Astaxanthin Market Outlook 2031
The global astaxanthin market size was valued at USD 702.56 million in 2022 and is anticipated to reach USD 1.43 Billion by 2031 expand at a significant CAGR 8.3% during the forecast period, 2023-2031.
The growth of the market is attributed to the rising awareness about the importance of nutrition leading to a healthy lifestyle along with the increasing inclination towards dietary supplements owing to the extremely high cost for hospitalization, thereby increasing the demand of natural antioxidants and astaxanthin.
Astaxanthin is regarded to be a potential antioxidant whose main function is to protect the human cells from high oxidation and inflammation. Astaxanthin is classified as a keto-carotenoid, belonging to a larger class called the terpenes. Astaxanthin shows the characteristics of all carotenoids, it is lipid-soluble, it forms double covalent bonds at the center of its nucleus resulting in its red-pigment color, and their chain conjugated double bonds become responsible for their antioxidant functions.
Astaxanthin can be used in the form of dietary and feed supplements such as food colorants for salmon, shrimps, eggs, chicken and crabs production. Synthetic astaxanthin is used as animal feeds and additives to impart coloration such as chicken egg yolks and farm-raised salmon. Astaxanthin also has anti-inflammatory properties which helps in the reduction of pain in the joints, tendons, and muscles of patients that suffer from chronic arthritis.
Astaxanthin also helps in the rise of general blood flow resulting in the reduction of blood sugar, diabetes, and blood pressure of patients. According to the survey conducted by the World Health Organization or the WHO, there are more than ten million people in the world, as of 2020, that uses astaxanthin on both dietary basis and as a medication.
The COVID-19 pandemic has reduced the growth of the global astaxanthin market initially. Researchers and scientists were not able to identify the co-relation between the coronavirus and supplements that acted as carotenoid or astaxanthin. However, upon further research, they were able to identify that there was little consequences, in fact it was actually good to consume astaxanthin to ward off the early symptoms of this disease.
This steered to hospitals, clinics, and healthcare laboratories to focus more on the development of astaxanthin and their supplements for the prevention and treatment of diseases and this led to its market growth in the later stages of the COVID-19 pandemic.
Astaxanthin Market Trends, Drivers, Restraints, and Opportunities
- Increase in occurrences of diseases including cardiovascular diseases, cognitive health problems, diabetes, and cancer is the primary reason for the projection of boosting the global astaxanthin market growth during the forecast period, 2021-2028.
- There has been a significant increase in the research and development activities leading to technological advancement of astaxanthin supplements which can become a major factor boosting the market growth.
- High prices for the development of astaxanthin, high cost of services from the company’s perspective, and ultimately high prices for astaxanthin supplements is anticipated to hinder the global astaxanthin market growth. This becomes extremely difficult to function in developing countries such as India, South Africa and Brazil where there is limited healthcare supply chain infrastructure.
- Astaxanthin can have multiple side-effects if consumed without proper supervision or prescription. Individuals who have taken astaxanthin without medical prescription have faced several side-effects including stomach aches, increased duration of bowel movements, and severe headaches. This uncertainty can hamper the astaxanthin market growth.
- R&D investment and technological advancement are expected to offer significant opportunities for the market players. Researchers and scientists have understood the significant cost factor and realized that they can innovate new methodologies for this treatment fee to be feasible for the patients. Cost-effective technologies have been implemented in the production of astaxanthin, particularly synthetic astaxanthin. Astaxanthin also found new applications in nutraceuticals for the prevention of chronic diseases, delaying the aging process, and improve health.
Scope of The Astaxanthin Market Report
The report on the global astaxanthin market size includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Astaxanthin Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Sources (Natural [Yeast, Krill/Shrimp, Microalgae, and Others] and Synthetic), Products (Dried Algae Meal or Biomass, Oil, Softgel, Liquid, and Others), and Applications (Nutraceuticals, Cosmetics, Aquaculture & Animal Feed, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Trends, and Revenue Forecast
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Key Players Covered in the Report
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Cyanotech Corporation; JX Nippon Oil and Energy Corporation; MicroA AS; BlueOcean NutraSciences Inc; Fenchem; Beijing Gingko Group (BGG); EID-Parry (India) Ltd; IGENE Biotechnology Inc; Fuji Chemical Industry Co Ltd; and Algatechnologies
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Global Astaxanthin Market Segment Insights
Natural segment is projected to represent a large market share
On the basis of types, the global astaxanthin market is bifurcated into natural and synthetic. The natural segment is further divided into yeast, krill/shrimp, microalgae, and others. The natural segment is expected to constitute the major share of the market in 2019.
