According to the latest research, the global astaxanthin market is poised to grow by USD 192.1 million during 2023-2028, progressing at a CAGR of 5.3% during the forecast period. Astaxanthin is a naturally occurring carotenoid pigment that is found in a variety of organisms, including algae, yeast, fungi, and some fish and shellfish. It is known for its powerful antioxidant properties and has been studied extensively for its potential health benefits. In animal feed, astaxanthin is used as a feed additive to enhance the color of fish, poultry, and other livestock. It is particularly popular in the aquaculture industry, where it is used to improve the color of farmed salmon, trout, and shrimp. Astaxanthin is also believed to have a number of other benefits for animals, including improved immune function, increased resistance to stress, and enhanced fertility.
The antioxidant properties of astaxanthin are well-documented, and its potential to promote overall health and well-being has garnered attention. As consumers become more health-conscious, the demand for natural and functional ingredients like astaxanthin is on the rise.
Furthermore, the use of astaxanthin as a feed additive in the aquaculture industry is contributing to its market growth. Astaxanthin enhances the coloration of farmed fish, such as salmon, trout, and shrimp, making them more visually appealing to consumers. The increasing demand for aesthetically pleasing seafood products is driving the need for astaxanthin in aquaculture, thereby boosting the market size.
The report presents statistical information, including market size, market share within various market segments, growth rate, and forecasts specifically tailored to the astaxanthin industry. This data-driven analysis equips industry professionals with essential information to assess the current market landscape, make informed decisions, and identify growth opportunities within the sector.
Research Coverage
This report presents an in-depth analysis and segmentation of the astaxanthin market, with market size forecasts extending until 2028. The market has been categorized based on product, application, and region. Furthermore, a comprehensive evaluation of key industry players has been conducted to provide valuable insights into their business profiles, product offerings, strategic approaches, partnerships, expansions, and acquisitions pertaining to the astaxanthin market.
The report provides a detailed analysis of the following segments within the astaxanthin market:
Product: natural astaxanthin, and synthetic astaxanthin
Application: animal feed, food, nutraceuticals, personal care, and others
Region: Asia-Pacific, Europe, North America, and Rest of the World (RoW)
On the basis of product, the global astaxanthin market has been segmented into natural astaxanthin, and synthetic astaxanthin. Synthetic astaxanthin was the highest contributor to the global astaxanthin market. Going forward, the natural astaxanthin segment is projected to witness the highest CAGR during the forecast period. Natural astaxanthin derived from microalgae is the preferred choice as a human nutritional supplement, accounting for a significant market share of 90-95%. When compared to synthetic and yeast-based astaxanthin, natural astaxanthin from microalgae demonstrates superior antioxidant activity. Studies have shown that the antioxidant activity of microalgal astaxanthin is three times higher than that of synthetic astaxanthin and 1.5 times higher than that of yeast-based astaxanthin.
One key factor contributing to the enhanced antioxidant activity of microalgal astaxanthin is its esterified form. The esterification process enhances the stability of astaxanthin as an antioxidant, making it more effective in neutralizing harmful free radicals. This stability ensures that the antioxidant properties of microalgal astaxanthin remain intact and active for a longer duration, providing greater health benefits.
The preference for natural astaxanthin from microalgal sources in the human nutritional supplement industry is driven by its potent antioxidant activity and higher stability compared to synthetic and yeast-based alternatives. These properties make it an ideal choice for individuals seeking to incorporate a reliable and effective antioxidant supplement into their daily routine.
By application, the global astaxanthin market has been segmented into animal feed, food, nutraceuticals, personal care, and others. The animal feed segment held the largest revenue share in 2022. Its main applications lie in the realm of feed pigments, particularly in poultry and fish feeds, where it is used to achieve desired coloring effects. Additionally, synthetic astaxanthin is utilized as a shelf-life stabilizer for various products.
While the current status of astaxanthin predominantly revolves around its role as a feed additive, there is a growing body of research and increasing approvals indicating its potential use in human nutrition applications. Researchers are delving into the various health benefits and nutritional properties of astaxanthin, exploring its potential as a valuable dietary supplement for human consumption.
As scientific investigations continue to uncover the potential benefits of astaxanthin, including its powerful antioxidant properties, its utilization in human nutrition is steadily gaining recognition. This growing awareness has prompted further research studies and regulatory approvals, signaling a positive trajectory for the incorporation of astaxanthin into various human dietary applications.
Geographically, the global astaxanthin market is segmented into Asia-Pacific, Europe, North America, and Rest of the World (RoW). In 2022, North America emerged as a dominant player in the astaxanthin market, holding a significant market share of 34.7%. The region benefits from the presence of a well-established nutraceutical industry. Astaxanthin, known for its potent antioxidant properties, has gained recognition as a valuable ingredient in various nutritional supplements and functional foods. The thriving nutraceutical sector in North America has facilitated the widespread adoption of astaxanthin-based products, thereby driving the market growth.
