The global astaxanthin market size was valued at USD 1,371.24 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 16.8% from 2021 to 2028. High demand for nutraceuticals due to their antioxidant properties and increased demand in the aquaculture & animal feed industry are key factors propelling the market growth. Furthermore, a growing number of health-conscious individuals are more inclined towards natural food coloring agents with lesser adverse effects, as compared to other chemical products, which is an important driver estimated to boost the market growth. Moreover, in preclinical & clinical studies, astaxanthin has shown the ability to reduce the inflammatory response that can lead to severe respiratory complications in COVID-19 patients
Increasing awareness among people about nutritional products and growing preference for dietary supplements due to the high cost of hospitalization are factors anticipated to drive the demand for nutraceuticals and natural antioxidants. Astaxanthin is a powerful antioxidant with health benefits and is considered to be 550 times stronger than antioxidants, such as vitamin E. Nutraceuticals provide the required dietary supplements with fewer adverse effects and are widely used in the prevention of diseases, such as Cardiovascular Diseases (CVDs), diabetes, and cancer. Moreover, the increasing adoption of nutrition-rich products is driving the nutraceutical industry at a significant rate. Hence, the demand for astaxanthin-based nutritional products is increasing across the globe.
The rising adoption of novel technologies to increase the production of astaxanthin is anticipated to propel growth over the forecast period. For instance, ALGAMO produces astaxanthin using photo-bioreactors and micro-modules to focus on reducing water wastage & saving electricity. Moreover, studies are being carried out to increase production by using different technologies to find out technical and economic feasibility. Companies are adopting technologically advanced systems to meet the growing demand without compromising on quality and yield. 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. Availability of better-quality products and high yield will open new avenues for the market stakeholders.
A rise in the number of initiatives undertaken by key players to increase awareness about astaxanthin is expected to boost the market growth over the forecast period. For instance, Algatech Ltd. and Cyanotech Corp. together formed the Natural Algae Astaxanthin Association (NAXA) with an aim to promote awareness and educate consumers about the benefits of natural astaxanthin. The association also supports research related to natural astaxanthin and certifies products with NAXA Verification Seal. Certification of natural astaxanthin helps producers and suppliers distinguish their products from synthetic products.
The increasing number of new cases and the rising fatality rate of COVID-19 due to low immune response are prompting market players to study the benefits of astaxanthin products to fight the disease. For instance, NextFerm is conducting research focused on determining the relevance of astaxanthin. Moreover, Companies, such as Cardax, Inc., have published papers highlighting the potential role of astaxanthin in reducing inflammation and boosting the immune response of the body. Consumers are increasingly using products to enhance the immune response in efforts to combat COVID-19. Increasing the adoption of natural nutraceuticals can also support market growth.
The natural source segment dominated the market in 2020 and is estimated to witness the fastest CAGR of 19.3% during the forecast period. Wide-scale availability, increased demand for natural food supplements, and higher efficacy compared to synthetic sources are key factors driving the segment growth. Microalgae, such as H. pluvialis, have been widely used by many manufacturers owing to the high amount of carotenoid content and easier methods of extraction. However, a shift in focus toward other natural sources, such as yeast and krill, is expected to negatively impact the growth of the microalgae segment.
Synthetic astaxanthin is also expected to grow at a double-digit growth rate over the forecast period owing to increased demand from the aquaculture industry and availability of safe & approved products, such as Cardax, Inc.’s ZanthoSyn as an anti-inflammatory. Lack of products in the synthetic category is an opportunity for new companies to enter and acquire market share by fulfilling the growing demand. However, safety concerns regarding the usage of these products are restraining the segment growth.
The dried algae meal or biomass segment dominated the global market in 2020 with a revenue share of over 25% and is anticipated to maintain its dominance over the forecast period. The use of biomass for the production of other formulations, the requirement of less downstream processing, high usage as animal feed, and easy bulk production are some key factors driving the segment growth. Moreover, biomass has a variety of products ranging from 1 to 5% of astaxanthin-containing products, which increase the usage of biomass in different end-use industries.
The softgels segment is anticipated to exhibit the fastest growth rate of 17.4% during the forecast period owing to increased use in nutraceuticals and significant growth of the nutraceuticals industry. Moreover, companies are collaborating to introduce novel products in the market. For instance, in February 2021, Soft Gel Technologies, Inc. and NextFerm have collaborated to introduce novel ready-to-use Astafermastaxanthin in the form of softgels.
The aquaculture and animal feed segment dominated the market in 2020 with a revenue share of over 47% and is anticipated to grow at a steady CAGR over the forecast period, owing to its extensive use as a feed additive. Moreover, a rise in the adoption of astaxanthin in the aquaculture industry for improving the quality of seafood is contributing to the segment’s significant share in the market. Key market players are developing the product containing astaxanthin as animal feed having medical benefits. For instance, in July 2021, AstaReal launched Novasta, an astaxanthin ingredient for animal feed. It can support muscle health, weight management, and eye health in animals.
The nutraceuticals segment is estimated to witness the fastest growth over the forecast period owing to the superior antioxidant properties of astaxanthin as compared to other food supplements, easier availability, and a wider range of applications in the nutraceuticals industry. Key players are continuously introducing novel products in this segment. Moreover, the outbreak of COVID-19 has significantly increased the demand for nutraceutical products. This is expected to fuel the segment growth over the forecast period.