The major reason attributing to this market growth is its production from various natural sources including yeast and algae being the most popular diagnostic studies in biotechnology due to their increasing demand in various applications such as nutraceutical and pharmaceutical applications.
Dried algae meal or biomass segment is estimated to signify the largest market share
Based on products, the global astaxanthin market is segmented into dried algae meal or biomass, oil, softgel, liquid, and others. The dried algae meal or biomass segment is expected to constitute the major share of the market in 2019. The major reason attributing to this market growth is the availability of natural resources that can be used in production of astaxanthin at low costs and high efficacy.
Meanwhile the softgel segment is anticipated to grow with a significant CAGR during the forecast period, 2023-2031. The effectiveness of this product is far greater than that of the dried algae meal or biomass and can be feasible in the forecast period.
Aquaculture & animal feed segment is anticipated to register a huge market share
On the basis of applications, the global astaxanthin market is divided into nutraceuticals, cosmetics, aquaculture & animal feed, and others. The aquaculture & animal feed segment is expected to constitute the major share of the market in 2019. The major reason attributing to this market growth is their extensive use as feed additives. Certain types of astaxanthin have also been used in fish coloring processes which in turn improve the animal texture.
Meanwhile the nutraceuticals segment is anticipated to grow with a significant CAGR during the forecast period. The major reason attributing to this segment growth is the astaxanthin’s ability to control free radicals enhanced by nutraceuticals, thereby becoming the preferred choice to treat various health ailments including diabetes, muscle endurance, gastritis, and cardiovascular diseases.
North America is anticipated to dominate the market
On the basis of regions, the global astaxanthin market is categorized as Asia Pacific, North America, Latin America, Europe and Middle East & Africa. The market in North America is expected to constitute the largest share in 2019. This regional market growth can be attributed to the growing research & development expenditure along with the rising in adoption of the latest technology.
The demand of astaxanthin supplements is increasing rapidly in this region due to the presence of the major market players in the market, an advantage other regions do not have. The cost of expenditure is significantly lower in North America than that of other economies. However, the market in Asia Pacific is anticipated to expand at a significant CAGR during the forecast period, 2023-2031, as they have prioritized the cost-efficiency perspective of astaxanthin combined with their growing population.
Segments
The global astaxanthin market size has been segmented in terms of
Sources
- Natural
- Yeast
- Krill/Shrimp
- Microalgae
- Others
- Synthetic
Products
- Dried Algae Meal or Biomass
- Oil
- Softgel
- Liquid
- Others
Applications
- Nutraceuticals
- Cosmetics
- Aquaculture & Animal Feed
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Cyanotech Corporation
- JX Nippon Oil and Energy Corporation
- MicroA AS
- BlueOcean NutraSciences Inc
- Fenchem
- Beijing Gingko Group (BGG)
- EID-Parry (India) Ltd
- IGENE Biotechnology Inc
- Fuji Chemical Industry Co Ltd
- Algatechnologies
Competitive Landscape
Major players competing in the global astaxanthin market are Cyanotech Corporation; JX Nippon Oil and Energy Corporation; MicroA AS; BlueOcean NutraSciences Inc; Fenchem; Beijing Gingko Group (BGG); EID-Parry (India) Ltd; IGENE Biotechnology Inc; Fuji Chemical Industry Co Ltd; and Algatechnologies.
These market players are involved in several business strategies such as mergers, acquisitions partnerships, collaborations, capacity expansion, and product launches to enhance their market shares. In October 2018, BGG, Solix Algredients and Algae Health Sciences announced the new technological platform called the Dispersa, which makes all the astaxanthin supplements from BGG available to all medical healthcare facilities and people to the common public at manufacturer’s cost.
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