Furthermore, there is a growing awareness among consumers in North America about the benefits of astaxanthin. With an increasing focus on health and wellness, individuals are actively seeking natural supplements that offer multiple health benefits. Astaxanthin, with its diverse range of advantages, including anti-inflammatory and cardiovascular benefits, has gained popularity among the health-conscious population in North America.
The presence of a large pool of health-conscious individuals in North America contributes to the region’s dominance in the astaxanthin market. The population’s inclination towards maintaining a healthy lifestyle and preference for natural and organic products have created a conducive environment for the growth of the astaxanthin market.
On the other hand, Asia Pacific is projected to witness significant growth in the astaxanthin market over the forecast period. The region represents a vast consumer base, accompanied by factors such as changing dietary patterns, increasing disposable incomes, and a rising focus on preventive healthcare. These factors are expected to drive the demand for astaxanthin-based products in the Asia Pacific region.
The rising middle class and urbanization in Asia Pacific have led to a shift in dietary habits, with a greater emphasis on nutrition and wellness. Astaxanthin, being a natural pigment found in seafood and algae, aligns with the region’s culinary preferences and has the potential to gain substantial traction in the market.
Competitive Landscape
The global astaxanthin market is highly competitive. The prominent players operating in the global astaxanthin market include Algae Health Sciences Inc. (BGG), Algatechnologies Ltd., AstaReal AB, Atacama Bio Natural Products S.A., BASF SE, Biogenic Co. Ltd., Cyanotech Corporation, Fuji Chemical Industries Co. Ltd., Jingzhou Natural Astaxanthin Inc., Koninklijke DSM N.V., Mera Pharmaceuticals Inc., PIVEG Inc., Valensa International LLC (E.I.D. Parry India Ltd), Yunnan Alphy Biotech Co. Ltd., Zhejiang NHU Co. Ltd. These companies play a significant role in driving market growth through their active contributions in innovation and product development within the astaxanthin industry.
Key Questions Answered
What is the projected global market size of astaxanthin by 2028?
In the astaxanthin market, which product segment attains the foremost position?
Which application segment generates the most substantial revenue?
Which region segment achieves the highest performance in the astaxanthin market?
Who are the key players with the largest market share in the astaxanthin market?
What is the estimated global market size for the astaxanthin market in 2023?
What are the main factors driving the growth of the astaxanthin market?
What is the expected incremental growth of the astaxanthin market during the forecast period?
Table of Contents
1. Scope and Methodology
1.1 Introduction
1.2 Report Scope
1.3 Research Methodology
2. Executive Summary
3. Market Overview
4. Global Astaxanthin Market – Product Analysis
4.1 Natural astaxanthin
4.2 Synthetic astaxanthin
5. Global Astaxanthin Market – Application Analysis
5.1 Animal feed
5.2 Food
5.3 Nutraceuticals
5.4 Personal care
5.5 Others
6. Global Astaxanthin Market – Region Analysis
6.1 Asia-Pacific
6.2 Europe
6.3 North America
6.4 Rest of the World (RoW)
7. Patents Analysis
8. Competitive Landscape
8.1 Competitive Scenario
8.2 Market Positioning/Share Analysis
8.3 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
9. Company Profiles
9.1 Algae Health Sciences, Inc. (BGG)
9.2 Algatechnologies Ltd.
9.3 AstaReal AB
9.4 Atacama Bio Natural Products S.A.
9.5 BASF SE
9.6 Biogenic Co., Ltd.
9.7 Cyanotech Corporation
9.8 Fuji Chemical Industries Co., Ltd.
9.9 Jingzhou Natural Astaxanthin Inc.
9.10 Koninklijke DSM N.V.
9.11 Mera Pharmaceuticals, Inc.
9.12 PIVEG, Inc.
9.13 Valensa International, LLC (E.I.D. Parry India Ltd)
9.14 Yunnan Alphy Biotech Co., Ltd.
9.15 Zhejiang NHU Co., Ltd.
APPENDIX
DISCLAIMER
Companies Mentioned
A selection of companies mentioned in this report includes:
Algae Health Sciences, Inc. (BGG)
Algatechnologies Ltd.
AstaReal AB
Atacama Bio Natural Products S.A.
BASF SE
Biogenic Co., Ltd.
Cyanotech Corporation
Fuji Chemical Industries Co., Ltd.
Jingzhou Natural Astaxanthin Inc.
Koninklijke DSM N.V.
Mera Pharmaceuticals, Inc.
PIVEG, Inc.
Valensa International, LLC (E.I.D. Parry India Ltd)
Yunnan Alphy Biotech Co., Ltd.
Zhejiang NHU Co., Ltd.