North America held a market share of over 36% in 2020 and is expected to maintain its dominance over the forecast period. This dominance can be attributed to the existence of an established nutraceutical industry, growing awareness about the use of astaxanthin, and the presence of a health-conscious population. Moreover, the presence of key manufacturers, such as Cyanotech, BlueOceanNutraSciencesand Beijing Ginko Group (BGG), and synthetic astaxanthin manufacturers like Cardax, Inc. in North America is anticipated to drive the regional market. Key players are expanding their presence by launching new products, which is expected to boost the regional market growth. For instance, in July 2019, Atacamo Bio Natural Products decided to launch NatAxtin oleoresin, biomass, and powder.
Asia Pacific is estimated to witness the fastest growth rate over the forecast period. High unmet needs, increase in R&D expenditure, and economic growth are some of the factors responsible for the fastest growth of the market in Asia pacific. In the Asia Pacific region, India and China are considered to be potential markets, in terms of astaxanthin production, due to their large population. Moreover, rapid urbanization, high consumer disposable income levels, and increasing awareness about natural products are anticipated to propel the market in this region. Key players are adopting strategies, such as partnerships and new product launches, to strengthen their position in the regional market. For instance, in May 2018, Algalíf Iceland ehf expanded its presence in the Asia Pacific market with Astalífastaxanthin oleoresins and launched IceCaps soft gelatin capsules & Icelandic Harvest.
Key players are contributing to market growth by adopting various strategies, such as geographical expansion, to gain a higher market share. In addition, companies are focusing on gaining market approvals for innovative products to help in the management of different health conditions. For instance, in October 2020, Cyanotech Corp. launched BioAstin Hawaiian Astaxanthin, a novel delivery platform of a water-dispersible powder. Some prominent players in the global astaxanthin market include:
CO2 GRO Inc. (BlueOceanNutraSciences)
FENCHEM
ENEOS Corporation (JXTG Nippon Oil & Energy Corporation)
E.I.D. – Parry (India) Limited
MicroA
NextFerm
Algalif Iceland ehf
ALGAMO
Report Attribute |
Details |
Market size value in 2021 |
USD 1,633.68 million |
Revenue forecast in 2028 |
USD 4.75 billion |
Growth rate |
CAGR of 16.8% from 2021 to 2028 |
Base year for estimation |
2020 |
Historical data |
2017 - 2019 |
Forecast period |
2021 - 2028 |
Quantitative units |
Revenue in USD million/billion, Volume in metric tons, and CAGR from 2021 to 2028 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Source, product, application, region |
Regional scope |
North America; Europe; Asia Pacific; Latin America; MEA |
Country scope |
U.S.; Canada; U.K.; Germany; France; Italy; Spain; Russia; India; China; Japan; Singapore; South Korea; Australia; Brazil; Mexico; Argentina; Saudi Arabia; UAE; South Africa; Israel |
Key companies profiled |
AlgatechLtd.; CyanotechCorp.; AstaReal Group, CO2 GRO Inc.; Beijing Gingko Group; E.I.D. – Parry (India) Limited; ENEOS Corporation; FENCHEM; MicroA; NextFerm; Algalif Iceland ehf |
Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global astaxanthin market report on the basis of source, product, application, and region:
Source Outlook (Volume, Metric Tons; Revenue, USD Million, 2017 - 2028)
Natural
Yeast
Krill/Shrimp
Microalgae
Others
Synthetic
Product Outlook (Volume, Metric Tons; Revenue, USD Million, 2017 - 2028)
Dried Algae Meal or Biomass
Oil
Softgel
Liquid
Others
Application Outlook (Volume, Metric Tons; Revenue, USD Million, 2017 - 2028)
Nutraceuticals
Cosmetics
Aquaculture and AnimalFeed
Food
Functional Foods and Beverages
Other Traditional Food Manufacturing Applications
Others
Regional Outlook (Volume, Metric Tons; Revenue, USD Million, 2017 - 2028)
North America
U.S
Canada
Europe
U.K.
Germany
France
Italy
Spain
Russia
Asia Pacific
India
China
Japan
Australia
South Korea
Singapore
Latin America
Argentina
Brazil
Mexico
Middle East & Africa
Saudi Arabia
UAE
South Africa
Israel
b. The global astaxanthin market size was estimated at USD 1,371.24 million in 2020 and is expected to reach USD 1,633.68 million in 2021.
b. The global astaxanthin market is expected to witness a compound annual growth rate of 16.8% from 2021 to 2028 to reach USD 4.75 billion by 2028
b. Natural astaxanthin dominated the overall market with the largest share of 52.25% in 2020 due to its great demand in feed, food, pharmaceutical, and nutraceutical applications coupled with a high yield of carotenoid, increasing demand for natural food supplements, and low maintenance costs.
b. Some of the major players of the astaxanthin market are Alga Technologies; Cyanotech Corporation; Fuji Chemicals Industry Co., Ltd.; BlueOcean NutraSciences, Inc.; MicroA AS; Fenchem; EID Parry (India) Ltd.; Beijing Gingko Group (BGG); IGENE Biotechnology, Inc.;
b. High demand due to its antioxidant properties and increasing applications in the aquaculture industry, growing demand for natural food coloring agents with lesser adverse effects as compared to other chemical products are key factors estimated to boost the astaxanthin market growth.
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Multiple therapeutic regimens are being followed across the globe in attempts to come up with a reliable treatment for Covid-19. One line of treatment includes the use of hydroxychloroquine, while a second treatment line focuses to use antiviral drugs used in the disease management of HIV. Both these approaches have surged demand from advanced antivirals and antimalarial drugs. This impacts the drug manufacturers as an off label indication for these drug classes has to be worked upon. At the moment, the WHO has not prescribed any of these approaches, neither they have commented if one is better than the other. The report will account for COVID-19 as a key market contributor.
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