Astaxanthin Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Report
250 Pages
December 2023
Region: Global
Fairfield Market Research
ID: 5918344

According to a recent industry analysis report, the global Astaxanthin Market reported sales of US$ 2.2 billion in 2024. The market is anticipated to reach a valuation of US$ 10 billion by 2031.

Key Drivers Fueling Astaxanthin Market Growth

Health Benefits: Astaxanthin is widely used for various chronic illnesses, including Alzheimer's disease, Parkinson's disease, liver problems, high cholesterol, and macular degeneration. Its rich antioxidant properties contribute to a reduced risk of ailments such as cancer and heart abnormalities. Studies show that regular consumption of astaxanthin-based antioxidant foods is associated with a lower risk of prostate cancer.
Strong Antioxidant Properties: Astaxanthin offers up to 550 times the antioxidant power of vitamin E, making it a valuable component in the prevention of Cardiovascular Diseases (CVDs), diabetes, and certain cancers. The rising demand for concentrated food products has energized the nutraceutical industry, driving the adoption of astaxanthin-based nutritional products.
Growing Demand in the Food Industry: Astaxanthin has gained popularity as a food ingredient due to its health benefits, including anti-inflammatory properties, enhanced immunity, and prevention of cerebrovascular and cardiovascular diseases. In recent years, it has also been found to help in photoaging prevention, sleep improvement, weight reduction, vocal cord protection, depression management, and increased sperm motility.

Challenges in the Astaxanthin Market

The market faces challenges related to the production of natural astaxanthin, which is more complex and costly than synthetic alternatives. Synthetic astaxanthin, derived from petroleum products, is more affordable, impacting the natural astaxanthin segment.

Region with the Most Significant Opportunities

North America is expected to maintain its lead in the Astaxanthin Market during the forecast period. Factors contributing to this dominance include a well-established nutraceutical sector, increased awareness of astaxanthin's benefits, and a growing health-conscious population.

Country-Wise Analysis

U.S. Astaxanthin Market Analysis

The United States is set to lead the Astaxanthin market, with a robust projected CAGR and significant market size during the forecast period. It is also expected to experience substantial absolute dollar opportunity growth.

U.K. Astaxanthin Market Analysis

The U.K. Astaxanthin Market is forecasted to reach a noteworthy valuation by 2031. During the period of 2024 to 2031, it is poised to generate substantial absolute dollar opportunity.

Japan Astaxanthin Market Analysis

In Japan, the Astaxanthin Market is projected to grow significantly, with a remarkable CAGR. By the end of the forecast period, it is expected to achieve a considerable valuation and generate substantial absolute dollar opportunity.

South Korea Astaxanthin Market Analysis

The Astaxanthin Market in South Korea is predicted to witness substantial growth, with a strong CAGR during the period of 2024 to 2031. By 2031, it is expected to reach a noteworthy market size and generate substantial absolute dollar opportunity.

Competitive Landscape

Key players in the Astaxanthin Market include:

Algatech Ltd
Cyanotech Corp
AstaReal Group
CO2 GRO Inc
Beijing Gingko Group
ENEOS Corporation
Algalif Iceland
NextFerm

Market Segments Covered in Astaxanthin Market Industry Analysis

By Product Type

Dried Algae Meal or Biomass
Oil
Softgel
Liquid
Other product types

By Source Type

Natural
Synthetic

By Application

Nutraceuticals
Cosmetics
Aquaculture and Animal Feed
Food
Other Applications

By Region

North America
Latin America
Europe
APAC
MEA

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1. Executive Summary

1.1. Global Astaxanthin Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Value, 2023
1.5. Analyst Recommendations

2. Market Overview

2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.2.1. Drivers
2.2.2. Restraints
2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter’s Five Forces Analysis
2.5. COVID-19 Impact Analysis
2.5.1. Supply
2.5.2. Demand
2.6. Impact of Ukraine-Russia Conflict
2.7. Economic Overview
2.7.1. World Economic Projections
2.8. PESTLE Analysis

