Astaxanthin Market Outlook from 2024 to 2034

Global astaxanthin sales are estimated to be worth USD 273.2 million in 2024. The astaxanthin market is set to reach USD 665.0 million by 2034. It is projected to surge at a CAGR of 9.3% in the forecast period 2024 to 2034.

Attributes Key Insights
Global Astaxanthin Market Size (2024E) USD 273.2 million
Astaxanthin Market Value (2034F) USD 665.0 million
Value-based CAGR (2024 to 2034) 9.3%

The astaxanthin market is projected to rise due to increasing consumer awareness of nutritional products and dietary supplement usage. Astaxanthin is a strong antioxidant often used to treat illnesses like cancer, diabetes, and cardiovascular disorders. Growing knowledge of nutritious foods propels the nutraceutical industry, offering fewer side effects and lower hospitalization costs.

The astaxanthin industry is seeing innovation due to cultivation methods and biotechnology developments. Leading manufcturers and companies are spending money on research & development to increase the productivity of astaxanthin synthesis from organic materials like algae. Astaxanthin is becoming widely available in the market, and its production costs have decreased because of continuous technical improvements.

Astaxanthin is essential for male fertility, with studies indicating that high dosages of astaxanthin are set to enhance sperm parameters and produce high, strong sperm. Several global studies and reports continue to scout the relationship between astaxanthin and male fertility.

In Asia Pacific, China and India are potential countries for astaxanthin production due to their large populations, rapid urbanization, high disposable income, and increasing awareness about natural products. The market is set to grow due to investments made by global astaxanthin companies to surge their presence and reach in Asia Pacific.

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2019 to 2023 Global Astaxanthin Market Growth Outlook Vs. 2024 to 2034

Global sales of astaxanthin increased at a CAGR of 8.2% from 2019 to 2023. The potent antioxidant qualities of astaxanthin began to gain interest from 2019 to 2023. Its potential health advantages led to its introduction as a nutraceutical element for human consumption.

Originally, it was employed in aquaculture to improve the color of farmed salmon. Astaxanthin as a dietary supplement saw a sharp increase from 2019 to 2023. Consumer interest in natural antioxidants for wellness and health propelled the astaxanthin supplement market. Astaxanthin supplements were first marketed to improve skin, eyes, cardiovascular, and anti-inflammatory qualities.

From 2019 to 2023, astaxanthin's uses grew beyond supplements. It was a natural food coloring to improve shrimp and salmon aquaculture pigmentation. Additionally, astaxanthin is set to benefit skin health and anti-aging. Hence, it began appearing in cosmetics and personal care products.

Significant progress was made in astaxanthin production technologies between 2019 and 2023. Effective biotechnological techniques like fermentation and synthetic biology were added to the traditional extraction methods from algae or crustaceans.

Such developments increased astaxanthin production sustainability, decreased production costs, and surged yields. During the forecast period, the global astaxanthin market is set to grow at a CAGR of 9.3%.

Trend in the Astaxanthin Market

Astaxanthin's popularity as a dietary supplement continues to rise. Due to its high antioxidant content, it continues to be a popular product in the aquaculture industry. Astaxanthin finds applications beyond supplements, including the food & beverage, personal care, animal feed, and pharmaceutical industries due to its versatility and multi-offer benefits.

Astaxanthin is known to improve male sperm count and parameters for better infertility results. It is extensively used in the aquaculture industry due to its health benefits in aquaculture animals and is easily available for the industry in multiple product forms.

Manufacturers in the astaxanthin market are launching new and improved products to improve human health, eye conditions, and skin-related issues.

Growing research & development on astaxanthin is accelerating to improve heart health, boost the immune system, and propel global demand. Continuous product launches are being made by manufacturers to address skin and joint issues in aging individuals, fueling market growth.

Nandini Roy Choudhury
Nandini Roy Choudhury

Principal Consultant

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Country-wise Insights

The section explains the astaxanthin market in terms of key countries, including the United States, Germany, China, Japan, and India. The section also emphasizes the reasons that are pushing growth in each of the regions.

Countries Value-based CAGR (2024 to 2034)
United States 11.1%
United Kingdom 4.9%
Germany 4.0%
China 8.5%
India 8.0%
Japan 10.6%

Growing Heart Patients in the United States to Surge Demand

The United States astaxanthin market is growing due to several benefits of the product for heart patients. These include providing antioxidants and addressing skin issues like pigmentation & wrinkles. As heart and skin problems continue to grow in the United States, consumers are seeking healthy, valid solutions to address these issues.

