Astaxanthin Market Size, Share & Trends Report

Astaxanthin Market Size, Share & Trends Analysis Report By Product (Oil, Softgel, Liquid), By Source (Natural, Synthetic), By Application (Aquaculture & Animal Feed, Nutraceuticals), By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-1-68038-957-9
  • Number of Report Pages: 120
  • Format: PDF, Horizon Databook
  • Historical Range: 2018 - 2022
  • Forecast Period: 2024 - 2030 
  • Industry: Healthcare

Research Methodology

A three-pronged approach was followed for deducing the astaxanthin market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for astaxanthin market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of astaxanthin market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Astaxanthin Market Categorization:

The astaxanthin market was categorized into four segments, namely source (Natural, Synthetic), product (Dried Algae Meal or Biomass, Oil, Softgel, Liquid), application (Nutraceuticals, Cosmetics, Aquaculture And Animal Feed Food), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The astaxanthin market was segmented into source, product, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The astaxanthin market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-seven countries, namely, the U.S.; Canada; the UK; Germany; France; Italy; Spain; Russia; Norway; Demark; Sweden; India; China; Japan; Australia; South Korea; Singapore; Thailand; Brazil; Mexico; Argentina; Ecuador; Saudi Arabia; UAE; South Africa; Israel; and Kuwait

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Astaxanthin market companies & financials:

The astaxanthin market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Algatech LTD Algatech is a biotechnology company specializing in commercial cultivation, production, and supply of microalgae & AstaPure-a natural astaxanthin. It also focuses on production of nutritional ingredients from various natural resources and provides consultation & postprocessing for large-scale microalgae cultivation. The company’s technology and expertise allow cultivation of microalgae at one of the world’s largest photobioreactor facilities, which helps prevent exposure to chemical, physical, or microbiological contaminants. Owing to these unique capabilities, the company is a leading manufacturer of astaxanthin.


  • Cyanotech Corporation It manufactures products from microalgae. The company is actively involved in production and commercialization of natural products, such as astaxanthin. In addition to products based on microalgae and food coloring, the company produces other natural nutritional products & fluorescent pigments used in immunological diagnostics. Natural astaxanthin produced by the company is sold as BioAstin, which has been certified as safe by the U.S. FDA for human consumption. The company developed and implemented innovative production & is harvesting technologies that are expected to reduce contamination problems encountered while producing microalgae.


  • Fuji Chemical Industries Co., Ltd. It is a privately held company mainly engaged in the production and marketing of pharmaceutical products & food additives. It is also engaged in planning, development, and sales of chemical products related to astaxanthin-AstaReal & AstaTrol. The company is focused on enhancing its product portfolio in sales and marketing of bulk pharmaceutical products in the U.S. AstaReal Group, which is an affiliate company of Fuji Chemical Industries Co., Ltd., is responsible for marketing and sales of natural astaxanthin in Asia Pacific, Europe, the U.S., the Middle East, South East Asia, Australia, and New Zealand. The company currently has 407 employees. AstaReal AB is a part of the AstaReal Group, which is owned by Fuji Chemical Industries Co., Ltd. In 1990s, AstaReal developed a technology using photobioreactors to cultivate Haematococcus pluvialis. The production facility is ISO- & HACCP-certified. In 1995, the company launched Astaxin.


  • PIVEG, Inc. Piveg, Inc. specializes in the production, extraction, purification, and manufacturing of naturally occurring carotenoids in marigold flowers & chili peppers. It develops and manufactures products for nutraceutical, agricultural, food & beverage, feed, & cosmetics industries. It has over 42 product specifications and provides product customization & made-to-order products. The company has extensive facilities in Mexico & Peru and distributors in Asia, Europe, & North & South America. For human health applications, the company offers astaxanthin, lutein, and zeaxanthin. In addition, products are backed with certifications such as GMP, HACCP, ISO 9001:2000, ISO 22000:2005, California Prop 65, Kosher Certified, and FDA.


  • E.I.D. - PARRY (INDIA) LIMITED (ALIMTEC S.A., VALENSA INTERNATIONAL) It is a part of Murugappa Group and a global leader in sugar, biopesticides, & nutraceuticals (microalgae & organic spirulina products). It has nine sugar plants across South India and a strong portfolio of neem-based biopesticides (Neemazal) in India as well as overseas markets. It is a leading company in organic spirulina and microalgal products. Parry Nutraceuticals is one of the divisions of E.I.D.– Parry, which deals in sugar & nutraceuticals. E.I.D.– Parry’s spirulina products consist of three international certifications and are sold in nearly 41 countries globally. The company is also involved in business of farm inputs through its subsidiary, Coromandel International Limited. In 2014, E.I.D. Parry (India) Ltd. acquired 100% of Alimtec Company. Alimtec is a facility that grows algae to develop astaxanthinrich H. pluvialis biomass. Valensa International is also owned by E.I.D.-Parry, and its microalgae are produced by a sister company- Alimtec S.A.


  • Beijing Gingko Group (BGG) Beijing Gingko Group (BGG) is a global leader in manufacturing and sourcing of natural ingredients for food & beverage, cosmetic, and dietary supplement industries. The company manufactures high-quality, organic & non-GMO raw materials and produces natural and nutritional ingredients to aid & enhance quality of life & wellbeing. BGG specializes in marine botanicals, organic fruit extracts, herbal extracts, natural vitamins, flavor enhancers, and natural sweeteners. Its key products are AstaZine (astaxanthin), LingonMax, ApplePhenon, MyrtiPro, CyaniMax, TheraQ7, ThinOgen, and TheraPrimE. It partnered with the Institute of Medicinal Plant Development and Peking Union Medical College to protect, develop, & support resources of medicinal plants. It is one of largest producers of astaxanthin and offers products across the globe.


  • ENEOS Corporation ENEOS Corporation (JXTG Nippon Oil & Energy Corporation) is engaged in refining and marketing petroleum & petrochemical products and importing & selling gas & coal. The company offers optical films, astaxanthin, lubricants, sheet pallet systems, resin products, and reinforcing fibers. Panaferd-AX derived from bacteria is one of the products of the company similar to synthetic astaxanthin and is authorized only for production of feeds for salmon & trout.


  • Algalíf Iceland ehf It is a nutraceuticals and dietary supplements manufacturing company. It is one of the leading suppliers of high-grade natural astaxanthin products, including ingredients and finished formulations, from microalgae. Algalif is a part of Sana Pharma Holding, which was founded in 2002 and operates across OTC medicines, medical devices, food supplements, and ingredient manufacturing. Sana Pharma has an employee strength of more than 200, and its production process is designed to offer high yields of astaxanthin using renewable energy & Icelandic water. The company commercializes a range of immune-health ingredients, such as Nutramunity Beta-Glucan, for use in personal care products, sports nutrition, nutraceuticals, and food & beverages.


  • Atacama Bio Natural Products S.A. Atacama Bio Natural Products S.A. is a biotechnology corporation that cultures algae to extract healthy ingredients for human and animal use. The company has the advantage of its field location with the Atacama Desert in the surroundings. It has a 250 acres facility in a high-light intensity region with pure water from the Andes Mountains. The company’s products are ISO 9001-, Chile Kosher-, and HALAL-certified and verified through NAXA.


  • ALGAMO It is specialized in algae cultivation and subsequent active substance extraction. These active substances are used in the cosmetic & pharmaceutical industries and food supplements production. The products are sold under the trademark ALGASTIN.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Smart Home Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Smart Home Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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