Astaxanthin Market Size, Share & Trends Analysis Report By Product (Dried Algae Meal Or Biomass, Oil, Softgel, Liquid), By Source (Natural, Synthetic), By Application, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global astaxanthin market size was valued at USD 1,943.12 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 17.2% from 2023 to 2030. The increase in demand for astaxanthin from various end-use applications such as nutraceuticals, cosmetics, pharmaceuticals, aquaculture & animal feed, and food & beverages among others is the leading driving factor for the market growth. Moreover, the presence of organizations that promote awareness regarding the applications of these products is also expected to support market growth. For instance, Natural Algae Astaxanthin Association (NAXA) promotes, protects, and educates on the benefits of natural astaxanthin in different end-use applications.

The increasing awareness regarding nutritional products and increasing adoption of dietary supplements due to the high cost of hospitalization and fewer side effects are factors anticipated to drive the demand for nutraceuticals & natural antioxidants. Astaxanthin is a powerful antioxidant with several health benefits. It is 550 times stronger compared to antioxidants such as vitamin E. Nutraceuticals. Moreover, it provides the required dietary supplements with fewer adverse effects and is widely used to treat various conditions. Some such chronic conditions include cardiovascular diseases, diabetes, & cancer.  Increasing awareness about nutrition-rich products among people continues to drive the nutraceutical industry at a significant pace.

To chase the increasing demand for nutraceutical products, the market players are significantly increasing their production capacity and distribution network. For instance, in April 2022, Beijing Gingko Group announced a second-time expansion of its astaxanthin farm capacity in the Pristine region in the last 2 years. This is geared to maximize its production capacity. In addition, in April 2021, LEHVOSS Nutrition, a leading nutraceutical distributor in the U.K., introduced new AstaPure natural astaxanthin CWD. AstaPure aims to play a significant role in the treatment of cardiovascular disorders.

Moreover, the increasing introduction of advanced technologies to boost production is expected to expand the market in the coming years. For instance, ALGAMO produces astaxanthin using photobioreactors and micromodules, to focus on reducing water wastage & saving electricity. In addition, studies are being carried out to produce astaxanthin using different technologies to identify technical and economic feasibility.

The adoption of technologically advanced production systems to meet the increasing demand without compromising the yield and quality of astaxanthin is increasing production. For instance, Algatech Ltd. is using a sealed system (closed microalgae cultivation system) for the cultivation of microalgae, which eliminates the risk of foreign objects, agriculture residue, and microbial contamination. The availability of high-quality products and high yield will open new avenues for market stakeholders.

Furthermore, various strategic initiatives are being undertaken by market players to introduce novel platforms, and products, which are expected to offer lucrative growth opportunities in the regional market. For instance, in August 2021, Swedish-Indian startup Nack launched its digital wellness platform with Immunity Boost, a lineup of two herbal products formulated with real vegan protein powder & natural astaxanthin. In addition, in August 2020, DRL entered into the hospital nutrition segment with the launch of Celevida Maxx, a nutrition drink that contains astaxanthin.

Source Insights

The natural segment held the largest revenue share in 2022. It is anticipated to grow at a rapid CAGR during the forecast period owing to advantages such as high efficacy and sustainability. In addition, factors such as surged demand for natural food supplements, wide-scale availability, and higher efficacy as compared to synthetic products are expected to fuel segment expansion. Moreover, increasing the involvement of key market players, such as NextFerm and Beijing Gingko Group, to develop innovative products and application expansion can create new market opportunities in the coming years.

Similarly, some of the strategic initiatives undertaken by leading players to strengthen their naturally sourced product portfolio are also expected to fuel segment expansion. For instance, in September 2022, NextFerm announced its production deal for yeast-derived vegan protein. Moreover, in July 2021, NextFerm Technologies entered the North American market with two ingredients-ProteVin and Astaferm.

The synthetic segment dominated the market in terms of volume production of astaxanthin. Increasing demand from the aquaculture & animal feed industry and the availability of safe and approved products such as Cardax, Inc’s ZanthoSyn as an anti-inflammatory is increasing the demand for astaxanthin. In addition, a large number of players operating in the production of synthetic products make the market more competitive.

Product Insights

Dried algae meal or biomass dominated the product segment in 2022 with a market share of 25.40%. The use of biomass for the production of other formulations, the necessity of minimal downstream processing, higher use as animal feed, and convenient bulk production are some key factors driving the segment’s growth. Moreover, new product launches, such as AstaPure Arava in February 2020, also demonstrated the growing demand for algal astaxanthin. These new developments are expected to drive the segment. Similarly, in May 2022, Algalif signed an agreement with a start-up company, Marea, to develop a biodegradable good coating from leftover algae biomass.