The Natural Algae Astaxanthin Association (NAXA), a non-profit organization, is promoting awareness of the benefits of consuming astaxanthin in the United States. The United States is projected to surge at a CAGR of 11.1% during the forecast period.

Increasing Popularity of Dietary Supplements to Uplift China by 2034

China is set to rise at a CAGR of 8.5% through 2034. Rising popularity of dietary supplements is a key factor surging the steady increase in astaxanthin demand in China. Consumer interest in supplements containing astaxanthin is propelled by its health benefits, particularly its antioxidant characteristics and ability to promote joint, skin, and eye health.

In China, astaxanthin is gaining traction in the personal care and cosmetics sectors. Use of astaxanthin in skincare products is growing in popularity because of its anti-aging and UV-induced skin damage-preventing capabilities. Astaxanthin has become a popular active component in sunscreens and anti-aging formulas as customers look for natural and potent components for their skincare regimens in China.

Growing Health Consciousness among Consumers to Gain Traction in Japan

Astaxanthin applications are found in Japan’s food and beverage sector. Astaxanthin, a natural pigment, is being used in snacks, dairy products, and beverages as a substitute for artificial food colorings due to growing health consciousness among consumers in Japan. The need for natural ingredients and clean labels fueled the use of astaxanthin as a food colorant.

Japan’s astaxanthin supply chain, traceability, and sustainability are becoming increasingly important. The environmental impact of astaxanthin manufacturing is making consumers and regulatory bodies more and more concerned. Consumer demand for transparency in sourcing procedures has led manufacturers to adopt sustainable practices and provide customers with traceability data.

Category-wise Insights

The section provides a detailed analysis of four leading market segments for astaxanthin. These include grade, application, species type, production technology, and form. The two key segments discussed below are 95% to 97% and natural extraction.

Segment Value-based CAGR (2024 to 2034)
95% to 97% (Grade) 8.8%
Aquaculture (Application) 2.9%
Haematococcus Pluvialis (Species Type) 8.7%
Powder (Form) 7.6%

95 to 97% Segment to Top the Grade Category Through 2034

95 to 97% grade astaxanthin is slated to emerge as the hegemon, capturing around 60% market share. Extensive applications across aquaculture, food & beverage, cosmetics & personal care, dietary supplements, and animal feed are projected to surge demand for 95 to 97% grade astaxanthin.

Several regulatory authorities, such as the United States FDA, the European Food Safety Authority (EFSA), and the Food Standards and Safety Authority of India (FSSAI), have approved 95 to 97% grade astaxanthin.

This range leads to minimum side effects, thereby rendering it safe to consume by humans or animals. Furthermore, 95 to 97% grade astaxanthin is used in manufacturing products in the beauty and personal care, food & beverages, and aquaculture industries.

Natural Extraction Segment to Lead by Production Technology in the Market

Recent apprehensions regarding the potential adverse effects of chemically synthesized astaxanthin have triggered a notable shift in consumer preferences. Natural astaxanthin is witnessing a surge in interest and investment due to a broad trend toward products perceived as safer and more environmentally sustainable.

Companies are actively exploring innovative extraction techniques and sourcing practices to cater to this evolving consumer demand. Moreover, the burgeoning health and wellness movement, coupled with growing awareness of the benefits of natural ingredients, fuels demand for naturally extracted astaxanthin products.

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Competitive Landscape

Astaxanthin manufacturers focus on improving control over their supply chain to mitigate volatility caused by fluctuating product demand and costs. Several manufacturers continue launching the products as per demand and providing real and worthy solutions with various forms of astaxanthin products in the market.

Leading comapnies in the industry are prioritizing flexibility and enhancing their production capacity. Those operating in animal feed, pet food, and food & beverage industries are refining supply chain efficiency. They are also reducing the cost of operations to generate more profit in an extremely competitive environment.

Key companies and manufacturers value product launches as they serve as the foundation for market stability. In addition, partnerships and collaborations help manufacturers to surge their product outreach.

Recent Developments

  • In 2020, BGG inflated its astaxanthin farm capacity to incorporate astaxanthin-based formulations into their product portfolios.
  • In 2021, Lycored stretched its astaxanthin product line, including an oleoresin made from Haematococcus Pluvialis algae.

