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Astaxanthin Market by Product Type (Dried Algae Meal or Biomass, Oil, Softgel, Liquid, and Other Product Types)
Newly-released Astaxanthin Market industry analysis report by Persistence Market Research shows that global sales of the Astaxanthin Market in 2021 were held at US$ 1.5 Bn. With a CAGR of 21.6% during 2022-2032, the market is projected to reach a valuation of US$ 12.3 Bn by 2032.
The Astaxanthin Market is anticipated to cross US$ 12.3 Bn with an absolute dollar opportunity growth of nearly US$ 10.5 Bn during 2022 – 2032. Dried Algae Meal is expected to be the highest revenue-generating product.
Global Astaxanthin Market (2022)
US$ 1.8 Bn
Global Astaxanthin Market (2032)
US$ 12.3 Bn
Global Astaxanthin Market CAGR (2022 – 2032)
U.S. Astaxanthin Market CAGR (2022 – 2032)
Key Companies Profiled
As per the Astaxanthin market research by Persistence Market Research - market research and competitive intelligence provider, historically, from 2015 to 2021, the market value increased at around 18.2% CAGR, wherein, countries such as the U.S., China, Japan, South Korea, and the UK held a significant share in the global market.
The market for Astaxanthin is expected to grow due to an increase in the demand in the aquaculture and animal feed industries, as well as high demand for nutraceuticals due to their antioxidant effects. The market reached a valuation of US$ 1.5 Bn in 2021 and is expected to cross the US$ 1.8 Bn mark by the end of 2022.
Astaxanthin is commonly used orally and has been shown to help with a variety of chronic illnesses. It has been used to treat Alzheimer's disease, Parkinson's disease, liver problems, high cholesterol, and macular degeneration for a long time.
Antioxidant-rich foods lower the risk of a variety of ailments, including cancer and heart abnormalities. Astaxanthin antioxidants prevent damage by scavenging free radicals from the cells. According to studies, those who consume astaxanthin-based antioxidant foods have a low risk of acquiring prostate cancer.
Astaxanthin provides up to 550 times the antioxidant boost of vitamin E. Vitamin supplements are frequently used by healthcare professionals to help ward off Cardiovascular Diseases (CVDs), diabetes, and certain cancers as it is often needed more for the human body than its less dangerous rivals. Astaxanthin-based nutritional products are being embraced by the growing appetite for concentrated food products, which has energized the nutraceutical business. Since then, the demand for astaxanthin-based nutritional products has soared.
During the forecast period, constant growth in demand for astaxanthin, notably from the food industry, is likely to propel the market forward. Astaxanthin has been more popular as a food ingredient in recent decades due to its health benefits, which include anti-inflammatory properties, increased immunity, and the prevention of cerebrovascular and cardiovascular illnesses, among others.
Over the last decade, it is found that astaxanthin can help in avoiding photoaging, enhancing sleep, reducing obesity, protecting the vocal cord, combatting depression, and increasing sperm motility.
Astaxanthin is naturally and artificially created. Synthetic astaxanthin is created using synthetic compounds, which are produced from petroleum products, and is available at a more affordable cost.
Natural astaxanthin is accomplished through a fermentation and extraction procedure involving bacteria, yeast, fungi, marine creatures and algae. Natural astaxanthin is more difficult to produce and more expensive than synthetic astaxanthin, eventually curbing the segment.
Over the projection period, North America is expected to maintain its lead in the market. This dominance is due to the presence of a well-established nutraceutical sector, rising awareness of astaxanthin's use, and growing health-conscious population.
U.S. Astaxanthin Market Analysis
The United States with a projected CAGR of 23.7% and an expected market of US$ 4.5 Bn during the forecast period, is the largest market. The market in the country is expected to witness an absolute dollar opportunity growth of US$ 4 Bn.
U.K. Astaxanthin Market Analysis
The market in the U.K. is projected to reach a valuation of US$ 542 Mn by 2032. Growing at a CAGR of 21%, the market in the country is expected to gross an absolute dollar opportunity of US$ 264 Mn during 2022 – 2032.
