Global astaxanthin sales are estimated to be worth USD 273.2 million in 2024. The astaxanthin market is set to reach USD 665.0 million by 2034. It is projected to surge at a CAGR of 9.3% in the forecast period 2024 to 2034.
| Attributes | Key Insights |
|---|---|
| Global Astaxanthin Market Size (2024E) | USD 273.2 million |
| Astaxanthin Market Value (2034F) | USD 665.0 million |
| Value-based CAGR (2024 to 2034) | 9.3% |
The astaxanthin market is projected to rise due to increasing consumer awareness of nutritional products and dietary supplement usage. Astaxanthin is a strong antioxidant often used to treat illnesses like cancer, diabetes, and cardiovascular disorders. Growing knowledge of nutritious foods propels the nutraceutical industry, offering fewer side effects and lower hospitalization costs.
The astaxanthin industry is seeing innovation due to cultivation methods and biotechnology developments. Leading manufcturers and companies are spending money on research & development to increase the productivity of astaxanthin synthesis from organic materials like algae. Astaxanthin is becoming widely available in the market, and its production costs have decreased because of continuous technical improvements.
Astaxanthin is essential for male fertility, with studies indicating that high dosages of astaxanthin are set to enhance sperm parameters and produce high, strong sperm. Several global studies and reports continue to scout the relationship between astaxanthin and male fertility.
In Asia Pacific, China and India are potential countries for astaxanthin production due to their large populations, rapid urbanization, high disposable income, and increasing awareness about natural products. The market is set to grow due to investments made by global astaxanthin companies to surge their presence and reach in Asia Pacific.
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Global sales of astaxanthin increased at a CAGR of 8.2% from 2019 to 2023. The potent antioxidant qualities of astaxanthin began to gain interest from 2019 to 2023. Its potential health advantages led to its introduction as a nutraceutical element for human consumption.
Originally, it was employed in aquaculture to improve the color of farmed salmon. Astaxanthin as a dietary supplement saw a sharp increase from 2019 to 2023. Consumer interest in natural antioxidants for wellness and health propelled the astaxanthin supplement market. Astaxanthin supplements were first marketed to improve skin, eyes, cardiovascular, and anti-inflammatory qualities.
From 2019 to 2023, astaxanthin's uses grew beyond supplements. It was a natural food coloring to improve shrimp and salmon aquaculture pigmentation. Additionally, astaxanthin is set to benefit skin health and anti-aging. Hence, it began appearing in cosmetics and personal care products.
Significant progress was made in astaxanthin production technologies between 2019 and 2023. Effective biotechnological techniques like fermentation and synthetic biology were added to the traditional extraction methods from algae or crustaceans.
Such developments increased astaxanthin production sustainability, decreased production costs, and surged yields. During the forecast period, the global astaxanthin market is set to grow at a CAGR of 9.3%.
Astaxanthin's popularity as a dietary supplement continues to rise. Due to its high antioxidant content, it continues to be a popular product in the aquaculture industry. Astaxanthin finds applications beyond supplements, including the food & beverage, personal care, animal feed, and pharmaceutical industries due to its versatility and multi-offer benefits.
Astaxanthin is known to improve male sperm count and parameters for better infertility results. It is extensively used in the aquaculture industry due to its health benefits in aquaculture animals and is easily available for the industry in multiple product forms.
Manufacturers in the astaxanthin market are launching new and improved products to improve human health, eye conditions, and skin-related issues.
Growing research & development on astaxanthin is accelerating to improve heart health, boost the immune system, and propel global demand. Continuous product launches are being made by manufacturers to address skin and joint issues in aging individuals, fueling market growth.
Principal Consultant
The section explains the astaxanthin market in terms of key countries, including the United States, Germany, China, Japan, and India. The section also emphasizes the reasons that are pushing growth in each of the regions.
| Countries | Value-based CAGR (2024 to 2034) |
|---|---|
| United States | 11.1% |
| United Kingdom | 4.9% |
| Germany | 4.0% |
| China | 8.5% |
| India | 8.0% |
| Japan | 10.6% |
The United States astaxanthin market is growing due to several benefits of the product for heart patients. These include providing antioxidants and addressing skin issues like pigmentation & wrinkles. As heart and skin problems continue to grow in the United States, consumers are seeking healthy, valid solutions to address these issues.
The Natural Algae Astaxanthin Association (NAXA), a non-profit organization, is promoting awareness of the benefits of consuming astaxanthin in the United States. The United States is projected to surge at a CAGR of 11.1% during the forecast period.
China is set to rise at a CAGR of 8.5% through 2034. Rising popularity of dietary supplements is a key factor surging the steady increase in astaxanthin demand in China. Consumer interest in supplements containing astaxanthin is propelled by its health benefits, particularly its antioxidant characteristics and ability to promote joint, skin, and eye health.
In China, astaxanthin is gaining traction in the personal care and cosmetics sectors. Use of astaxanthin in skincare products is growing in popularity because of its anti-aging and UV-induced skin damage-preventing capabilities. Astaxanthin has become a popular active component in sunscreens and anti-aging formulas as customers look for natural and potent components for their skincare regimens in China.
