Astaxanthin Market Size, Share, Growth, Forecast 2030

Astaxanthin Industry Prospective:

The global astaxanthin market size was worth around USD 700 million in 2022 and is predicted to grow to around USD 1364 million by 2030 with a compound annual growth rate (CAGR) of roughly 8.73% between 2023 and 2030.

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Astaxanthin Market: Overview

Astaxanthin is a chemical compound. It is a keto-carotenoid and falls in the group of terpenes. Owing to its carotenoid properties, it has red pigmentation and is found in certain algae. The presence of astaxanthin imparts a pink-red color in salmon. Since the compound is an antioxidant, it helps protect cells from damage and may also assist in improving the functions of the immune system. It is also used for treating Alzheimer's disease and for other purposes including managing skin aging, improving athletic performance, and handling muscle soreness caused by exercise. However, more studies are needed to provide concrete evidence that support these claims. Due to several positive claims surrounding the advantages of consuming astaxanthin, the industry catering to the production and distribution of this compound has grown tremendously in the last few years. For instance, a study conducted in 2012 concluded that consuming oral doses of astaxanthin along with topical creams helped in making age spots smaller and smoothing wrinkles. The results were positive both in men and women leading to higher interest of the scientific community in this compound.

Key Insights:

• As per the analysis shared by our research analyst, the global astaxanthin market is estimated to grow annually at a CAGR of around 8.73% over the forecast period (2023-2030)
• In terms of revenue, the global astaxanthin market size was valued at around USD 700 million in 2022 and is predicted to grow to around USD 1364 million, by 2030.
• The astaxanthin market is projected to grow at a significant rate due to the rising demand for novel products
• Based on product segmentation, dried algae meal was predicted to show maximum market share in the year 2022
• Based on method of production segmentation, fermentation was the leading method in 2022
• On the basis of region, North America was the leading revenue generator in 2022

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Astaxanthin Market: Growth Drivers

Rising demand for novel cosmetic products to drive market growth

The global astaxanthin market is expected to register high growth owing to the growing demand for novel cosmetic products across the globe. In modern times, social media influence has played a key role in disrupting the ways in which the cosmetics and skin care industry functions. With the rapidly increasing number of social media platforms including YouTube and Instagram along with the rise in the number of subscribers on every such platform, digital marketing has played a pivotal role in advertising and marketing skin care products. It has led to increased brand and product awareness which is further fueled by the growing number of companies dealing in cosmetic products across a broad price range catering to a larger segment of consumers.

For instance, in October 2021, Lycored, a dominant player focusing on the research and development of lycopene and carotenoid well products, announced the launch of LycoAsta. It is an algae-derived skin care product. With this launch, Lycored has successfully expanded its astaxanthin-based offerings. Likewise, at Vitafoods Europe 2022, AstaReal, a pioneer in research related to human consumption of natural astaxanthin, showcased AstaGummy Boost. The product rich in natural astaxanthin is an excellent vegan antioxidant available in a soft gel capsule gummy format.

Growing sales in the nutraceutical sector to impact demand for astaxanthin

The nutraceutical sector is one of the largest consumers, and in turn, sellers of astaxanthin. With the increasing popularity of nutraceuticals among the health-conscious population taking additional measures to ensure excellent physical and mental health, the demand for astaxanthin is likely to boost in the coming years. The compound has been promising in managing conditions such as hair loss and some other health issues. With the growth in the number of people seeking external medication to manage the progression of certain health conditions, astaxanthin in its pure form will register positive results.

Astaxanthin Market: Restraints

Insufficient research related to astaxanthin may restrict market expansion

Astaxanthin is known to show excellent response as an antioxidant and on the health of skin or other body parts. However, the scientific community does not have concrete research-based results to back these claims. Several researchers have emphasized the need for more intensive studies on the exact impact of astaxanthin. While it is considered safe for consumption when consumed in controlled dosage, there is a risk of certain side effects which include gastrointestinal issues and allergic reactions. Moreover, people diagnosed with certain medical conditions and pregnant or breastfeeding women should not consume these astaxanthin in any form without a doctor’s recommendation. The lack of sufficient research undermines product value which could lead to loss of revenue.