3. Global Astaxanthin Market Outlook, 2018 - 2031

3.1. Global Astaxanthin Market Outlook, by Product Type, Value (US$ Bn), 2018 - 2031
3.1.1. Key Highlights
3.1.1.1. Dried Algae Meal or Biomass
3.1.1.2. Oil
3.1.1.3. Softgel
3.1.1.4. Liquid
3.1.1.5. Other product types
3.2. Global Astaxanthin Market Outlook, by Source Type, Value (US$ Bn), 2018 - 2031
3.2.1. Key Highlights
3.2.1.1. Natural
3.2.1.2. Synthetic
3.3. Global Astaxanthin Market Outlook, by Application, Value (US$ Bn), 2018 - 2031
3.3.1. Key Highlights
3.3.1.1. Nutraceuticals
3.3.1.2. Cosmetics
3.3.1.3. Aquaculture and Animal Feed
3.3.1.4. Food
3.3.1.5. Other Applications
3.4. Global Astaxanthin Market Outlook, by Region, Value (US$ Bn), 2018 - 2031
3.4.1. Key Highlights
3.4.1.1. North America
3.4.1.2. Europe
3.4.1.3. Asia Pacific
3.4.1.4. Latin America
3.4.1.5. Middle East & Africa

4. North America Astaxanthin Market Outlook, 2018 - 2031

4.1. North America Astaxanthin Market Outlook, by Product Type, Value (US$ Bn), 2018 - 2031
4.1.1. Key Highlights
4.1.1.1. Dried Algae Meal or Biomass
4.1.1.2. Oil
4.1.1.3. Softgel
4.1.1.4. Liquid
4.1.1.5. Other product types
4.2. North America Astaxanthin Market Outlook, by Source Type, Value (US$ Bn), 2018 - 2031
4.2.1. Key Highlights
4.2.1.1. Natural
4.2.1.2. Synthetic
4.3. North America Astaxanthin Market Outlook, by Application, Value (US$ Bn), 2018 - 2031
4.3.1. Key Highlights
4.3.1.1. Nutraceuticals
4.3.1.2. Cosmetics
4.3.1.3. Aquaculture and Animal Feed
4.3.1.4. Food
4.3.1.5. Other Applications
4.4. North America Astaxanthin Market Outlook, by Country, Value (US$ Bn), 2018 - 2031
4.4.1. Key Highlights
4.4.1.1. U.S. Astaxanthin Market by Product Type, Value (US$ Bn), 2018 - 2031
4.4.1.2. U.S. Astaxanthin Market by Source Type, Value (US$ Bn), 2018 - 2031
4.4.1.3. U.S. Astaxanthin Market Application, Value (US$ Bn), 2018 - 2031
4.4.1.4. Canada Astaxanthin Market by Product Type, Value (US$ Bn), 2018 - 2031
4.4.1.5. Canada Astaxanthin Market by Source Type, Value (US$ Bn), 2018 - 2031
4.4.1.6. Canada Astaxanthin Market Application, Value (US$ Bn), 2018 - 2031
4.4.2. BPS Analysis/Market Attractiveness Analysis

