Astaxanthin Market - Sources, Technologies and Applications

Astaxanthin is a potent antioxidant, boasting 550 times the strength of vitamin E and 6,000 times that of vitamin C. Its exceptional antioxidant properties have been shown to benefit various health conditions, including inflammation, diabetes, cardiovascular issues, vision problems, and central nervous system disorders. Widely utilized across industries, astaxanthin is used in aquaculture to enhance the pigmentation of salmon, trout, and shrimp; in nutraceuticals for its health-boosting effects; in cosmetics for skin care and anti-aging benefits; and in food and beverage fortification for its nutritional value.

The global astaxanthin market has returned to steady growth in 2024, reaching US$537 million, after a turbulent period between 2019 and 2023. The market experienced a notable decline in 2020 due to reduced consumer demand during COVID-19-related restrictions, followed by a dip in 2022 linked to decreased farmed salmon production impacting aquafeed demand. In 2023, inflationary pressures further curbed algae-based astaxanthin demand, as consumers prioritized spending on experiences and services over goods. However, the market is poised for robust expansion over the 2024-2030 forecast period, with a projected CAGR of 7.3% in value. Driven by growing demand for natural astaxanthin in nutraceuticals, food and beverage fortification, cosmetics, and stable aqua feed applications for salmon and shrimp production, the market is expected to reach over US$820 million by 2030, up from an estimated market size of US$537 million in 2024.

To meet the anticipated surge in global natural astaxanthin demand, several algae astaxanthin producers have significantly increased production capacities. Notable capacity expansions in the natural astaxanthin market in recent years include developments by BGG and Algalif. In 2023, BGG completed the expansion of its photobioreactor microalgae farm, doubling its capacity for the AstaZine natural astaxanthin line. This made BGG the world's largest producer of natural astaxanthin, with an annual production capacity of 7.5 metric tons of pure astaxanthin, derived from 310 metric tons of Haematococcus pluvialis powder. Meanwhile, Algalif's new 12,500 sq. m. production facility in Iceland became operational in late 2023, increasing the company's production capacity from 1,5 metric tons to 5 metric tons of pure natural astaxanthin annually. These expansions reflect the industry's proactive approach to meeting growing global demand across nutraceuticals, food & beverages, and other applications.

Major companies operating in the Global Astaxanthin market include Algalif Iceland ehf, Algatechnologies Ltd., BASF SE, Beijing Gingko Group (BGG), Cyanotech Corporation, Divis Laboratories Limited, DSM-Firmenich AG, E.I.D. Parry (India) Ltd., ENEOS Corporation, Fuji Chemical Industry Co., Ltd., Valensa International, Yunnan Alphy Biotech Co., Ltd., Zhejiang Medicine Co., Ltd., and Zhejiang NHU Co., Ltd. among others.

The report also provides a special focus on various astaxanthin production technologies employed by key market players, including Chemical Synthesis; Microalgae Cultivation, Harvesting, Drying and Astaxanthin Extraction; and Bacteria and Yeast Fermentation.

The global Astaxanthin Regional market Analysis

Regions covered in this Global Astaxanthin Market report include North America, Europe, Asia-Pacific, South America, and Rest of World. Europe constitutes the largest volume consumer of Astaxanthin worldwide, with an estimated 2024 share of 31.8%, followed closely by Asia-Pacific and North America. Europe's volume consumption of Astaxanthin is likely to maintain a 2024-20230 CAGR of 5.6%. Volume consumption of Astaxanthin in Asia-Pacific is slated to post the fastest corresponding period CAGR of 9.4% and projected to reach over 200 metric tons by 2030.

The global Astaxanthin market Analysis by Raw Material Source

The market for Global Astaxanthin by raw material source analyzed in this report include Synthetic Astaxanthin, Haematococcus Microalgae Astaxanthin, and Paracoccus Bacteria Astaxanthin. In terms of value, demand for Synthetic Astaxanthin is the highest globally, estimated at US$312 million in 2024 that represents a share of 58% in that year. The worldwide demand for Synthetic Astaxanthin is further likely to sustain a 2024-2030 CAGR of 2.7% and reach a projected US$366 million by 2030. In contrast, demand for H. pluvialis microalgae-derived Astaxanthin is poised to emerge as the fastest growing, reaching a projected US$448 million by 2030 to reflect a compounded annual growth rate of 12.6% over the forecast period.

The global Astaxanthin market Analysis by Application

The Global Astaxanthin market by applications analyzed in this report include Aqua Feed, Nutraceuticals, Cosmetics, and Food & Beverages. Aqua & Animal Feed constitutes the largest end-use application of Astaxanthin in terms of volume consumed globally, accounting for an estimated 62% share in 2024. Worldwide consumption of Astaxanthin in this end-use area is further expected to sustain the slowest 2024-2030 CAGR of 3.6% and reach a projected 355 metric tons by 2030. In contrast, fastest growth in volume consumption of Astaxanthin is anticipated from Food & Beverage applications, which is expected to post a CAGR of 14.9% between 2024 and 2030. Cosmetics and Nutraceuticals applications of Astaxanthin are also slated to post healthy CAGRs greater than 9% over the outlook period.

Astaxanthin Market Report Scope

This Global Astaxanthin report analyzes the market size based on manufacturers shipments. This market report analyzes astaxanthin volume market and value market by raw material source, application and geographic region. In addition to providing profiles of major companies operating in the global astaxanthin industry, the latest corporate, technological, product and industrial developments have been covered to offer a clear panorama of the global astaxanthin industry.

Key Metrics

• Historical Period: 2021-2023
• Base Year: 2024
• Forecast Period: 2024-2030
• Units: Volume shipments in Metric Tons and Value market in US$
• Companies Mentioned: 20+

The global Astaxanthin market by Geographic Region

• North America (United States, Canada and Mexico)
• South America (Chile, Peru and Rest of South America)
• Europe (Norway, The United Kingdom and Rest of Europe)
• Asia-Pacific (China, Japan, Australia and Rest of Asia-Pacific)
• Rest of World

The global Astaxanthin market by Raw Material Source

• Synthetic Astaxanthin
• Haematococcus Microalgae� Astaxanthin
• Paracoccus Bacteria Astaxanthin

The global Astaxanthin market by Application

• Aqua Feed
• Nutraceuticals
• Cosmetics
• Food & Beverages

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