Astaxanthin applications are found in Japan’s food and beverage sector. Astaxanthin, a natural pigment, is being used in snacks, dairy products, and beverages as a substitute for artificial food colorings due to growing health consciousness among consumers in Japan. The need for natural ingredients and clean labels fueled the use of astaxanthin as a food colorant.
Japan’s astaxanthin supply chain, traceability, and sustainability are becoming increasingly important. The environmental impact of astaxanthin manufacturing is making consumers and regulatory bodies more and more concerned. Consumer demand for transparency in sourcing procedures has led manufacturers to adopt sustainable practices and provide customers with traceability data.
The section provides a detailed analysis of four leading market segments for astaxanthin. These include grade, application, species type, production technology, and form. The two key segments discussed below are 95% to 97% and natural extraction.
| Segment | Value-based CAGR (2024 to 2034) |
|---|---|
| 95% to 97% (Grade) | 8.8% |
| Aquaculture (Application) | 2.9% |
| Haematococcus Pluvialis (Species Type) | 8.7% |
| Powder (Form) | 7.6% |
95 to 97% grade astaxanthin is slated to emerge as the hegemon, capturing around 60% market share. Extensive applications across aquaculture, food & beverage, cosmetics & personal care, dietary supplements, and animal feed are projected to surge demand for 95 to 97% grade astaxanthin.
Several regulatory authorities, such as the United States FDA, the European Food Safety Authority (EFSA), and the Food Standards and Safety Authority of India (FSSAI), have approved 95 to 97% grade astaxanthin.
This range leads to minimum side effects, thereby rendering it safe to consume by humans or animals. Furthermore, 95 to 97% grade astaxanthin is used in manufacturing products in the beauty and personal care, food & beverages, and aquaculture industries.
Recent apprehensions regarding the potential adverse effects of chemically synthesized astaxanthin have triggered a notable shift in consumer preferences. Natural astaxanthin is witnessing a surge in interest and investment due to a broad trend toward products perceived as safer and more environmentally sustainable.
Companies are actively exploring innovative extraction techniques and sourcing practices to cater to this evolving consumer demand. Moreover, the burgeoning health and wellness movement, coupled with growing awareness of the benefits of natural ingredients, fuels demand for naturally extracted astaxanthin products.
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Astaxanthin manufacturers focus on improving control over their supply chain to mitigate volatility caused by fluctuating product demand and costs. Several manufacturers continue launching the products as per demand and providing real and worthy solutions with various forms of astaxanthin products in the market.
Leading comapnies in the industry are prioritizing flexibility and enhancing their production capacity. Those operating in animal feed, pet food, and food & beverage industries are refining supply chain efficiency. They are also reducing the cost of operations to generate more profit in an extremely competitive environment.
Key companies and manufacturers value product launches as they serve as the foundation for market stability. In addition, partnerships and collaborations help manufacturers to surge their product outreach.
Recent Developments
The market is set to reach USD 273.2 million in 2024.
Demand for astaxanthin is slated to surge at a 9.3% CAGR by 2034.
The market is set to reach USD 665.0 million in 2034.
BASF SE, Divi’s Laboratories Ltd., and Cyanotech Corporation are the key players.
North America is estimated to hold a market share of 31.8% in 2034.
1. Executive Summary 2. Market Overview 3. Market Dynamics 4. Global Market - Pricing Analysis 5. Value Chain Analysis 6. Global Market Size in Value (USD million) and Volume (MT) Analysis 2019 to 2023 and Forecast, 2024 to 2034 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Grade 7.1. >=98% 7.2. 95% to 97% 7.3. <=94% 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Species Type 8.1. Haematococcus Pluvialis 8.2. Chlorococcum 8.3. Chlorella Zofingiensis 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Form 9.1. Tablets 9.2. Soft Gel Capsules 9.3. Powder 9.4. Liquid 10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Application 10.1. Aquaculture 10.2. Dietary Supplements 10.3. Food & Beverages 10.4. Personal Care & Cosmetics 10.5. Pet Food 11. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Production Technology 11.1. Chemical Synthesis 11.2. Natural Extraction 12. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Region 12.1. North America 12.2. Latin America 12.3. Europe 12.4. East Asia 12.5. South Asia 12.6. Oceania 12.7. Middle East & Africa 13. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034 14. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034 15. Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034 16. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034 17. South Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034 18. Oceania Market Analysis 2019 to 2023 and Forecast 2024 to 2034 19. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034 20. Country-level Market Analysis, 2024 21. Market Structure Analysis 22. Competition Analysis 22.1. BASF SE 22.2. Divi’s Laboratories Ltd 22.3. Cyanotech Corporation 22.4. DSM N.V 22.5. Parry Nutraceuticals 22.6. JXTG Nippon Oil & Energy Corporation 22.7. Fuji Chemical Industries Co., Ltd 22.8. Kunming Biogenic Co., Ltd 22.9. Valensa International Global 22.10. Kailu Ever Brilliance Biotechnology Co. Ltd 22.11. Algalif Iceland Ehf 22.12. Zhejiang NHU Co., Ltd 22.13. Others (on additional request) 23. Assumptions and Acronyms 24. Research Methodology
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