Global Astaxanthin Market Size Was Valued at USD 721.80 Million In 2022 And Is Projected to Reach USD 1386.29 Million By 2030, Growing at A CAGR of 8.5% From 2023 To 2030.
The Astaxanthin market is witnessing notable growth propelled by increasing consumer awareness of its health benefits and its expanding applications across various industries. Astaxanthin, a naturally occurring pigment found in algae, shrimp, salmon, and other sources, has gained attention for its potent antioxidant properties and numerous health benefits.
One of the primary drivers of the astaxanthin market's expansion is its growing use in the nutraceutical and dietary supplement industry. As consumers prioritize health and wellness, they are seeking natural supplements with antioxidant properties to support overall well-being and address specific health concerns. Astaxanthin's superior antioxidant activity compared to other carotenoids, along with its potential benefits for eye health, skin health, cardiovascular health, and exercise performance, has fueled its demand in the nutraceutical sector.
Players Covered in the Astaxanthin Market are:
BASF SE, BGG, Cyanotech Corporation, DSM, Fenchem, Lycored, Piveg, Algae to Omega, Wellgreen Technology, Cardax, INNOBIO, ALGA Technologies, Algix, EID-Parry Ltd, IGENE Biotechnology, MicroA AS
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The global Astaxanthin Market is in-depth and offers a comprehensive analysis of the major growth determinants, the market share, current trends, key players, and their future predictions. In addition, market demand and supply, each geographical region's growth rate, and market potential are all included in the Astaxanthin Market study. Raw materials, marketing channels, client surveys, industry trends and proposals, CAGR status, product scope Weather Monitoring Solutions and Services Market, major leading countries/regions, market risk, and market driving force are all included in the market research. The market prediction was based on a thorough market investigation completed by several industry experts
Segmentation Analysis of the Astaxanthin Market Report:
The Astaxanthin Market can be segmented based on various factors to provide a comprehensive understanding of the industry. Common segmentation criteria include:
By Type
- Synthetic
- Natural
By Form
- Powder
- Liquid
By Application
- Feed
- Supplements
- Food
- Other
Intelligent Agencies Market Share Data Market Segment by Regions and Countries Level Analysis:
- North America (U.S., Canada, Mexico)
- Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
- Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
- Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
- Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
- South America (Brazil, Argentina, Rest of SA)
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Key Industry Developments In the Astaxanthin Market
- In April 2020, BGG declared that they doubled capacity at its astaxanthin farm in China to cater to the increasing product demand in the Asia Pacific region.
- In December 2020, BASF signed an agreement for the collaboration with Adifo Software to introduce a digital solution for the animal agriculture value chain by integrating sustainability analytics. This collaboration remarkably supports BASF's advance in feed formulation.
- In January 2018, the U.S.-based bulk producer of natural astaxanthin company Algalif received a non-GMO certification for its astaxanthin substance named Astalif 5% and 10% Oleoresin. The company is focusing on serving good quality astaxanthin to consumers who want to avoid GMOs in their products.
- In July 2017, Cyanotech Corporation obtained Halal certification for its raw material, BioAstin SCE 5 from the Islamic Food & Nutrition Council of America (IFANCA). This certification is anticipated to build up the company's sales in increasing Southeast Asia. Furthermore, BioAstin is the first astaxanthin product to receive a verification seal by Natural Algae Astaxanthin Association (NAXA).
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