Whereas the softgel segment held the second largest market and is expected to grow at a lucrative rate during the projected years. Softgels are widely accepted among consumers owing to their convenience factor and can be used in the geriatric population. Moreover, the greater product stability than liquid preparation and the high demand for nutraceuticals is pushing segment growth forward. Furthermore, the ongoing regulatory approvals of softgel products are augmenting segment expansion. For instance, in September 2021, NextFerm Technologies announced a regulatory marketing approval for Astaferm-an innovative antioxidant in the form of oil for softgels-in the U.S.

Application Insights

The high market share of the aquaculture & animal feed segment is accounted for by the extensive use of astaxanthin as a feed additive. An increase in the adoption of these products in the growing aquaculture industry for improving the quality of seafood is contributing to the segment’s significant share in the market. For instance, according to China’s Fishery Report, China remained the world’s largest seafood producer with a production of 65.49 million metric tons in 2021.

Leading players are developing astaxanthin products for animal feed having medical benefits. For instance, in July 2022, AstaReal launched Novasta, an astaxanthin ingredient for animal feed. With this launch, the company created further possibilities for health-promoting feed applications.

Whereas the nutraceuticals segment is likely to grow at the fastest rate during the forecast period owing to the increased demand for natural astaxanthin in nutritional products and better antioxidant properties of astaxanthin than other available food supplements. In addition, unhealthy lifestyles, a rapidly aging population, and insufficient intake of essential nutrients are propelling the demand for nutraceuticals. Moreover, the COVID-19 pandemic has significantly boosted the demand for nutraceuticals as people get more aware of preventive healthcare.

Regional Insights

North America is the most developed market and held the largest share of the market in 2022. The increasing prevalence of nutrition & skin-related diseases in this region is one of the key factors propelling the demand for astaxanthin in food products. Moreover, the presence of key manufacturers, such as Cyanotech, Piveg, Inc., & Beijing Ginko Group (BGG), and synthetic astaxanthin manufacturers, such as Cardax, Inc. in North America is anticipated to drive its market over the forecast period. Furthermore, a large number of health-conscious people, an increase in the adoption of nutraceuticals, and a well-established cosmeceutical industry are some of the major factors accelerating market growth in the region.

Asia Pacific is estimated to exhibit the fastest growth rate during the forecast period. High unmet needs, increasing production of astaxanthin in the region, increase in R&D expenditure, and economic growth are some of the key factors increasing the demand for these products in the region. In addition, an increase in urbanization, high disposable income, and increasing awareness about natural astaxanthin are anticipated to propel the market in this region.

Key Companies & Market Share Insights

Key market players are adopting strategies such as new product development, merger & acquisition, and partnership to increase their market share. For instance, in October 2022, Solabia-Algatech launched Astaxanthin Gummies with vitamin C, which contains no preservatives or synthetic colors. Each gummy has a 4mg astaxanthin algae complex. Moreover, in May 2022, Divi’s Nutraceuticals and Algalif announced a collaboration to introduce high-concentration astaxanthin beadlets in the market. Some prominent players in the global astaxanthin market include:

• Algatech Ltd

• Cyanotech Corporation

• MicroA

• Beijing Gingko Group (BGG)

• Algalíf Iceland ehf

• Fuji Chemical Industries Co., Ltd

• PIVEG, Inc.

• Atacama Bio Natural Products S.A.

• ENEOS Corporation

• E.I.D. - Parry (India) Limited (Alimtec S.A., Valensa International)

Astaxanthin Market Report Scope

Global Astaxanthin Market Segmentation

This report forecasts volume and revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global astaxanthin market report based on source, product, application, and region.

• Source Outlook (Volume, Metric Tons; Revenue, USD Million, 2018 - 2030)

  • Natural

    • Others

    • Microalgae

    • Krill/Shrimp

    • Yeast

  • Synthetic

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Dried Algae Meal Or Biomass

  • Oil

  • Softgel

  • Liquid

  • Others

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Nutraceuticals

  • Cosmetics

  • Aquaculture And Animal Feed

  • Food

    • Functional Foods And Beverages

    • Other Traditional Food Manufacturing Applications

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Russia

    • Denmark

    • Norway

    • Sweden

  • Asia Pacific

    • Japan

    • China

    • India

    • South Korea

    • Australia

    • Singapore

    • Thailand

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Ecuador

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Israel

    • Kuwait