Astaxanthin Market Size was valued at USD 1.1 billion in 2022. The Astaxanthin market industry is projected to grow from USD 1.18 Billion in 2024 to USD 1.84 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.63% during the forecast period (2024 - 2030). The main element fueling the market's expansion is the rise in demand for astaxanthin from various end-use industries, including nutraceuticals, cosmetics, pharmaceuticals, aquaculture & animal feed, and food & beverages, among others.
Also, the existence of groups that raise public knowledge of the uses for these items is anticipated to boost market expansion. For instance, the Natural Algae Astaxanthin Association (NAXA) promotes, defends, and informs the public about the advantages of natural astaxanthin in many end-use applications, thus driving the growth of the astaxanthin market. These are just a few of the market drivers that are driving the market.
The market for nutraceuticals & natural antioxidants is expected to be driven by growing consumer awareness of nutritional products and rising dietary supplement usage because of the high cost of hospitalization and the lack of negative side effects. Strong antioxidant astaxanthin has several positive health effects. Comparatively speaking, it is 550 times stronger than antioxidants like vitamin E. Nutraceuticals. Furthermore, it is frequently used to treat various illnesses and offers the necessary dietary supplements with fewer side effects. Cancer, diabetes, and cardiovascular disorders are a few examples of such chronic conditions. People's growing knowledge of foods high in nutrition continues to propel the nutraceutical business rapidly. Thus, this factor is driving the market CAGR.
Market participants are substantially expanding their production capacity and distribution networks to keep up with the rising demand for nutraceutical products. For instance, after a two-year hiatus, Beijing Gingko Group announced a second increase in its astaxanthin farm capacity in the Pristine region in April 2022. Its production capacity will be maximized by doing this. Moreover, LEHVOSS Nutrition, a well-known supplier of nutraceuticals in the U.K., unveiled the new AstaPure natural astaxanthin Product in April 2021. AstaPure wants to make a big difference in the management of cardiovascular diseases.
Production is rising due to cutting-edge techniques that can satisfy the rising demand without sacrificing astaxanthin's quality or yield. For instance, Algatech Ltd. cultivates microalgae in a sealed system (closed microalgae farming system) that reduces the possibility of contamination from extraneous items, agricultural debris, and microbes. For market participants, the availability of high-quality products and high yield will present new opportunities. Thus, it is anticipated that this aspect will accelerate astaxanthin market revenue globally.
The global Astaxanthin market segmentation, based on source includes, natural, and synthetic. The natural segment held the majority share in 2022 in the global astaxanthin market data. Due to benefits including high efficacy and sustainability, it is predicted to increase at a rapid CAGR throughout the forecast period. In addition, factors like the rising popularity of natural food supplements, their widespread accessibility, and their superior efficacy versus synthetic alternatives are anticipated to boost the market growth. In addition, expanding the participation of important market participants, such as NextFerm and Beijing Gingko Group, can open up new market opportunities in the upcoming years through the development of innovative products and application growth.
The global Astaxanthin market segmentation, based on form, includes dry, and liquid. The dry segment dominated the market growth in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The segment is expanding due to several important elements, including the use of biomass to create other formulations, the need for little downstream processing, a higher use as animal feed, and convenient bulk production. Also, introducing fresh products like AstaPure Arava in February 2020 further illustrated the rise in demand for algal astaxanthin. The segment is anticipated to be driven by these recent advances. Similarly, Algalif and Marea inked a contract in May 2022 to create a biodegradable product coating from residual algae biomass, hence contributing in the growth of the astaxanthin market.
Figure 2: Global Astaxanthin Market, by Form, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The global Astaxanthin market segmentation, based on application includes, food and beverages, pharmaceutical and nutraceuticals, animal feed, personal care, others. The animal feed segment held the majority share in 2022 in the global astaxanthin market data. The comprehensive use of astaxanthin as a feed additive explains the large market share of the aquaculture and animal feed category. The increased use of these items in the expanding aquaculture sector to raise the caliber of seafood is a major factor in the segment's sizeable market share. For instance, China continued to produce the most seafood in the world, with 65.49 million metric tonnes in 2021, according to China's Fisheries Report.
