The global astaxanthin market size is expected to reach USD 4.75 billion by 2028, registering a CAGR of 16.8%, according to a new report by Grand View Research, Inc. Increasing adoption of dietary supplements, growing awareness among people regarding healthy lifestyle, and government initiatives to increase the manufacturing capacity are anticipated to boost the market growth. For instance, in May 2019, Algalíf Iceland ehf. received financial aid from EU’s SME Instrument program and Icelandic Centre for Research’s Technology Development Fund to expand its manufacturing capacities by adding spray dryers.
Cost-effective technologies widely used for astaxanthin production include Photo Bioreactor (PBR) and Flat Panel Airlift (FPA) reactors. Furthermore, other technologies used are open pond, closed microalgae, hybrid (a need-based combination of open pond system & flat panel photobioreactor), green technology production system energized by natural sunlight, and supercritical carbon dioxide extraction systems.
Market players are aggressively finding innovative methods to improve production for meeting the growing demand in the nutraceutical and pharmaceutical industry. For instance, an ongoing study conducted by scientists at the University of Pennsylvania has shown a route to optimize the production of astaxanthin by using a strain of E. coli. According to a study, the production rate of biomass via modified E. coli was 16 times higher than the current algae cultivation method. This reflects the industry’s ability to invest in new technologies for meeting the quality standards and demands of consumers.
Increasing research on the usage of astaxanthin products for different applications will create a new opportunity in the market. Many studies have been conducted to evaluate the potential of astaxanthin in different end-use industries. For instance, in April 2021, a study was published in MDPI related to the use of astaxanthin-based feed additives in the poultry industry. The study revealed that a moderate dose could efficiently improve egg yolk color and the general health of laying hens. Moreover, in April 2019, researchers in Japan and China investigated the use of astaxanthin on aging using a mice model and found improved dysregulation of aging-related gene expression.
The nutraceutical industry is a dynamic and evolving end-use industry that offers new opportunities to key players looking to introduce novel products. Key players are continuously conducting R&D to develop a novel product for nutraceutical applications. Companies, such as Algatech Ltd. and Cyanotech Corp., have introduced ready-to-mix and water-dispersible powder for the supplements & beverages industries. Similarly, companies are studying its applications in the pharmaceutical industry.
Companies are adopting strategies, such as new product launches and partnerships with major players in end-use industries, to increase the penetration of natural astaxanthin-based products. For instance, in March 2019, Algatech Ltd. entered into a partnership with a personal care product manufacturer for astaxanthin topical applications in the U.S. market. This initiative was anticipated to drive the commercial reach of the product in North America, thereby fueling the global market.
The market is highly competitive due to the presence of a large pool of players. Key players are adopting new technologies and producing an optimal quality of products to increase sales and gain maximum market share.
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In 2020, natural astaxanthin accounted for the largest market share and is anticipated to maintain its dominance over the forecast period
Microalgae is the largest natural source, which held more than 70% of the total natural astaxanthin product
Ongoing studies to expand the use of astaxanthin products are anticipated to boost the demand in the coming years
Based on product, dried algae meal or biomass is the largest segment and is expected to maintain its dominance over the forecast period
Asia Pacific region is expected to experience the fastest growth over the forecast period owing to the increasing adoption of nutraceuticals and increasing consumer disposable income in the region
Grand View Research has segmented the global astaxanthin market on the basis of source, product, application, and region:
Astaxanthin Source Outlook (Volume, Metric Tons; Revenue, USD Million, 2017 - 2028)
Astaxanthin Product Outlook (Volume, Metric Tons; Revenue, USD Million, 2017 - 2028)
Dried Algae Meal or Biomass
Astaxanthin Application Outlook (Volume, Metric Tons; Revenue, USD Million, 2017 - 2028)
Aquaculture &Animal Feed
Functional Foods and Beverages
Other Traditional Food Manufacturing Applications
Astaxanthin Regional Outlook (Volume, Metric Tons; Revenue, USD Million, 2017 - 2028)
Middle East & Africa
List of Key Players of Astaxanthin Market
CO2 GRO Inc. (BlueOcean NutraSciences)
ENEOS Corporation (JXTG Nippon Oil & Energy Corporation)
E.I.D. – Parry (India) Limited
Algalif Iceland ehf
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