5. Europe Astaxanthin Market Outlook, 2018 - 2031

5.1. Europe Astaxanthin Market Outlook, by Product Type, Value (US$ Bn), 2018 - 2031
5.1.1. Key Highlights
5.1.1.1. Dried Algae Meal or Biomass
5.1.1.2. Oil
5.1.1.3. Softgel
5.1.1.4. Liquid
5.1.1.5. Other product types
5.2. Europe Astaxanthin Market Outlook, by Source Type, Value (US$ Bn), 2018 - 2031
5.2.1. Key Highlights
5.2.1.1. Natural
5.2.1.2. Synthetic
5.3. Europe Astaxanthin Market Outlook, by Application, Value (US$ Bn), 2018 - 2031
5.3.1. Key Highlights
5.3.1.1. Nutraceuticals
5.3.1.2. Cosmetics
5.3.1.3. Aquaculture and Animal Feed
5.3.1.4. Food
5.3.1.5. Other Applications
5.4. Europe Astaxanthin Market Outlook, by Country, Value (US$ Bn), 2018 - 2031
5.4.1. Key Highlights
5.4.1.1. Germany Astaxanthin Market by Product Type, Value (US$ Bn), 2018 - 2031
5.4.1.2. Germany Astaxanthin Market by Source Type, Value (US$ Bn), 2018 - 2031
5.4.1.3. Germany Astaxanthin Market Application, Value (US$ Bn), 2018 - 2031
5.4.1.4. U.K. Astaxanthin Market by Product Type, Value (US$ Bn), 2018 - 2031
5.4.1.5. U.K. Astaxanthin Market by Source Type, Value (US$ Bn), 2018 - 2031
5.4.1.6. U.K. Astaxanthin Market Application, Value (US$ Bn), 2018 - 2031
5.4.1.7. France Astaxanthin Market by Product Type, Value (US$ Bn), 2018 - 2031
5.4.1.8. France Astaxanthin Market by Source Type, Value (US$ Bn), 2018 - 2031
5.4.1.9. France Astaxanthin Market Application, Value (US$ Bn), 2018 - 2031
5.4.1.10. Italy Astaxanthin Market by Product Type, Value (US$ Bn), 2018 - 2031
5.4.1.11. Italy Astaxanthin Market by Source Type, Value (US$ Bn), 2018 - 2031
5.4.1.12. Italy Astaxanthin Market Application, Value (US$ Bn), 2018 - 2031
5.4.1.13. Turkey Astaxanthin Market by Product Type, Value (US$ Bn), 2018 - 2031
5.4.1.14. Turkey Astaxanthin Market by Source Type, Value (US$ Bn), 2018 - 2031
5.4.1.15. Turkey Astaxanthin Market Application, Value (US$ Bn), 2018 - 2031
5.4.1.16. Russia Astaxanthin Market by Product Type, Value (US$ Bn), 2018 - 2031
5.4.1.17. Russia Astaxanthin Market by Source Type, Value (US$ Bn), 2018 - 2031
5.4.1.18. Russia Astaxanthin Market Application, Value (US$ Bn), 2018 - 2031
5.4.1.19. Rest of Europe Astaxanthin Market by Product Type, Value (US$ Bn), 2018 - 2031
5.4.1.20. Rest of Europe Astaxanthin Market by Source Type, Value (US$ Bn), 2018 - 2031
5.4.1.21. Rest of Europe Astaxanthin Market Application, Value (US$ Bn), 2018 - 2031
5.4.2. BPS Analysis/Market Attractiveness Analysis