Prominent companies are creating astaxanthin products with health benefits for animal feed. For instance, AstaReal introduced Novasta, an astaxanthin component for animal feed, in July 2022. The business expanded the potential for feed applications that promote health with this introduction.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. Asia Pacific Astaxanthin market accounted for USD 0.5038 billion in 2022 with a share of around 45.80% and is expected to exhibit a significant CAGR growth during the study period. High unmet demands, rising astaxanthin production in the area, rising R&D spending, and economic expansion are some of the main factors driving demand for these items. Also, it is projected that rising urbanization, high disposable income, and rising interest in natural astaxanthin will boost the market in this area. New product development, partnerships, partnerships, expansions, mergers, and acquisitions are the main strategies used by the organisations in the market.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: GLOBAL ASTAXANTHIN MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Astaxanthin market accounts for the second-largest market share. One of the important contributing elements is the rising use of functional beverages and nutraceuticals, which is extraordinarily common in European nations. Alternatives to soft drinks that are high in calories and low in nutrition are preferred by consumers over those. The emphasis on preventative healthcare and people's increased understanding of health and wellbeing are to blame for this shift in choice. Throughout the projected period, product development and technology advancement are anticipated to fuel market expansion for functional beverages in European nations. Moreover, astaxanthin and other natural components are being added to skincare products thanks to the rising desire for chemical-free cosmetics. Moreover, UK Astaxanthin market held the largest market share, and the Germany Astaxanthin market was the fastest growing market in the region.
North America Astaxanthin Market is expected to grow at the fastest CAGR from 2022 to 2030. One of the main factors driving the demand for astaxanthin in food products in this region is the rise in nutrition- and skin-related disorders. Key producers like Cyanotech, Piveg, Inc., & Beijing Ginko Group (BGG), as well as producers of synthetic astaxanthin like Cardax, Inc., are all present in North America, which is expected to propel the market throughout the projection period. Also, a sizable population of health-conscious individuals, an increase in the use of nutraceuticals, and a thriving cosmeceutical industry are some of the key drivers fueling market expansion in the area. Further, the U.S. Astaxanthin market held the largest market share, and the Canada Astaxanthin market was the fastest-growing market in the region.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Astaxanthin market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, mergers and acquisitions, contractual agreements, increased investments, and collaboration with other organizations. Competitors in the astaxanthin industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the global astaxanthin industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, astaxanthin industry has provided medicine with some of the most significant benefits. The Astaxanthin market major player such as Fiskars Group, Husqvarna AB, Falcon Garden Tools Pvt Ltd., Ribe Energy Machinery SL, ILAGA Supplies, Stanley Black & Decker Inc.
A newcomer in the food technology industry, NextFerm Technologies (TASE: NXFR) trades on the Tel Aviv Stock Exchange and specializes in the development, production, and marketing of inventive, functional, and vegan yeast-derived, non-GMO protein substitutes for use in a variety of foods and dietary supplements. Astaferm, a novel antioxidant in the form of oil for softness, received regulatory marketing approval in the United States in September 2021, according to NextFerm Technologies.
ALGALIF is a market leader in providing premium natural astaxanthin products made from the Haematococcus pluvialis microalgae, which are produced in an indoor facility in Iceland that complies with strict quality and environmental standards. Algalif and Marea inked a contract in May 2022 to create a biodegradable product coating using residual algae biomass.
October 2022: Astaxanthin Gummies with vitamin C were introduced by Solabia-Algatech, and they don't include any artificial colours or preservatives. There are 4 mg of astaxanthin algal complex in each gummy.
May 2022: A partnership between Divi's Nutraceuticals and Algalif was revealed to release high concentration astaxanthin beadlets on the market.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 1.1 billion |
| Market Size 2024 | USD 1.183 billion |
| Market Size 2030 | USD 1.84 billion |
| Compound Annual Growth Rate (CAGR) | 7.63% (2024-2030) |
| Base Year | 2022 |
| Market Forecast Period | 2024-2030 |
| Historical Data | 2018 - 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Source, Form, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Fiskars Group, Husqvarna AB, Falcon Garden Tools Pvt Ltd., Ribe Energy Machinery SL, ILAGA Supplies, Stanley Black & Decker Inc. |
| Key Market Opportunities | Rising consumer preference for natural and clean-label products |
| Key Market Dynamics | Functional ingredient in the food and beverage industry |
Frequently Asked Questions (FAQ) :
The global Astaxanthin market size was valued at USD 1.1 Billion in 2022.
The global market is projected to grow at a CAGR of 7.6% during the forecast period, 2024-2030.
Asia Pacific had the largest share in the global market.
The key players in the market Fiskars Group, Husqvarna AB, Falcon Garden Tools Pvt Ltd., Ribe Energy Machinery SL, ILAGA Supplies, Stanley Black & Decker Inc.
The natural category dominated the market in 2022.
The animal feed had the largest share in the global market.
Assistant Manager - Research High acumen in analyzing complex macro & micro markets with more than 6 years of work experience in the field of market research. by implementing her analytical skills in forecasting and estimation into market research reports, she has expertise in packaging, construction, and equipment domains. she handles a team size of 20-25 resources and ensures smooth running of the projects, associated marketing activities, and client servicing.
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