Wilmington, Delaware, United States, July 17, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global market for astaxanthin was valued at US$ 758.2 Mn in 2022. The market is expected to develop at a value CAGR of 10.2% from 2022 to 2032. The global astaxanthin market is expected to value at US$ 2001.5 Mn by the end of 2032.
Astaxanthin is a keto-carotenoid that is primarily utilized in the dietary supplement industry due to its benefits regarding eyesight. It is also used as animal feed in the poultry industry to impart pigmentation to the egg yolk and included as a part in the salmon diet for its red color. The market holds a lot of potential in the forecast period with exceptional supplementation benefits. Increased focus should be placed on providing high quality product while maintaining a steady supply in order to maximize market share and value.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 758.2 Mn | |
| Estimated Value | US$ 2001.5 Mn | |
| Growth Rate - CAGR | 10.2% | |
| Forecast Period | 2022–2032 | |
| No. of Pages | 436 Pages | |
| Market Segmentation | Grade, Source, Form, Production Technology, Application | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America | |
| Companies Covered | Archer Daniels Midland Company, Atacama Bio Natural Products S.A., Beijing Gingko Group, Biogenic Co., Ltd., BASF SE, Cardax Inc., Cyanotech Corporation, Divi's Laboratories Ltd., Fuji Chemical Industries Co., Ltd., Fenchem, INNOBIO Limited, Koninklijke DSM N.V., Otsuka Pharmaceutical Co., Ltd.,Valensa International, Piveg | |
Competitive Analysis
The global industry is fragmented, with the presence of large as well small-sized players. However, large companies having global presence hold 35% to 40% share of the global market. Leading players are engaging in product offerings to serve manufacturers in the aquaculture and animal feed industry in order to increase their market share.
Prominent players in the astaxanthin market include Archer Daniels Midland Company, Fuji Chemical industries Co. Ltd., Koninklijke DSM N.V., and Atacama Bio Natural products S.A.
Key Findings of Study
Utilization of Carotenoid Supplements in Treating Vitamin A Deficiency –. Vitamin A deficiency is a common public health issue in several countries across the globe. Vitamin A deficiency is mostly prevalent among young children and pregnant women in low-income countries.. This is leading to increasing demand for astaxanthin as a dietary supplement, which in turn is fueling market development.
Increase in Demand in Food & Beverage Industry – Increase in awareness among consumers about the ingredients of food they consume is leading to a drastic shift in food preferences. Consumers are increasingly adopting naturally sourced ingredients in their diets. They are preferring natural food additives that deliver functional benefits to food items over artificial additives. Astaxanthin is increasingly becoming popular in food products due to the rise in demand for natural ingredients, and it is used as a functional food additive, as it offers different colors and nutritional benefits.
High-value Applications in Feed Supplements – Astaxanthin is keto-carotenoid pigment with extensive commercial use in the aquaculture sector. Astaxanthin is commonly produced from red yeast phaffia rhodozyma and green alga haematococcus pluvialis. Astaxanthin has antioxidant properties, which indicate its potential to deliver numerous health benefits in aquatic animals.
Astaxanthin is often used as an additive in formulated diets to enhance the pigmentation in various aquatic animal species. Additionally, astaxanthin provides a range of functional benefits in marine animals, including disease resistance, growth performance, reproductive capacity, stress tolerance, and immune-related gene expression.
Health Benefits Coupled with Natural Additives Boosting Market Expansion – Increasing incidence of lifestyle-related diseases is leading to surge in demand for products that provide health benefits. Carotenoids such as astaxanthin, which is obtained from haematococcus pluvialis algae, inhibits plaque buildup in arteries in the heart, minimizes the growth of skin and breast cancer cells, protects against Parkinson’s and Alzheimer’s, and others.
Astaxanthin is a sustainable source for carotenoids and has the potential to provide micronutrients to people. Growing interest in bioactive components of astaxanthin, which have potential applications in nutraceutical products and functional food, has led to the recent spike in demand for astaxanthin. These factors are anticipated to propel market growth in the next few years.
Use in Cosmetics & Personal Care Products Fueling Market Size – Carotenoids are increasingly being used in personal care products due to changing consumer behavior. Modern consumers are becoming aware of the composition of personal care products, and prefer products with naturally sourced ingredients. Cosmetic products with astaxanthin provide moderate protection against UV radiation and serves as an excellent anti-aging agent.
Use of astaxanthin in anti-aging products is creating lucrative market opportunities. Astaxanthin contains anti-aging features and can be used in cosmetics to offer stable solutions to address anti-aging problems.
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Growth Drivers
- Increase in demand for dietary supplements for health and well-being is fueling the astaxanthin market
- High-value applications in feed supplements in the aquaculture industry is augmenting market growth
Regional Landscape
Europe accounted for the leading 32.35% share of astaxanthin market in 2022. The trend is anticipated to continue during the forecast period. Significant demand for dietary supplements accounts for growth of astaxanthin market in the region.
The global astaxanthin market has been segmented as follows:
Global Astaxanthin Market, by Grade
- Food Grade
- Cosmetic Grade
- Feed Grade
Global Astaxanthin Market, by Source
- Natural (Microalgae-based)
- Haematococcus P.
- Chlorococcum
- Chlorella Zofingiensis
- Yeast/Fungi (Phaffia)
- Schizochytrium Genus
- Synthetic
Global Astaxanthin Market, by Form
- Liquid
- Powder
Global Astaxanthin Market, by Production Technology
- Algal Production
- Chemical Synthesis
- Yeast Production
Global Astaxanthin Market, by Application
- Aquaculture and Animal Feed
- Cosmetics
- Pharmaceuticals
- Food and Beverages
- Dietary Supplements
Global Astaxanthin Market, by Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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