, such as Pradhan Mantri Matsya Smpada Yojana, to keep the aquaculture business and increase production.

It also includes an export approach to help the double farmer’s income. This initiative provides flexibility and support for the manufacturers for the development of the aqua feed industry and provides opportunities to expand universally. Aquaculture is the largest market for Astaxanthin which is expected to increase the growth of the astaxanthin market.

Trends

Improvement in Research and Healthcare Facilities Drive the Market Growth

The increase in demand for nutraceuticals due to their antioxidant properties and the increasing demand for Astaxanthin in the animal feed and aquaculture market helps to boost the market growth. Increasing awareness of the number of health-conscious people and increasing demand for organic food coloring agents with fewer side effects by using chemical products is anticipated to boost the astaxanthin market size. Also, the ability of Astaxanthin to preserve the taste, color quality

Regional Analysis

North America Dominate the Largest Shares in the Sickle Cell Disease Market

North America held the largest shares of the astaxanthin market due to the prevalence of skin-related disorders that increases the demand for Astaxanthin in food products. However, the presence of manufacturers such as Piveg Inc., Cyanotech, and synthetic astaxanthin manufacturers, such as Cardiax, Inc., in North America is estimated to grow during the forecast period.

Asia-Pacific is anticipated to exhibit the fastest growth during the forecast period. The main reasons for the rising demand for these products are the innovative research and rising production of Astaxanthin in this region and the rise in R&D expenditures. The Rapid growth of urbanization, increasing funding, and rising awareness about the natural Astaxanthin are estimated to enhance the market growth in these regions.

Key Regions

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Key Players Analysis

Emerging key players are focused on various strategic policies to develop their respective businesses in foreign markets. Several Astaxanthin market companies are concentrating on expanding their existing operations and R&D facilities.

Furthermore, businesses in the Astaxanthin market are developing new products and portfolio expansion strategies through investments, mergers, and acquisitions. In addition, several key players are now focusing on different marketing strategies, such as spreading awareness about natural ingredients, which is boosting the target products’ growth.

Recent Developments

In October 2020: Cyanotech Corporation launched a water-disposable powder form of BioAstin, existing in one to two percent concentrations. It is dispersible and free-flowing in either cold or hot water. It is prepared to be incorporated into drink powder mixes, instant drinking beverages, fruit juices, and teas.

In February 2019: Algatech LTD declared effective Astaxanthin in whole-food setup.

In May 2018: Algalif Iceland presented a range of numerous astaxanthin-branded ice caps and capsules.

Market Key Players

With the presence of many local and regional players, the market for Astaxanthin is fragmented. Market players are subject to intense competition from top market players, particularly those with strong brand recognition and high distribution networks. Companies have gained various expansion strategies, such as partnerships and product launches, to stay on top of the market.

Listed below are some of the most prominent Astaxanthin market players

• Algatech Ltd
• Cyanotech Corporation
• MicroA
• Beijing Gingko Group
• Algalíf Iceland ehf
• Fuji Chemical Industries Co., Ltd
• PIVEG, Inc.
• Atacama Bio Natural Products S.A.
• ENEOS Corporation
• Other key players

Report Scope