Astaxanthin Market Projected to Reach $1.34 Billion by 2030, Says Meticulous Research® Report

Meticulous Research®, a leading global market research company, has recently published a comprehensive report titled, "Astaxanthin Market by Source (Natural, Synthetic), Form (Dry, Liquid), Method of Production (Chemical Synthesis, Fermentation, Extraction), Application (Food & Beverages, Pharmaceuticals, Nutraceuticals, Animal Feed) - Global Forecast to 2030."

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According to the report, the astaxanthin market is poised to reach a valuation of $1.34 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 8.2% from 2023 to 2030. This growth trajectory is attributed to several factors, including the increasing awareness regarding clean-label products, the rising demand for natural food colors, and the surging popularity of natural cosmetics products and dietary supplements.

Emerging economies in Asia-Pacific, Latin America, and the Middle East & Africa, along with governmental support for aquaculture initiatives, are expected to offer significant growth opportunities for the astaxanthin market. However, challenges such as stringent regulatory norms and the high cost associated with natural astaxanthin may impede market growth to some extent.

The astaxanthin market is segmented based on source, form, method of production, application, and geography.

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Source: The market comprises natural and synthetic segments, with the natural segment anticipated to dominate owing to its robust antioxidant properties and various health benefits, including immune system support, inflammation reduction, and cognitive health enhancement.

Form: The market offers dry and liquid forms of astaxanthin, with the dry segment currently holding a larger market share due to its ease of handling, transport, and longer shelf life compared to its liquid counterpart.

Method of Production: Segmentation includes chemical synthesis, microalgae cultivation, fermentation, and extraction. Chemical synthesis presently occupies the largest market share due to its cost-effectiveness and availability, while fermentation is expected to witness significant growth in the forecast period.

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Application: Astaxanthin finds applications in food & beverages, nutraceuticals, animal feed, pharmaceuticals, personal care & cosmetics, and other sectors. The nutraceuticals segment is forecasted to experience substantial growth owing to the antioxidant properties and nutritional value of astaxanthin.

Geography: Europe currently leads the market, driven by factors such as the growing food & beverage industry, rising health & wellness trends, and increasing demand for chemical-free cosmetics.

Key Players in the astaxanthin market include Algatechnologies Ltd., BASF SE, BGG (Beijing Gingko Group), Cardax, Inc., Cyanotech Corporation, Divi's Laboratories Limited, Koninklijke DSM N.V., Fenchem, Fuji Chemical Industries Co., Ltd., Valensa International, Otsuka Holdings Co., Ltd., Piveg, Inc., Vidya Europe SAS, Wellgreen Technology Co., Ltd., and Algalíf Iceland ehf.

For more information or to access the full report, please visit Meticulous Research®'s website. >> https://www.meticulousresearch.com/product/astaxanthin-market-5442

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This release was published on openPR.