Astaxanthin Market Size Worth USD 9.21 Billion in 2032 | Emergen Research

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Increasing consumer preference for nutraceuticals and preventative medicine, rapid industrialization of the feed industry, rising demand for natural antioxidants and natural cosmetics and awareness about advantages of natural food colors and clean-label products are key factors expected driving astaxanthin market revenue growth.

Vancouver, Dec. 27, 2023 (GLOBE NEWSWIRE) — The global astaxanthin market size was USD 1.94 Billion in 2022 and is expected to register a rapid revenue CAGR of 16.8% during the forecast period. Key drivers include the increasing consumer preference for nutraceuticals, the rapid industrialization of the feed industry, and a rising demand for natural antioxidants and cosmetics. Astaxanthin, a reddish pigment found naturally in some algae, is recognized for its health benefits, including immune system support, inflammation reduction, and cognitive health. The market is further propelled by the growing popularity of yeast/fungi-based and synthetic astaxanthin.

The global astaxanthin market spans various industries, including nutraceuticals, cosmetics, pharmaceuticals, aquaculture & animal feed, and Food & Beverages (F&B). The Natural Algae Astaxanthin Association (NAXA) actively promotes the benefits of natural astaxanthin across diverse applications.

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However, challenges such as strict regulatory standards, high costs, limited R&D activities in developing countries, and potential side effects pose constraints. Recent studies indicating a potential link between high astaxanthin consumption and prostate cancer risk highlight the importance of cautious use.

Source Insights:

In 2022, the natural segment dominated the global astaxanthin market, accounting for the largest revenue share. This is attributed to the antioxidant activity and health advantages of natural astaxanthin, including immune system support and inflammation reduction. The rising demand for natural astaxanthin in nutraceutical applications and its use in cancer treatment contribute to the segment’s growth. Leading market players, such as NextFerm and Beijing Gingko Group, actively engage in developing novel products, expanding applications, and creating new opportunities.

Product Form Insights:

The dried algae meal or biomass segment is anticipated to hold a significant revenue share during the forecast period. This is driven by the advantages of dry astaxanthin, including ease of handling, transport, and usage, as well as extended shelf life. The softgel segment is expected to register the fastest growth due to its stability, wide applicability, and collaborations between market players. For instance, NextFerm and Soft Gel Technologies introduced Astaferm, a novel astaxanthin component designed for softgel applications.

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Application Insights:

The aquaculture & animal feed segment is projected to lead in revenue share, supported by the increasing use of astaxanthin as a feed additive in the growing aquaculture industry. In 2023, China is expected to be the world’s largest seafood producer, enhancing the demand for astaxanthin in animal feed. The nutraceuticals segment is expected to grow steadily, driven by the antioxidant capabilities of astaxanthin and its positive impact on cells, free radicals, and oxidative stress.

Regional Insights:

North America claimed the largest revenue share in 2022, attributed to the rising prevalence of nutrient deficiency disorders and new product launches by major market players. Europe secured the second-largest share due to increasing nutrition awareness and regulatory expansions for astaxanthin-rich foods. The Asia Pacific region is poised to register the fastest growth, driven by the rising demand for astaxanthin products, increased R&D spending, and health-conscious consumer preferences.

Scope of Research

Report Details Outcome
Market Size in 2022 USD 1.94 Billion
CAGR (2023–2032) 16.8%
Revenue Forecast To 2032 USD 9.21 Billion
Base Year For Estimation 2022
Historical Data 2019–2021
Forecast Period 2023–2032
Quantitative Units Revenue in USD Billion and CAGR in % from 2023 to 2032
Report Coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments Covered Source, product form, grade, production technology, application, and region
Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country Scope U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa
Key Companies Profiled BASF SE, Divi’s Nutraceuticals, Cyanotech Corporation, DSM Nutritional Products AG, Parry Nutraceuticals., JX Nippon Oil & Gas Exploration Corporation, Fuji Chemical Industries Co., Ltd., Valensa International., Fermenta Biotech Limited, Algalif Iceland ehf., AstaReal Co., Ltd., BGG World, Cardax, Inc., Algatech LTD, Mitacs., Otsuka Pharmaceutical Co., Ltd., INNOBIO Corporation Limited, Sinoway Industrial Co., Ltd., PIVEG, Inc., and FENCHEM
Customization Scope 10 hours of free customization and expert consultation

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Major Companies and Competitive Landscape

The global astaxanthin market is fragmented with many medium and large-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing advanced astaxanthin products in the market. Some major players included in the global astaxanthin market report are:

  • BASF SE
  • Divi’s Nutraceuticals
  • Cyanotech Corporation
  • DSM Nutritional Products AG
  • Parry Nutraceuticals
  • JX Nippon Oil & Gas Exploration Corporation
  • Fuji Chemical Industries Co., Ltd.
  • Valensa International.
  • Fermenta Biotech Limited
  • Algalif Iceland ehf
  • AstaReal Co., Ltd.
  • BGG World
  • Cardax, Inc.
  • Algatech LTD
  • Mitacs.
  • Otsuka Pharmaceutical Co., Ltd.
  • INNOBIO Corporation Limited
  • Sinoway Industrial Co., Ltd.
  • PIVEG, Inc.
  • FENCHEM

Strategic Development

  • In May 2022, Divi’s and Algalif combined their expertise to create extremely concentrated beadlets of natural astaxanthin. Divi’s turns this oleoresin into proprietary, easy-to-handle AstaBead beadlets containing 5% astaxanthin – the greatest concentration available – enabling for smaller tablets and hard-shell capsules. AstaBead beadlets also perform well in applications such as nutritional bars.
  • On 5 February 2021, Solabia-Algatech Nutrition launched a range of Astaxanthin Powder Concepts developed for both supplements and beverages. This development provides a versatile and innovative solution to incorporate the potent antioxidant Astaxanthin into a range of consumer products. These powder concepts make it easier to integrate astaxanthi into daily routines.

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 Segments Covered in Report

For the purpose of this report, Emergen research has segmented the global astaxanthin market on the basis of source, product form, grade, production technology, application, and region:

  • Source Outlook (Revenue, USD Billion; 2019-2032)
    • Natural
        • Plants
        • Marine Animals
        • Yeast & Microbes
        • Microalgae
  • Product Form Outlook (Revenue, USD Billion; 2019-2032)
    • Dried Algae Meal or Biomass
    • Oil
    • Softgel
    • Liquid
    • Others 
  •  Grade Outlook (Revenue, USD Billion; 2019-2032)
    • Food Grade
    • Cosmetic Grade
    • Feed Grade
  • Production Technology Outlook (Revenue, USD Billion; 2019-2032)
    • Algal Production
    • Fermentation
    • Extraction
    • Chemical Synthesis
  •  Application Outlook (Revenue, USD Billion; 2019-2032)
    • Aquaculture & Animal feed
    • Dietary Supplements
    • Food & Beverages
    • Nutraceuticals
    • Cosmetics
  • Regional Outlook (Revenue, USD Billion; 2019–2032)
    • North America
    • Synthetic
        • U.S.
        • Canada
        • Mexico
    • Europe
        • Germany
        • France
        • UK
        • Italy
        • Spain
        • Benelux
        • Rest of Europe
    • Asia Pacific
        • China
        • India
        • Japan
        • South Korea
        • Rest of APAC
    • Latin America
        • Brazil
        • Rest of LATAM
    • Middle East & Africa
        • Saudi Arabia
        • UAE
        • South Africa
        • Turkey
        • Rest of Middle East & Africa

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