Meticulous Research®—a leading global market research company, published a research report titled, ‘Astaxanthin Market by Source (Natural, Synthetic), Form (Dry, Liquid), Method of Production (Chemical Synthesis, Fermentation, Extraction), Application (Food & Beverages, Pharmaceuticals, Nutraceuticals, Animal Feed) - Global Forecast to 2030.’
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The astaxanthin market is projected to reach $1.34 billion
by 2030, at a CAGR of 8.2% from 2023 to 2030. This market is driven by the
growing awareness about clean-label products and the benefits of natural food
colors and the increasing demand for natural cosmetics products and dietary
supplements.
Furthermore, emerging economies in Asia-Pacific, Latin
America, and the Middle East & Africa and government initiatives to support
aquaculture are expected to provide significant opportunities for the growth of
this market. However, stringent regulatory and approval norms and the high cost
of natural astaxanthin hinder the growth of this market to a notable extent.
The astaxanthin market is segmented by source, form, method
of production, application, and geography.
Based on source, the astaxanthin market is segmented into
natural and synthetic. In 2023, the natural segment is expected to account for
the larger share of the astaxanthin market. The large market share of this
segment is attributed to its strong antioxidant activity and health benefits,
such as immune system support, inflammation reduction, sunburn prevention, and
cognitive health support. In addition, factors such as high demand for natural
astaxanthin in nutraceutical applications, wide-scale availability of natural
astaxanthin, rising demand for astaxanthin for cancer treatment, growing
health-conscious population, and higher efficacy compared to synthetic products
are expected to fuel the growth of this segment.
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Based on form, the astaxanthin market is segmented into dry
and liquid. In 2023, the dry segment is expected to account for the larger
share of the astaxanthin market. The large market share of this segment is
attributed to the advantages of dry astaxanthin, such as ease in handling,
transport, and use; longer shelf life of ingredients due to the absence of
water; and better ingredient functionality and stability. These advantages have
increased the utilization of astaxanthin in dry form in the food and beverages,
pharmaceuticals, and cosmetics industries.
However, the liquid segment is projected to witness
significant growth during the forecast period, owing to its rising demand for
manufacturing of food & beverage products to improve the viscosity,
mouthfeel, product stability, texture, shelf life, pleasant taste, and
appearance.
Based on method of production, the astaxanthin market is
segmented into chemical synthesis, microalgae cultivation, fermentation, and
extraction. In 2023, the chemical synthesis segment is expected to account for
the largest share of the astaxanthin market. The large market share of this
segment is attributed to the low cost of production, easy availability, and
good stability against low pH. However, the fermentation segment is expected to
witness significant growth during the forecast period.
Based on application, the astaxanthin market is segmented
into food & beverages, nutraceuticals, animal feed, pharmaceuticals,
personal care & cosmetics, and other applications. The nutraceuticals
segment is projected to witness significant growth during the forecast period
of 2023–2030. The rapid growth of this segment is mainly attributed to
astaxanthin’s ability to control free radicals enhanced by nutraceuticals,
thereby becoming the preferred choice to treat various health ailments, including
muscle endurance, gastritis, diabetes, and cardiovascular diseases, among
others. Furthermore, astaxanthin’s antioxidant properties, low side effects,
and high nutritional value have made them the priority choice as raw materials
in nutraceuticals.
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Based on geography, in 2023, Europe is expected to account
for the largest share of the astaxanthin market. The large market share of
Europe is attributed to the growing food & beverage industry, rising health
& wellness trends, increasing feed production, and growing demand for
chemical-free cosmetics. Further, the increase in the aging population in the
region has led to a surge in demand for astaxanthin to reduce the risk of
diabetes, cancer, and other heart-related issues.
In 2023, Germany is expected to account for the largest
share of the astaxanthin market in Europe. The large share of this market is
attributed to the rising demand for nutritional animal feed ingredients and
increasing consumption of functional beverages & nutraceuticals.
The key players operating in the astaxanthin are
Algatechnologies Ltd. (Israel), BASF SE (Germany), BGG (Beijing Gingko Group)
(China), Cardax, Inc. (U.S.), Cyanotech Corporation (U.S.), Divi's Laboratories
Limited (India), Koninklijke DSM N.V. (Netherlands), Fenchem (China), Fuji
Chemical Industries Co., Ltd. (Japan), Valensa International (U.S.), Otsuka
Holdings Co., Ltd. (Japan), Piveg, Inc. (U.S.), Vidya Europe SAS (France),
Wellgreen Technology Co., Ltd. (China), and Algalíf Iceland ehf (Iceland).