Astaxanthin Market: Opportunities

Growing investments and focus on aquaculture to create expansion opportunities

Aquaculture plays a key role in the extensive production of astaxanthin. Aquatic organisms such as certain types of crustaceans and microalgae play an important role in the production and extraction of the compound. With the increasing investment and interest in aquaculture at regional and global levels, the astaxanthin market is likely to come across higher growth opportunities. For instance, in June 2023, CPF India Pvt Ltd, a Thailand-based company operating in the aquaculture sector announced its plan to invest INR 600 crore in India’s agro and aqua business. In July 2023, eFishery, an aquaculture startup, became the first such company to reach a valuation of USD 1 billion. The record is being considered as an important event that is likely to attract more investments in the coming years.

With an improved production rate of astaxanthin, more research can be conducted alongside higher commercial applications of the famous compound.

Astaxanthin Market: Challenges

Concerns over compound adulteration to challenge market growth

There are growing concerns over the adulteration of astaxanthin. The consumption of compromised compounds is extremely harmful to animals, humans, and the overall environment. Some countries, especially in the North American region are witnessing a rise in the contamination of naturally occurring astaxanthin. The production of such a form of this compound is an expensive affair due to the large amount of resources including human labor required for the production. On the other hand, synthetic astaxanthin can be harmful to humans thus limiting astaxanthin industry share.

Astaxanthin Market: Segmentation

The global astaxanthin market is segmented based on product, source, method of production, application, and region.

Based on product, the global market segments are liquid, oil, dried algae meal, and softgel. In 2022, almost 25% of the total market share was led by the dried algae meal segment. Specific reasons for higher segmental growth include the requirement of minimum downstream processing, the use of the dried algae meal for producing more formulations, and increased use of animal feed. Companies such as AstaPure Arava also registered greater consumption and demand for algal astaxanthin. The second-largest shareholder is the softgel segment driven by convenience in terms of consumption.

Based on source, the astaxanthin industry segments are plants, natural, marine animals, yeast & microbes, and synthetic.

Based on the method of production, the divisions in the astaxanthin industry include extraction, fermentation, microalgae cultivation, and chemical synthesis. During the forecast period, the fermentation method is likely to register a CAGR of 8.12% due to the extensive use of Phaffia rhodozyma, a yeast, for the production of industrial-scale astaxanthin. Using the organism makes the entire process more economical and quick since low-cost raw materials can be produced for producing the compound.

Based on application, the astaxanthin industry divisions are cosmetics, feed, food & beverages, and dietary supplements.

Astaxanthin Market: Report Scope

Astaxanthin Market: Regional Analysis

North America to continue its growth streak during the forecast period

The global astaxanthin market will be led by North America during the forecast period with a CAGR of more than 10%. The rising application of astaxanthin across end-user verticals especially the nutraceutical industry is the major driving factor. The US is home to some of the largest and most dominant nutraceutical companies that are undertaking extensive research programs to study the compound in detail. Moreover, a rapid increase in product portfolio and entry into newer or unexplored markets is crucial to regional expansion. End products such as vitamins and other nutrients have large consumers in North America as people have adopted proactive or preventive care approaches propelled by higher consumer awareness about product benefits.

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Asia-Pacific is likely to encounter higher CAGR during the coming period driven by growing investments in aquaculture and the rising number of people seeking effective skincare & cosmetic products. Countries such as South Korea, India, China, and Japan have a huge consumer base of quality skin and hair products which is evident in the rapidly rising number of product options available in the regional market.

Astaxanthin Market: Competitive Analysis

The global astaxanthin market is led by players like:

• MicroA
• Algatech Ltd
• Algalíf Iceland ehf
• Fuji Chemical Industries Co. Ltd
• Cyanotech Corporation
• Atacama Bio Natural Products S.A.
• Beijing Gingko Group (BGG)
• ENEOS Corporation
• PIVEG Inc.
• E.I.D. - Parry.

The global astaxanthin market is segmented as follows:

By Product

• Liquid
• Oil
• Dried Algae Meal
• Softgel

By Source

• Plants
• Natural
• Marine Animals
• Yeast & Microbes
• Synthetic

By Method of Production

• Extraction
• Fermentation
• Microalgae Cultivation
• Chemical Synthesis

By Application

• Cosmetics
• Feed
• Food & Beverages
• Dietary Supplements

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa