Global astaxanthin Market

Astaxanthin Market Size, Share, Growth Analysis, By Type(microalgae-derived astaxanthin and synthetic astaxanthin), By Region - Industry Forecast 2024-2031


Report ID: SQMIG30H2112 | Region: Global | Published Date: February, 2024
Pages: 157 |Tables: 34 |Figures: 74

Astaxanthin Market Insights

Global Astaxanthin Market size was valued at USD 3.20 billion in 2021 and is poised to grow from USD 3.90 billion in 2022 to USD 7.86 billion by 2030, growing at a CAGR of 10.5% in the forecast period (2023-2030).

The global astaxanthin market is experiencing significant growth due to various factors. astaxanthin, a naturally occurring pigment found in algae, plants, and seafood, is known for its powerful antioxidant properties and health benefits.

The market is being driven by the increasing consumer awareness of the potential health benefits of astaxanthin, including its role in supporting eye health, cardiovascular health, and skin health.

Additionally, the rising demand for natural and organic products in the nutraceutical, food, and cosmetic industries is fueling the growth of the market.

The market is also benefiting from the growing adoption of astaxanthin in animal feed and aquaculture industries. Furthermore, advancements in extraction techniques and the development of novel delivery formats are further propelling the market growth.

Overall, the global astaxanthin market is expected to witness robust growth in the coming years, driven by the increasing demand for natural antioxidants and the expanding application scope in various industries.

Market Snapshot - 2024-2031

Global Market Size

USD 3.20 billion

Largest Segment

microalgae-derived astaxanthin

Fastest Growth

microalgae-derived astaxanthin

Growth Rate

10.5% CAGR

Global Astaxanthin Market ($ Bn)
Country Share for North America Region (%)

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Astaxanthin Market Segmental Analysis

The global astaxanthin Market is segmented by type and region. Based on type, the market can be segmented into microalgae-derived astaxanthin and synthetic astaxanthin. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Analysis by Type

The dominant sub-segment in the type segment of the global astaxanthin market is microalgae-derived astaxanthin. Microalgae are considered a rich source of astaxanthin and are commonly used for its production. Microalgae-derived astaxanthin is known for its high quality, purity, and bioavailability. It is widely used in the nutraceutical and dietary supplement industries due to its potential health benefits and antioxidant properties.

The fastest growing sub-segment in the testing type of the global astaxanthin market is synthetic astaxanthin. Synthetic astaxanthin is produced through chemical synthesis or biotechnological methods. It offers advantages such as cost-effectiveness and scalability of production. The demand for synthetic astaxanthin is increasing in various industries, including animal feed, aquaculture, and cosmetics, as it provides a viable alternative to natural sources of astaxanthin.

Global Astaxanthin Market By Type, 2023 (%)

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Astaxanthin Market Regional Insights

One dominant region in the global astaxanthin market is Asia Pacific. Asia Pacific is a key producer and consumer of astaxanthin, with countries like China and Japan being major players in the market. The region benefits from favorable climatic conditions for algae cultivation, which is the primary source of astaxanthin production. Moreover, there is a growing awareness about the health benefits of astaxanthin, leading to an increase in its consumption in various applications such as dietary supplements, cosmetics, and aquaculture.

The fastest growing region in the global astaxanthin market is North America. The demand for astaxanthin is rapidly growing in North America due to the rising consumer interest in natural and functional ingredients in dietary supplements, food, and personal care products. Additionally, the increasing adoption of astaxanthin in aquaculture and animal feed industries further drives the market growth in the region. The presence of a well-established healthcare and wellness industry, along with the growing emphasis on preventive healthcare, contributes to the market expansion of astaxanthin in North America.

Global Astaxanthin Market By Geography, 2024-2031
  • Largest
  • Fastest

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Astaxanthin Market Dynamics

Drivers

Increasing Consumer Awareness Regarding The Health Benefits Of Astaxanthin

  • One driver of the global astaxanthin market is the increasing consumer awareness regarding the health benefits of astaxanthin. astaxanthin is a powerful antioxidant known for its potential in supporting cardiovascular health, reducing inflammation, improving eye health, and boosting immune function. As consumers become more health-conscious and seek natural alternatives for improving their well-being, the demand for astaxanthin supplements and products is growing. The rising prevalence of chronic diseases and the aging population also contribute to the market growth.

Restraints

Limited Availability Of Natural Sources

  • On the other hand, a restraint of the global astaxanthin market is the limited availability of natural sources. astaxanthin is primarily derived from microalgae, and its extraction is a complex and costly process. The supply of natural astaxanthin is relatively limited compared to the increasing demand, leading to higher prices and potential supply shortages. Additionally, the production of synthetic astaxanthin is also a challenge as it requires sophisticated manufacturing processes. These factors can hinder the market growth and create barriers for small-scale manufacturers or those relying on natural sources.

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Astaxanthin Market Competitive Landscape

The global astaxanthin market is characterized by a mix of established companies and emerging players. Market participants are focusing on research and development activities to enhance the efficiency and performance of astaxanthin. Additionally, strategic collaborations, partnerships, and mergers and acquisitions are prevalent strategies adopted by companies to expand their market presence. The competitive environment is further influenced by factors such as technological advancements, government regulations, and the ability to provide cost-effective and sustainable solutions.

Top Player’s Company Profiles

  • Cyanotech Corporation - United States
  • BASF SE - Germany
  • Koninklijke DSM N.V. - Netherlands
  • AstaReal AB - Sweden
  • Beijing Gingko Group - China
  • BlueOcean NutraSciences Inc. - Canada
  • JXTG Nippon Oil & Energy Corporation - Japan
  • Piveg, Inc. - United States
  • Fenchem Biotek Ltd. - China
  • AlgaEnergy S.A. - Spain
  • Cyanotex Co., Ltd. - South Korea
  • Otsuka Pharmaceutical Co., Ltd. - Japan
  • Valensa International - United States
  • Piveg, Inc. - United States
  • Igene Biotechnology Inc. - Taiwan
  • Yunnan Alphy Biotech Co., Ltd. - China
  • Supreme Biotechnologies - New Zealand

Recent Developments

  • In January 2023, a study conducted by a renowned research institute highlighted the potential health benefits of astaxanthin in reducing oxidative stress and inflammation, promoting eye health, and supporting cardiovascular health. This discovery creates a buzz in the market, leading to increased consumer interest and demand for astaxanthin-based supplements.
  • In March 2023, a leading pharmaceutical company launched a breakthrough astaxanthin formulation with improved bioavailability and enhanced stability. This innovation addresses the previous challenges associated with astaxanthin absorption and ensures better efficacy. The new product receives positive reviews from consumers and healthcare professionals, driving its market adoption and market growth.
  • In June 2023, a prominent nutraceutical company forms a strategic partnership with a sustainable aquaculture company to source astaxanthin from responsibly farmed microalgae. This collaboration ensures a consistent and environmentally friendly supply chain, meeting the growing demand for sustainable and natural astaxanthin products. The partnership also focuses on educating consumers about the importance of sustainable sourcing and environmental stewardship.

Astaxanthin Key Market Trends

  • One key market trend in the global astaxanthin market is the increasing demand for natural and sustainable ingredients in various industries. astaxanthin, a powerful antioxidant derived from microalgae, is gaining popularity due to its natural origin and potential health benefits. Consumers are becoming more conscious of the products they use and are actively seeking natural alternatives. astaxanthin's wide range of applications in sectors such as food and beverages, cosmetics, and nutraceuticals is driving its market growth. Additionally, the growing awareness of the potential health benefits of astaxanthin, such as its antioxidant and anti-inflammatory properties, is further fueling its demand in the global market.

Astaxanthin Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

The global astaxanthin market is witnessing significant growth due to its wide range of applications in various industries, including food and beverages, nutraceuticals, cosmetics, and aquaculture. astaxanthin, a naturally occurring pigment and powerful antioxidant, is derived from microalgae, plants, and seafood. The market is driven by the increasing consumer awareness of the health benefits associated with astaxanthin consumption, such as anti-inflammatory and antioxidant properties. Additionally, the growing demand for natural ingredients in food and cosmetic products is fueling the market's expansion. The market is expected to continue its growth trajectory, driven by the rising demand for functional foods, dietary supplements, and skincare products that incorporate astaxanthin. However, factors such as high production costs and limited availability of natural sources could restrain market growth.

Report Metric Details
Market size value in 2023 USD 3.20 billion
Market size value in 2031 USD 7.86 billion
Growth Rate 10.5%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • microalgae-derived astaxanthin and synthetic astaxanthin
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Cyanotech Corporation - United States
  • BASF SE - Germany
  • Koninklijke DSM N.V. - Netherlands
  • AstaReal AB - Sweden
  • Beijing Gingko Group - China
  • BlueOcean NutraSciences Inc. - Canada
  • JXTG Nippon Oil & Energy Corporation - Japan
  • Piveg, Inc. - United States
  • Fenchem Biotek Ltd. - China
  • AlgaEnergy S.A. - Spain
  • Cyanotex Co., Ltd. - South Korea
  • Otsuka Pharmaceutical Co., Ltd. - Japan
  • Valensa International - United States
  • Piveg, Inc. - United States
  • Igene Biotechnology Inc. - Taiwan
  • Yunnan Alphy Biotech Co., Ltd. - China
  • Supreme Biotechnologies - New Zealand
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Astaxanthin Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Astaxanthin Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Astaxanthin Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Astaxanthin Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Astaxanthin Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Astaxanthin Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Astaxanthin Market size was valued at USD 3.20 billion in 2021 and is poised to grow from USD 3.90 billion in 2022 to USD 7.86 billion by 2030, growing at a CAGR of 10.5% in the forecast period (2023-2030).

The astaxanthin market is characterized by a mix of established companies and emerging players. Market participants are focusing on research and development activities to enhance the efficiency and performance of astaxanthin. Additionally, strategic collaborations, partnerships, and mergers and acquisitions are prevalent strategies adopted by companies to expand their market presence. The competitive environment is further influenced by factors such as technological advancements, government regulations, and the ability to provide cost-effective and sustainable solutions. 'Fuji Chemical Industries Co., Ltd. - Japan', 'Algatech Ltd. - Israel', 'Cardax, Inc. - United States', 'Cyanotech Corporation - United States', 'BASF SE - Germany', 'Koninklijke DSM N.V. - Netherlands', 'AstaReal AB - Sweden', 'Beijing Gingko Group - China', 'BlueOcean NutraSciences Inc. - Canada', 'JXTG Nippon Oil & Energy Corporation - Japan', 'Piveg, Inc. - United States', 'Fenchem Biotek Ltd. - China', 'AlgaEnergy S.A. - Spain', 'Cyanotex Co., Ltd. - South Korea', 'Otsuka Pharmaceutical Co., Ltd. - Japan', 'Valensa International - United States', 'Piveg, Inc. - United States', 'Igene Biotechnology Inc. - Taiwan', 'Yunnan Alphy Biotech Co., Ltd. - China', 'Supreme Biotechnologies - New Zealand'

One driver of the astaxanthin market is the increasing consumer awareness regarding the health benefits of astaxanthin. astaxanthin is a powerful antioxidant known for its potential in supporting cardiovascular health, reducing inflammation, improving eye health, and boosting immune function. As consumers become more health-conscious and seek natural alternatives for improving their well-being, the demand for astaxanthin supplements and products is growing. The rising prevalence of chronic diseases and the aging population also contribute to the market growth.

One key market trend in the astaxanthin market is the increasing demand for natural and sustainable ingredients in various industries. astaxanthin, a powerful antioxidant derived from microalgae, is gaining popularity due to its natural origin and potential health benefits. Consumers are becoming more conscious of the products they use and are actively seeking natural alternatives. astaxanthin's wide range of applications in sectors such as food and beverages, cosmetics, and nutraceuticals is driving its market growth. Additionally, the growing awareness of the potential health benefits of astaxanthin, such as its antioxidant and anti-inflammatory properties, is further fueling its demand in the market.

One dominant region in the astaxanthin market is Asia Pacific. Asia Pacific is a key producer and consumer of astaxanthin, with countries like China and Japan being major players in the market. The region benefits from favorable climatic conditions for algae cultivation, which is the primary source of astaxanthin production. Moreover, there is a growing awareness about the health benefits of astaxanthin, leading to an increase in its consumption in various applications such as dietary supplements, cosmetics, and aquaculture.

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Global astaxanthin Market

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