Global Astaxanthin Market Size is projected to reach USD 7,536.19 million by 2031, growing at a CAGR of 16.78%: Straits Research

The demand for natural antioxidants and nutraceuticals is expected to rise due to reasons such as increased preference for dietary supplements due to the high expense of hospitalization and rising awareness about nutrition for a healthy lifestyle. This fuels the demand for the global market.

New York, United States, March 13, 2024 (GLOBE NEWSWIRE) -- Astaxanthin is produced by the yeast fungus Xanthophyllomyces dendrorhous and the freshwater microalgae Haematococcus Pluvialis. Astaxanthin is synthesized in response to several stressors, such as nutritional deficiency, elevated salinity, or excessive solar exposure in algae. Astaxanthin is a red pigment classified as a xanthophyll carotenoid. It exhibits a strong antioxidant effect. It also finds commercial applications in several areas like aquaculture, food, cosmetics, nutraceuticals, and medicines.

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Market Dynamics

Rising Demand for Nutraceuticals and Natural Antioxidants Drive the Global Market

According to Straits Research, “The global astaxanthin market was worth USD 1,865.87 million in 2022. It is estimated to reach USD 7,536.19 million by 2031, growing at a CAGR of 16.78% during the forecast period (2023–2031).” The demand for nutraceuticals and natural antioxidants is expected to increase due to the rising awareness of nutrition for maintaining a healthy lifestyle and the growing preference for dietary supplements as a result of the expensive nature of hospitalization. Market players are substantially expanding their production capacity to contend with the rising demand for nutraceutical items. Algatech Ltd. expanded its production capacity for FucoVital, a dietary supplement derived from brown algae, by a factor of three in order to meet the growing demand in the market.

In addition, major players in the nutraceutical industry's need for astaxanthin are investing in increasing their production capacity, including Beijing Gingko Group, Jianhe Biotech Co., Ltd., and Algalíf Iceland ehf. Nutraceuticals are nutritional supplements that are necessary for the treatment of cardiovascular illnesses, diabetes, and cancer. They have less side effects than other options. The nutraceutical industry is expanding due to rising interest in nutrient-dense foods and supplements. Thus, there is a rise in the demand for dietary supplements containing astaxanthin.

Increasing Adoption of Natural Cosmetics, Nutraceuticals, and Pharmaceuticals Creates Tremendous Opportunities

Concerns about chemical toxicity and the widespread use of synthetic additives in food and personal care products are two factors fueling the growth of natural alternatives. The usage of nutraceuticals can be advantageous for dermatologists. Nutritional Research reports that a study conducted in the United Kingdom found that astaxanthin can reduce oxidative stress, accelerating the aging process and preventing skin sagging.

In addition, in April 2019, scientists from Japan and China investigated the effects of astaxanthin on aging in mice and found that it increased dysregulation of gene expression related to aging. Companies are using strategies including product launches and partnership formation with influential figures in end-use industries to increase the penetration of natural astaxanthin-based goods. For instance, Algatech LTD collaborated with a US-based personal care product manufacturer in March 2019 to develop topical applications for astaxanthin.

Report Scope

Study Period2019-2031CAGR16.78%
Historical Period2019-2021Forecast Period2023-2031
Base Year2022Base Year Market SizeUSD 1,865.87 Million
Forecast Year2031Forecast Year Market SizeUSD 7536.19 Million
Largest MarketNorth AmericaFastest Growing MarketEurope

Regional Analysis

North America astaxanthin market share is expected to expand substantially during the forecast period. Microbiological testing is conducted on all-natural astaxanthin products in accordance with FDA regulations and Good Manufacturing Practices (GMP) standards. Several government authorities, such as the Federal Trade Commission, the State of Hawaii Department of Health, and the Consumer Product Safety Commission, provide additional oversight of natural astaxanthin products. Likewise, substances that are judged safe by specialists are classified as Generally Recognized As Safe (GRAS) goods, following sections 201 (s) and 409 of the Federal Food, Drug, and Cosmetics Act.

Furthermore, the availability of tools and databases to support manufacturers, researchers, and other users in relation to Astaxanthin and its utilization is expected to enhance market expansion. An example is the Personal Care Products Council (PCPC), which has internationally established a dictionary of labeling names for cosmetic compounds known as the International Nomenclature Cosmetic Ingredient (INCI).

Key Highlights

  • Based on the source, the global astaxanthin market is segmented into natural and synthetic forms. The natural astaxanthin segment is the most significant contributor to the market and is estimated to exhibit a CAGR of 19.10% throughout the forecast period.
  • Based on product, the global astaxanthin market is divided into dried algae meal or biomass, oil, softgel, and liquid. The dried algae meal or biomass dominates the global market.
  • Based on application, the global astaxanthin market is bifurcated into nutraceuticals, cosmetics, aquaculture, and animal feed. The aquaculture and animal feed segment dominates the global market.
  • North America is the most significant global astaxanthin market shareholder and is expected to expand substantially during the forecast period.

Competitive Players

The key players in the global astaxanthin market are ENEOS Corporation; Cyanotech Corporation; Algatech LTD (Solabia Group); CO2 GRO Inc. (BlueOcean NutraSciences); Beijing Gingko Group (BGG); Fuji Chemical Industry Co., Ltd.; MicroA AS; E.I.D. - Parry (India) Limited; and FENCHEM. 

Market News

  • In May 2023, BGG World (BGG) and its subsidiary Algae Health Sciences (AHS) completed two major expansions of their ultramodern, 100% glass tube photobioreactor microalgae farm in the past two years. BGG's flagship AstaZine® Natural Astaxanthin line's capacity has been doubled due to this development. The groundbreaking took place in May 2022, and everything was finished in the time frame predicted by BGG.
  • In November 2022, A peer-reviewed human clinical experiment showing that AstaZine® Natural Astaxanthin can enhance visual function in healthy individuals was published, according to BGG World (BGG). The study had 60 participants who used visual display terminals (VDT) and received either a placebo or 9mg of AstaZine® Natural Astaxanthin daily for six weeks.

Global Astaxanthin Market: Segmentation

By Source

  • Natural
  • Synthetic

By Product

  • Dried Algae Meal or Biomass
  • Oil
  • Softgel
  • Liquid
  • Others

By Applications 

  • Nutraceuticals
  • Cosmetics
  • Aquaculture and Animal Feed
  • Food
  • Others 

By Regions

  • North America 
  • Europe
  • Asia-Pacific
  • Latin America
  • The Middle East and Africa

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About Straits Research Pvt. Ltd.

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