The astaxanthin market was valued at $0.8 billion in 2023 and is projected to reach $1.6 billion by 2033, growing at a CAGR of 8.1% from 2024 to 2033.
Astaxanthin is a red-colored pigment that belongs to the category of xanthophyll carotenoid and is present in several microorganisms and marine organisms. Astaxanthin is known for its antioxidant properties and aids in the protection of cells from free radicals. The compound is consumed in the form of supplements to enhance the health of brain, eyes, & skin; regulate high cholesterol levels; and support the immune system. Moreover, astaxanthin is used in the aquaculture industry to integrate pigmentation into farmed trout, salmons, and shrimps. This process elevates the appearance of aquaculture products and enhances their market value.
Increase in awareness regarding fit lifestyle and importance of health supplements is a significant driver of the astaxanthin market. In addition, astaxanthin is a natural product due to which it witnesses a high demand from the supplements and cosmetics industries, owing to surge in inclination toward organic or natural products. In the coming future, the trend of utilizing astaxanthin in crop production is anticipated to acquire notable traction. As per an article published by SpringerLink, a scientific portfolio, application of astaxanthin into rice seedlings eliminates their oxidative stress, regulates their homeostatic balance, and boosts their tolerance toward salinity.
However, the potential risk of side effects, such as disturbances in digestive system, due to high dosage of astaxanthin deters several individuals from its consumption and hampers the growth of the market. Furthermore, the extraction of astaxanthin from natural resources is gradually resulting in the depletion of microalgae and other marine organisms. This factor discourages the use of astaxanthin in diverse applications. Contrarily, to address the challenge of resource depletion, several microalgae-producing enterprises have been established across the globe to shift the production of astaxanthin into laboratories. As of September 2022, the European Commission identified 87 enterprises in 17 countries of Europe. These enterprises cultivate the astaxanthin-producing microalgae using photobioreactors. The extraction of astaxanthin from these cultured microalgae offers several benefits such as decreased environmental pollution, availability of scalability opportunities, and reduced exploitation of natural resources.
Segment Review
The astaxanthin market is divided into source, form, application, and region. On the basis of source, the market is bifurcated into natural and synthetic. As per form, it is divided into dry and liquid. Depending on application, it is classified into dietary supplements, cosmetics, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
On the basis of source, the natural segment dominated the market in 2023.
As per form, the dry segment acquired a high stake in the market in 2023.
Depending on application, the dietary supplements segment is projected to account for a high share of the market by 2033.
Region wise, North America was the highest revenue generator in 2023.
Competition Analysis
The key players operating in the global astaxanthin market include INNOBIO Limited, Divis Laboratories Limited, Algaecan Biotech, ALGA Technologies, Cyanotech Corporation., Otsuka Pharmaceutical Co., Cardax, Fenchem, BGG, and Fuji Chemical Industries Company Limited. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.
Astaxanthin is a red-colored pigment that belongs to the category of xanthophyll carotenoid and is present in several microorganisms and marine organisms. Astaxanthin is known for its antioxidant properties and aids in the protection of cells from free radicals. The compound is consumed in the form of supplements to enhance the health of brain, eyes, & skin; regulate high cholesterol levels; and support the immune system. Moreover, astaxanthin is used in the aquaculture industry to integrate pigmentation into farmed trout, salmons, and shrimps. This process elevates the appearance of aquaculture products and enhances their market value.
Increase in awareness regarding fit lifestyle and importance of health supplements is a significant driver of the astaxanthin market. In addition, astaxanthin is a natural product due to which it witnesses a high demand from the supplements and cosmetics industries, owing to surge in inclination toward organic or natural products. In the coming future, the trend of utilizing astaxanthin in crop production is anticipated to acquire notable traction. As per an article published by SpringerLink, a scientific portfolio, application of astaxanthin into rice seedlings eliminates their oxidative stress, regulates their homeostatic balance, and boosts their tolerance toward salinity.
However, the potential risk of side effects, such as disturbances in digestive system, due to high dosage of astaxanthin deters several individuals from its consumption and hampers the growth of the market. Furthermore, the extraction of astaxanthin from natural resources is gradually resulting in the depletion of microalgae and other marine organisms. This factor discourages the use of astaxanthin in diverse applications. Contrarily, to address the challenge of resource depletion, several microalgae-producing enterprises have been established across the globe to shift the production of astaxanthin into laboratories. As of September 2022, the European Commission identified 87 enterprises in 17 countries of Europe. These enterprises cultivate the astaxanthin-producing microalgae using photobioreactors. The extraction of astaxanthin from these cultured microalgae offers several benefits such as decreased environmental pollution, availability of scalability opportunities, and reduced exploitation of natural resources.
Segment Review
The astaxanthin market is divided into source, form, application, and region. On the basis of source, the market is bifurcated into natural and synthetic. As per form, it is divided into dry and liquid. Depending on application, it is classified into dietary supplements, cosmetics, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
On the basis of source, the natural segment dominated the market in 2023.
As per form, the dry segment acquired a high stake in the market in 2023.
Depending on application, the dietary supplements segment is projected to account for a high share of the market by 2033.
Region wise, North America was the highest revenue generator in 2023.
Competition Analysis
The key players operating in the global astaxanthin market include INNOBIO Limited, Divis Laboratories Limited, Algaecan Biotech, ALGA Technologies, Cyanotech Corporation., Otsuka Pharmaceutical Co., Cardax, Fenchem, BGG, and Fuji Chemical Industries Company Limited. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.
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Key Market Segments
By Source
- Natural
- Synthetic
By Form
- Dry
- Liquid
By Application
- Dietary supplements
- Cosmetics
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest of LAMEA
- INNOBIO Limited
- Divis Laboratories Limited
- Algaecan Biotech
- ALGA Technologies
- Cyanotech Corporation.
- Otsuka Pharmaceutical Co.
- Cardax
- Fenchem
- BGG
- Fuji Chemical Industries Company Limited
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET LANDSCAPE
CHAPTER 4: ASTAXANTHIN MARKET, BY SOURCE
CHAPTER 5: ASTAXANTHIN MARKET, BY FORM
CHAPTER 6: ASTAXANTHIN MARKET, BY APPLICATION
CHAPTER 7: ASTAXANTHIN MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
Key Market Players in the Astaxanthin Market include:- INNOBIO Limited
- Divis Laboratories Limited
- Algaecan Biotech
- ALGA Technologies
- Cyanotech Corporation.
- Otsuka Pharmaceutical Co.
- Cardax
- Fenchem
- BGG
- Fuji Chemical Industries Company Limited
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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