6. Asia Pacific Astaxanthin Market Outlook, 2018 - 2031

6.1. Asia Pacific Astaxanthin Market Outlook, by Product Type, Value (US$ Bn), 2018 - 2031
6.1.1. Key Highlights
6.1.1.1. Dried Algae Meal or Biomass
6.1.1.2. Oil
6.1.1.3. Softgel
6.1.1.4. Liquid
6.1.1.5. Other product types
6.2. Asia Pacific Astaxanthin Market Outlook, by Source Type, Value (US$ Bn), 2018 - 2031
6.2.1. Key Highlights
6.2.1.1. Natural
6.2.1.2. Synthetic
6.3. Asia Pacific Astaxanthin Market Outlook, by Application, Value (US$ Bn), 2018 - 2031
6.3.1. Key Highlights
6.3.1.1. Nutraceuticals
6.3.1.2. Cosmetics
6.3.1.3. Aquaculture and Animal Feed
6.3.1.4. Food
6.3.1.5. Other Applications
6.4. Asia Pacific Astaxanthin Market Outlook, by Country, Value (US$ Bn), 2018 - 2031
6.4.1. Key Highlights
6.4.1.1. China Astaxanthin Market by Product Type, Value (US$ Bn), 2018 - 2031
6.4.1.2. China Astaxanthin Market by Source Type, Value (US$ Bn), 2018 - 2031
6.4.1.3. China Astaxanthin Market Application, Value (US$ Bn), 2018 - 2031
6.4.1.4. Japan Astaxanthin Market by Product Type, Value (US$ Bn), 2018 - 2031
6.4.1.5. Japan Astaxanthin Market by Source Type, Value (US$ Bn), 2018 - 2031
6.4.1.6. Japan Astaxanthin Market Application, Value (US$ Bn), 2018 - 2031
6.4.1.7. South Korea Astaxanthin Market by Product Type, Value (US$ Bn), 2018 - 2031
6.4.1.8. South Korea Astaxanthin Market by Source Type, Value (US$ Bn), 2018 - 2031
6.4.1.9. South Korea Astaxanthin Market Application, Value (US$ Bn), 2018 - 2031
6.4.1.10. India Astaxanthin Market by Product Type, Value (US$ Bn), 2018 - 2031
6.4.1.11. India Astaxanthin Market by Source Type, Value (US$ Bn), 2018 - 2031
6.4.1.12. India Astaxanthin Market Application, Value (US$ Bn), 2018 - 2031
6.4.1.13. Southeast Asia Astaxanthin Market by Product Type, Value (US$ Bn), 2018 - 2031
6.4.1.14. Southeast Asia Astaxanthin Market by Source Type, Value (US$ Bn), 2018 - 2031
6.4.1.15. Southeast Asia Astaxanthin Market Application, Value (US$ Bn), 2018 - 2031
6.4.1.16. Rest of Asia Pacific Astaxanthin Market by Product Type, Value (US$ Bn), 2018 - 2031
6.4.1.17. Rest of Asia Pacific Astaxanthin Market by Source Type, Value (US$ Bn), 2018 - 2031
6.4.1.18. Rest of Asia Pacific Astaxanthin Market Application, Value (US$ Bn), 2018 - 2031
6.4.2. BPS Analysis/Market Attractiveness Analysis

7. Latin America Astaxanthin Market Outlook, 2018 - 2031

7.1. Latin America Astaxanthin Market Outlook, by Product Type, Value (US$ Bn), 2018 - 2031
7.1.1. Key Highlights
7.1.1.1. Dried Algae Meal or Biomass
7.1.1.2. Oil
7.1.1.3. Softgel
7.1.1.4. Liquid
7.1.1.5. Other product types
7.2. Latin America Astaxanthin Market Outlook, by Source Type, Value (US$ Bn), 2018 - 2031
7.2.1. Key Highlights
7.2.1.1. Natural
7.2.1.2. Synthetic
7.3. Latin America Astaxanthin Market Outlook, by Application, Value (US$ Bn), 2018 - 2031
7.3.1. Key Highlights
7.3.1.1. Nutraceuticals
7.3.1.2. Cosmetics
7.3.1.3. Aquaculture and Animal Feed
7.3.1.4. Food
7.3.1.5. Other Applications
7.4. Latin America Astaxanthin Market Outlook, by Country, Value (US$ Bn), 2018 - 2031
7.4.1. Key Highlights
7.4.1.1. Brazil Astaxanthin Market by Product Type, Value (US$ Bn), 2018 - 2031
7.4.1.2. Brazil Astaxanthin Market by Source Type, Value (US$ Bn), 2018 - 2031
7.4.1.3. Brazil Astaxanthin Market Application, Value (US$ Bn), 2018 - 2031
7.4.1.4. Mexico Astaxanthin Market by Product Type, Value (US$ Bn), 2018 - 2031
7.4.1.5. Mexico Astaxanthin Market by Source Type, Value (US$ Bn), 2018 - 2031
7.4.1.6. Mexico Astaxanthin Market Application, Value (US$ Bn), 2018 - 2031
7.4.1.7. Argentina Astaxanthin Market by Product Type, Value (US$ Bn), 2018 - 2031
7.4.1.8. Argentina Astaxanthin Market by Source Type, Value (US$ Bn), 2018 - 2031
7.4.1.9. Argentina Astaxanthin Market Application, Value (US$ Bn), 2018 - 2031
7.4.1.10. Rest of Latin America Astaxanthin Market by Product Type, Value (US$ Bn), 2018 - 2031
7.4.1.11. Rest of Latin America Astaxanthin Market by Source Type, Value (US$ Bn), 2018 - 2031
7.4.1.12. Rest of Latin America Astaxanthin Market Application, Value (US$ Bn), 2018 - 2031
7.4.2. BPS Analysis/Market Attractiveness Analysis

8. Middle East & Africa Astaxanthin Market Outlook, 2018 - 2031

8.1. Middle East & Africa Astaxanthin Market Outlook, by Product Type, Value (US$ Bn), 2018 - 2031
8.1.1. Key Highlights
8.1.1.1. Dried Algae Meal or Biomass
8.1.1.2. Oil
8.1.1.3. Softgel
8.1.1.4. Liquid
8.1.1.5. Other product types
8.2. Middle East & Africa Astaxanthin Market Outlook, by Source Type, Value (US$ Bn), 2018 - 2031
8.2.1. Key Highlights
8.2.1.1. Natural
8.2.1.2. Synthetic
8.3. Middle East & Africa Astaxanthin Market Outlook, by Application, Value (US$ Bn), 2018 - 2031
8.3.1. Key Highlights
8.3.1.1. Nutraceuticals
8.3.1.2. Cosmetics
8.3.1.3. Aquaculture and Animal Feed
8.3.1.4. Food
8.3.1.5. Other Applications
8.4. Middle East & Africa Astaxanthin Market Outlook, by Country, Value (US$ Bn), 2018 - 2031
8.4.1. Key Highlights
8.4.1.1. GCC Astaxanthin Market by Product Type, Value (US$ Bn), 2018 - 2031
8.4.1.2. GCC Astaxanthin Market by Source Type, Value (US$ Bn), 2018 - 2031
8.4.1.3. GCC Astaxanthin Market Application, Value (US$ Bn), 2018 - 2031
8.4.1.4. South Africa Astaxanthin Market by Product Type, Value (US$ Bn), 2018 - 2031
8.4.1.5. South Africa Astaxanthin Market by Source Type, Value (US$ Bn), 2018 - 2031
8.4.1.6. South Africa Astaxanthin Market Application, Value (US$ Bn), 2018 - 2031
8.4.1.7. Egypt Astaxanthin Market by Product Type, Value (US$ Bn), 2018 - 2031
8.4.1.8. Egypt Astaxanthin Market by Source Type, Value (US$ Bn), 2018 - 2031
8.4.1.9. Egypt Astaxanthin Market Application, Value (US$ Bn), 2018 - 2031
8.4.1.10. Nigeria Astaxanthin Market by Product Type, Value (US$ Bn), 2018 - 2031
8.4.1.11. Nigeria Astaxanthin Market by Source Type, Value (US$ Bn), 2018 - 2031
8.4.1.12. Nigeria Astaxanthin Market Application, Value (US$ Bn), 2018 - 2031
8.4.1.13. Rest of Middle East & Africa Astaxanthin Market by Product Type, Value (US$ Bn), 2018 - 2031
8.4.1.14. Rest of Middle East & Africa Astaxanthin Market by Source Type, Value (US$ Bn), 2018 - 2031
8.4.1.15. Rest of Middle East & Africa Astaxanthin Market Application, Value (US$ Bn), 2018 - 2031
8.4.2. BPS Analysis/Market Attractiveness Analysis

