Astaxanthin Market Size Worth USD 9.21 Billion in 2032 | Emergen Research

The global astaxanthin market size was USD 1.94 Billion in 2022 and is expected to register a rapid revenue CAGR of 16.8% during the forecast period. The global astaxanthin market is set to experience significant growth in the coming years, driven by a multitude of factors including increasing consumer preference for nutraceuticals and preventative medicine, rapid industrialization of the feed industry, and rising demand for natural antioxidants and cosmetics.

Astaxanthin, a reddish pigment found naturally in some algae, seafood, and synthetic sources, has garnered attention for its potent antioxidant properties and health benefits. Widely utilized in the nutraceutical and cosmetic industries, astaxanthin is known for its ability to support immune function, reduce inflammation, and promote cognitive health. It is also used in the treatment of chronic diseases such as macular degeneration, high cholesterol, and neurodegenerative disorders like Parkinson's and Alzheimer's Diseases.

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The market is witnessing a surge in research and development activities, particularly in the pharmaceutical and biomedical sectors, aimed at improving the bioavailability and effectiveness of astaxanthin. Nano-based drug delivery systems, including nanoparticles, liposomes, and micelles, are being explored to overcome the challenges associated with astaxanthin's poor solubility.

One of the key drivers of market growth is the increasing popularity of yeast/fungi-based and synthetic astaxanthin, particularly in aquaculture and animal feed applications. Synthetic astaxanthin, derived from petroleum, offers advantages such as high availability, lower cost, and extended lifespan compared to natural sources. This trend is expected to contribute to the moderate growth of the synthetic segment in the market.

In terms of product form, the dried algae meal or biomass segment is anticipated to dominate the market, driven by the ease of handling, transport, and usage, along with extended shelf life and better ingredient functionality. Additionally, the softgel segment is poised for the fastest growth, thanks to the stability and wide applicability of soft gel formulations in nutraceutical and cosmetic products.

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The market is segmented based on applications, with aquaculture & animal feed projected to hold the largest market share due to the rising demand for seafood and the use of astaxanthin as a feed additive to enhance seafood quality. The nutraceuticals segment is also expected to register steady growth, driven by the increasing consumer awareness of astaxanthin's health benefits and the introduction of innovative products.

Despite the promising outlook, the market faces challenges such as strict regulatory standards, high cost of natural astaxanthin, and potential side effects associated with its consumption. However, initiatives by organizations like the Natural Algae Astaxanthin Association (NAXA) to promote awareness about the benefits of natural astaxanthin are expected to mitigate these challenges and drive market growth.

Astaxanthin Top Companies and Competitive Landscape

The global astaxanthin market is fragmented with many medium and large-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing advanced astaxanthin products in the market.

• BASF SE
• Divi's Nutraceuticals
• Cyanotech Corporation
• DSM Nutritional Products AG
• Parry Nutraceuticals
• JX Nippon Oil & Gas Exploration Corporation
• Fuji Chemical Industries Co., Ltd.
• Valensa International.
• Fermenta Biotech Limited
• Algalif Iceland ehf
• AstaReal Co., Ltd.
• BGG World
• Cardax, Inc.
• Algatech LTD
• Mitacs.
• Otsuka Pharmaceutical Co., Ltd.
• INNOBIO Corporation Limited
• Sinoway Industrial Co., Ltd.
• PIVEG, Inc.
• FENCHEM

Astaxanthin Latest Industry News

• In May 2022, Divi's and Algalif combined their expertise to create extremely concentrated beadlets of natural astaxanthin. Divi's turns this oleoresin into proprietary, easy-to-handle AstaBead beadlets containing 5% astaxanthin - the greatest concentration available - enabling for smaller tablets and hard-shell capsules. AstaBead beadlets also perform well in applications such as nutritional bars.

• On 5 February 2021, Solabia-Algatech Nutrition launched a range of Astaxanthin Powder Concepts developed for both supplements and beverages. This development provides a versatile and innovative solution to incorporate the potent antioxidant Astaxanthin into a range of consumer products. These powder concepts make it easier to integrate astaxanthi into daily routines.

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Astaxanthin Market Segment Analysis

For the purpose of this report, Emergen research has segmented the global astaxanthin market on the basis of source, product form, grade, production technology, application, and region:

• Source Outlook (Revenue, USD Billion; 2019-2032)
o Natural
1. Plants
2. Marine Animals
3. Yeast & Microbes
4. Microalgae
o Synthetic

• Product Form Outlook (Revenue, USD Billion; 2019-2032)
o Dried Algae Meal or Biomass
o Oil
o Softgel
o Liquid
o Others

• Grade Outlook (Revenue, USD Billion; 2019-2032)
o Food Grade
o Cosmetic Grade
o Feed Grade

• Production Technology Outlook (Revenue, USD Billion; 2019-2032)
o Algal Production
o Fermentation
o Extraction
o Chemical Synthesis

• Application Outlook (Revenue, USD Billion; 2019-2032)
o Aquaculture & Animal feed
o Dietary Supplements
o Food & Beverages
o Nutraceuticals
o Cosmetics

• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. France
3. UK
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of Middle East & Africa

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