Key Companies Profiled

  • 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.
  • Yunnan Alphy Biotech Co., Ltd.
  • INNOBIO Corporation Limited.
  • Sinoway Industrial Co., Ltd.
  • KDI Ingredients

Key Coverage in Astaxanthin Market Report

  • Adjacent study on Algal Carotenoid Market, Astaxanthin Extract Market, Astaxanthin Oil Market, Astaxanthin Powder Market, and Astaxanthin Capsule Market
  • Analysis of Natural Pigment Industry in India
  • Market Dynamics of Antioxidant Supplements
  • Overview of Algal Carotenoid Market
  • Impact of Astaxanthin Oil Consumption amid Young Generation
  • Astaxanthin Market Drivers
  • Market Study on Astaxanthin
  • Demand for Synthetic Astaxanthin in China
  • Antioxidant Supplement Market Analysis

Astaxanthin Market Segmentation by Category

By Species Type:

  • Haematococcus Pluvialis
  • Chlorococcum
  • Chlorella Zofingiensis

By Production Technology:

  • Chemical Synthesis
  • Natural Extraction

By Form:

  • Tablets
  • Soft Gel Capsules
  • Powder
  • Liquid

By Grade:

  • >=98%
  • 95% to 97%
  • <=94%

By Application:

  • Aquaculture
  • Dietary Supplements
  • Food & Beverages
  • Personal Care & Cosmetics
  • Pet Food

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East and Africa

Frequently Asked Questions

How big is the astaxanthin market?

The market is set to reach USD 273.2 million in 2024.

What is the forecast for the astaxanthin market?

Demand for astaxanthin is slated to surge at a 9.3% CAGR by 2034.

What is the outlook for the astaxanthin market?

The market is set to reach USD 665.0 million in 2034.

Who are the key players in the astaxanthin market sphere?

BASF SE, Divi’s Laboratories Ltd., and Cyanotech Corporation are the key players.

Which region would lead the astaxanthin market?

North America is estimated to hold a market share of 31.8% in 2034.

Table of Content
  • 1. Executive Summary
  • 2. Market Overview
  • 3. Market Dynamics
  • 4. Global Market - Pricing Analysis
  • 5. Value Chain Analysis
  • 6. Global Market Size in Value (USD million) and Volume (MT) Analysis 2019 to 2023 and Forecast, 2024 to 2034
  • 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Grade
    • 7.1. >=98%
    • 7.2. 95% to 97%
    • 7.3. <=94%
  • 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Species Type
    • 8.1. Haematococcus Pluvialis
    • 8.2. Chlorococcum
    • 8.3. Chlorella Zofingiensis
  • 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Form
    • 9.1. Tablets
    • 9.2. Soft Gel Capsules
    • 9.3. Powder
    • 9.4. Liquid
  • 10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Application
    • 10.1. Aquaculture
    • 10.2. Dietary Supplements
    • 10.3. Food & Beverages
    • 10.4. Personal Care & Cosmetics
    • 10.5. Pet Food
  • 11. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Production Technology
    • 11.1. Chemical Synthesis
    • 11.2. Natural Extraction
  • 12. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Region
    • 12.1. North America
    • 12.2. Latin America
    • 12.3. Europe
    • 12.4. East Asia
    • 12.5. South Asia
    • 12.6. Oceania
    • 12.7. Middle East & Africa
  • 13. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034
  • 14. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034
  • 15. Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034
  • 16. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034
  • 17. South Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034
  • 18. Oceania Market Analysis 2019 to 2023 and Forecast 2024 to 2034
  • 19. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034
  • 20. Country-level Market Analysis, 2024
  • 21. Market Structure Analysis
  • 22. Competition Analysis
    • 22.1. BASF SE
    • 22.2. Divi’s Laboratories Ltd
    • 22.3. Cyanotech Corporation
    • 22.4. DSM N.V
    • 22.5. Parry Nutraceuticals
    • 22.6. JXTG Nippon Oil & Energy Corporation
    • 22.7. Fuji Chemical Industries Co., Ltd
    • 22.8. Kunming Biogenic Co., Ltd
    • 22.9. Valensa International Global
    • 22.10. Kailu Ever Brilliance Biotechnology Co. Ltd
    • 22.11. Algalif Iceland Ehf
    • 22.12. Zhejiang NHU Co., Ltd
    • 22.13. Others (on additional request)
  • 23. Assumptions and Acronyms
  • 24. Research Methodology
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