Astaxanthin Market Segments, Industry Size, Share, Demand, Price Trends and Report 2023-2028

According to IMARC Group latest report titled "Astaxanthin Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a comprehensive analysis of the industry, which comprises insights on astaxanthin market. The report also includes competitor and regional analysis, and contemporary advancements in the global market.

The global astaxanthin market size reached US$ 754.0 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,209.9 Million by 2028, exhibiting a growth rate (CAGR) of 8.29% during 2023-2028.

Astaxanthin is a carotenoid belonging to a larger class of chemical compounds known as terpenes. It is a naturally occurring pigment that lends a rich red-orange color to various sea creatures, including salmon, trout, krill, shrimp, crayfish, and other microalgae. Astaxanthin is responsible for the vibrant hue of flamingo's feathers as well, which they acquire from consuming astaxanthin-rich organisms. In the realm of dietary supplements, astaxanthin is celebrated for its potent antioxidant properties. It helps combat oxidative stress and free radical damage in the body, which are linked to aging and chronic diseases. Astaxanthin's antioxidant activity is reported to be many times higher than that of other carotenoids, such as beta-carotene and lutein, making it a focus in the field of nutraceuticals. The interest in astaxanthin extends into potential health benefits, including supporting skin health, enhancing vision, boosting immune function, and potentially improving exercise performance.

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Market Trends:

The widespread application of astaxanthin in various industries is driving the global market. Astaxanthin, a naturally occurring carotenoid found in certain algae and seafood, is renowned for its strong antioxidant activity, which is believed to be more powerful than other carotenoids and antioxidants. Moreover, the aquaculture sector also significantly drives demand for astaxanthin, particularly in the cultivation of salmon and trout, to enhance the coloration of these fish, a key quality attribute for consumers.

Moreover, astaxanthin is used in the poultry industry to improve the pigmentation of egg yolks and chicken skin. The cosmetics industry is another major consumer of astaxanthin, utilizing its antioxidative properties to formulate skin care products that protect against UV radiation and mitigate signs of aging. This application leverages the compound's ability to combat oxidative stress, a factor in skin aging and damage.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• Algatech LTD
• BASF SE
• Beijing Gingko Group
• Cardax Inc
• Cyanotech Corporation
• Divi's Laboratories Limited
• E.I.D. - Parry (India) Limited
• Fenchem Biotek Ltd
• Fuji Chemical Industries Co. Ltd.
• Koninklijke DSM N.V.
• Piveg Inc

Astaxanthin Market Segmentation:

Our report has categorized the market based on region, source, product and application.

Breakup by Source:
• Natural
• Yeast
• Krill/Shrimp
• Microalgae
• Others
• Synthetic

Breakup by Product:
• Dried Algae Meal or Biomass
• Oil
• Softgel
• Liquid
• Others

Breakup by Application:
• Nutraceuticals
• Cosmetics
• Aquaculture and Animal Feed
• Others

Breakup by Region:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:
• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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