Japan Astaxanthin Market Analysis
In Japan, the market is projected to reach US$ 637 Mn by 2032, growing at a CAGR of 25.4% during the forecast period. The market is expected to gross an absolute dollar opportunity of 570 Mn during 2022 – 2032.
South Korea Astaxanthin Market Analysis
The market in South Korea is expected to cross US$ 300 Mn by 2032 at a CAGR of 22.8% during 2022 – 2032. The market in the country is expected to garner an absolute dollar opportunity of US$ 264.4 Mn during the forecast period.
Why Dried Algae Meal is gaining the Utmost Traction?
With a CAGR of 25.3% between 2022-2032, the market for Dried Algae Meal is expected to grow due to the development of new bio-based products, the requirement for less downstream processing, the widespread use of biomass to feed livestock, and bulk manufacturing. Virtually all forms of biomass contain astaxanthin from 1% - 5%, which is not only leading to improvements in the use of biomass products but also enhancing their end-use criteria.
How the food industry is contributing to the rise of Astaxanthin?
The food industry is expanding its need for astaxanthin, which is increasingly employed as a food coloring agent and an antioxidant to protect the taste, color, freshness, and quality of foods. Earlier, astaxanthin was used to protect dietary nutrients from degradation, improve sensory qualities, and increase the overall appeal of food goods. Astaxanthin has been approved as an essential raw material for nutritional supplement production in Europe. These factors are paving the way for astaxanthin’s use in the food industry.
How is rapid industrialization of the feed industry proven beneficial for Astaxanthin Market?
For better nutritional benefits for animals, the aquaculture and animal feed sectors rely heavily on feed additives. Astaxanthin is a pigment that gives nutritional value and color to animal feed. In response to this, the market for astaxanthin has been pushed by the industrialization of poultry and aquaculture enterprises, as these end-user industries place a high emphasis on animal health. Increased consumption of various nutritious food products has come from a significant expansion in fisheries and aquaculture production.
Aquaculture is raising the demand for astaxanthin, which improves aquatic species' survival and promotes productivity. The inability to synthesize astaxanthin by marine species and crustaceans resulting in the hunt for alternative sources thereof is anticipated to fuel growth for natural astaxanthin. Natural astaxanthin, which is mostly derived from yeast, bacteria, and algae, is in high demand, particularly in the industrial sector.
Why the Demand for Natural Astaxanthin has been soaring?
The segment's expansion is supported by widespread accessibility, rising demand among consumers for natural health supplements, and the high effectiveness of microalgae such as H. purpuralis. With high carotenoid content and low demands of extraction, microalgae such as H. purpuralis have been used to produce several commercial applications.
Natural astaxanthin is extracted primarily from astaxanthin-containing marine plants like algae and biosynthesized by living microalgae or yeast. It is 3.5 times more expensive than synthetic astaxanthin since it is over 95% esterified. The end-user sector prefers natural astaxanthin because consumers are ready to pay more for higher-quality products. The market for natural astaxanthin increased with a CAGR of 18.3% and is expected to grow with a CAGR of 22.3% during the forecast period.
Key players in the astaxanthin market are Algatech Ltd, Cyanotech Corp, AstaReal Group, CO2 GRO Inc, Beijing Gingko Group, and ENEOS Corporation.
Some of the recent market developments are as follows:
Similarly, recent developments related to companies offering Astaxanthin have been tracked by the team at Persistence Market Research, which are available in the full report.
By Product Type
By Source Type
The market is worth US$ 1.5 Bn at present.
The market is projected to increase at a CAGR of around 21.6% during 2022 – 2032.
The market value increased at a CAGR of around 18.2% during 2015 – 2021.
The demand for Astaxanthin in the food industry, aquaculture, and animal feed is projected to grow at a brisk pace in the forthcoming years.
The top 5 countries driving the demand for Astaxanthin Market are the U.S., China, Japan, South Korea, and the UK.
The market for the Astaxanthin is projected to expand at a CAGR of around 23.3% during 2022 – 2032 in China.
While the market in Japan is expected to grow at nearly 25.4%, the market in South Korea is projected to register growth at a CAGR of nearly 22.8% during 2022 - 2032.