9. Competitive Landscape

9.1. Product Type vs Application Heatmap
9.2. Manufacturer vs Application Heatmap
9.3. Company Market Share Analysis, 2023
9.4. Competitive Dashboard
9.5. Company Profiles
9.5.1. Algatech Ltd
9.5.1.1. Company Overview
9.5.1.2. Product Type Portfolio
9.5.1.3. Financial Overview
9.5.1.4. Business Strategies and Development
9.5.2. Cyanotech Corp
9.5.2.1. Company Overview
9.5.2.2. Product Type Portfolio
9.5.2.3. Financial Overview
9.5.2.4. Business Strategies and Development
9.5.3. AstaReal Group
9.5.3.1. Company Overview
9.5.3.2. Product Type Portfolio
9.5.3.3. Financial Overview
9.5.3.4. Business Strategies and Development
9.5.4. CO2 GRO Inc
9.5.4.1. Company Overview
9.5.4.2. Product Type Portfolio
9.5.4.3. Financial Overview
9.5.4.4. Business Strategies and Development
9.5.5. Beijing Gingko Group
9.5.5.1. Company Overview
9.5.5.2. Product Type Portfolio
9.5.5.3. Financial Overview
9.5.5.4. Business Strategies and Development
9.5.6. ENEOS Corporation
9.5.6.1. Company Overview
9.5.6.2. Product Type Portfolio
9.5.6.3. Financial Overview
9.5.6.4. Business Strategies and Development
9.5.7. Algalif Iceland
9.5.7.1. Company Overview
9.5.7.2. Product Type Portfolio
9.5.7.3. Financial Overview
9.5.7.4. Business Strategies and Development
9.5.8. NextFerm
9.5.8.1. Company Overview
9.5.8.2. Product Type Portfolio
9.5.8.3. Financial Overview
9.5.8.4. Business Strategies and Development
9.5.9. Atacama Bio Natural Products S.A.
9.5.9.1. Company Overview
9.5.9.2. Product Type Portfolio
9.5.9.3. Financial Overview
9.5.9.4. Business Strategies and Development
9.5.10. PIVEG, Inc.
9.5.10.1. Company Overview
9.5.10.2. Product Type Portfolio
9.5.10.3. Financial Overview
9.5.10.4. Business Strategies and Development
9.5.11. E.I.D. - Parry (India) Limited
9.5.11.1. Company Overview
9.5.11.2. Product Type Portfolio
9.5.11.3. Financial Overview
9.5.11.4. Business Strategies and Development
9.5.12. BASF SE
9.5.12.1. Company Overview
9.5.12.2. Product Type Portfolio
9.5.12.3. Financial Overview
9.5.12.4. Business Strategies and Development
9.5.13. Icelandirect Inc.
9.5.13.1. Company Overview
9.5.13.2. Product Type Portfolio
9.5.13.3. Financial Overview
9.5.13.4. Business Strategies and Development
9.5.14. AstaReal, Inc.
9.5.14.1. Company Overview
9.5.14.2. Product Type Portfolio
9.5.14.3. Financial Overview
9.5.14.4. Business Strategies and Development
9.5.15. Valensa International
9.5.15.1. Company Overview
9.5.15.2. Product Type Portfolio
9.5.15.3. Financial Overview
9.5.15.4. Business Strategies and Development
9.5.16. Nu U Nutrition Limited
9.5.16.1. Company Overview
9.5.16.2. Product Type Portfolio
9.5.16.3. Financial Overview
9.5.16.4. Business Strategies and Development
9.5.17. Fermenta Biotech Limited
9.5.17.1. Company Overview
9.5.17.2. Product Type Portfolio
9.5.17.3. Financial Overview
9.5.17.4. Business Strategies and Development

10. Appendix

10.1. Research Methodology
10.2. Report Assumptions
10.3. Acronyms and Abbreviations

Companies Mentioned

Algatech Ltd
Cyanotech Corp
AstaReal Group
CO2 GRO Inc
Beijing Gingko Group
ENEOS Corporation
Algalif Iceland
NextFerm

Methodology

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