The global Astaxanthin Market size was valued at USD 1,942.12 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 17.9% from 2023 to 2031.  Due to astaxanthin's special antioxidant characteristics, the global nutraceutical market for encapsulated products has experienced a boom. Astaxanthin is said to have a number of positive health effects and aid in the treatment and prevention of a number of illnesses, including cancer, chronic inflammatory diseases, metabolic syndrome, diabetes, diabetic nephropathy, cardiovascular diseases, gastrointestinal disorders, liver disorders, neurodegenerative disorders, eye disorders, skin disorders, exercise-induced fatigue, male infertility, and renal failure.

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Top Key Players:

·         BASF SE

·         Divi’s Laboratories Ltd.

·         Cyanotech Corporation

·         DSM N.V.

·         Parry Nutraceuticals

·         JXTG Nippon Oil & Energy Corporation

·         Fuji Chemical Industries Co., Ltd.

·         Kunming Biogenic Co., Ltd.

·         Valensa International Global

·         Kailu Ever Brilliance Biotechnology Co. Ltd.

·         Algalif Iceland Ehf.

·         Zhejiang NHU Co., Ltd.

·         Atacama Bio Natural Products S.A., Inc.

·         AstaReal Inc.

·         Fenchem Biotek Ltd.

·         Igene Biotechnology, Inc.

·         BGG (Beijing Gingko Group)

·         Cardax, Inc.

·         Algatechnologies Ltd.

·         Algaecan Biotech Ltd.

·         Otsuka Pharmaceutical Co., Ltd.                                                                   

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Market Segmentation:

Astaxanthin Market by Source (Synthetic and Natural), By Product (Dried Algae Meal or Biomass, Oil, Softgel, Liquid), Application (Food & Beverages, Pharmaceutical & Nutraceuticals, Animal Feed, and Personal Care), and Region (North America, Asia-Pacific, Europe, South America, and the Middle East & Africa) Forecast till 2023 2031

COVID-19 Impact Analysis:

The global pandemic, COVID-19, has created a crisis the world over. Impacting over 200 countries, the pandemic has already created an economic backdrop worldwide and is likely to create a chaotic environment, resulting in the advent of a global recession. The COVID-19 outbreak has completely changed the lives of people across the globe, with the number of cases rising rapidly every day.

By product:

Dried Algae Meal Or Biomass

Oil, Softgel , Liquid ,Others

Dried algae meal or biomass dominated the product segment in 2022 with a market share of 26.40%; the use of biomass for the production of other formulations, the necessity of minimal downstream processing, the major use as animal feed, and convenient bulk production are some key factors driving the segment’s growth.

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