Astaxanthin Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DM2138 | Last Updated On: Jun 24 2022 | Available Formats

> Global Astaxanthin Market Expected to reach a high CAGR of 3.5% By 2029: DataM Intelligence

Global Astaxanthin Market is segmented By Product Type (Synthetic, Natural), By Product Form (Soft Gels, Capsules, Powder, Others), By Application (Dietary Supplements, Pharmaceuticals, Cosmetics, Food and Beverages, Animal Feed, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The Global "Astaxanthin Market" is expected to grow at a CAGR of 3.5% during the forecasting period (2022-2029).

Astaxanthin is a naturally occurring dark red carotenoid that is majorly found in aquatic animals such as krill, salmon, trout, shrimp, crustaceans, and crayfish. Astaxanthin has highly powerful lipophilic antioxidants, has no “pro-oxidant” property and it is approximately 500 times stronger than vitamin E.  Consumption of astaxanthin provides several benefits such as improved ability to reduce oxidative stress, supports healthy cardiovascular activity, improves muscle strength & performance, and prevents premature skin aging and joint health. The astaxanthin in capsule form is consumed as a dietary supplement majorly in Japan, The U.S and EU. In agriculture, it is used as a food supplement for egg-producing chickens. Astaxanthin is considered as a super-oxidant and it is approximately 10-20 times more powerful than other commercially available carotenoids such as beta-carotene, lutein, and zeaxanthin.

Market Dynamics

Increasing demand for high quality natural dietary supplements as a precautionary measure for various health diseases such as osteoarthritis, Type 2 Diabetes, Thrombosis, and others is the primary factor driving the global astaxanthin market. Growing consumer awareness regarding product availability and its health-related benefits associated with the consumption of astaxanthin products is further expected to boost the market for astaxanthin globally during the forecast period. Increasing production of salmon, shrimp, and trout and increased utilization of astaxanthin as a feed additive for respective species is additionally driving the global astaxanthin market. According to the data published in Food and Agriculture Organization, the annual production of Shrimp increased from 3.5 million tons in 2017 to approximately 4 million tons in 2018 providing significant market growth for astaxanthin globally in the respective industry. Over the years, astaxanthin evolved as a pigment source and vitamin for cultured prawns. Moreover, increasing awareness regarding aging associated with increased preventive care approach towards aging are increasing demand for astaxanthin globally during the forecast period.

However, the presence of health-related side effects through oral consumption of astaxanthin and the high cost of the respective products are primary factors hindering the growth of the astaxanthin market globally during the forecast period. The major astaxanthin side effects associated with oral consumption include bowel movements, red stool color, and stomach pain. 

Segment Analysis

Global astaxanthin market is segmented on the basis of product type into food synthetic and natural.

The natural segment is expected to dominate the global astaxanthin market during the forecast period owing to technical and biological advantages over its compatriots. Natural astaxanthin is produced from microalgae which is present in carotenoid cocktail and is connected to one or two fatty acids diesters and monoesters whereas synthetic astaxanthin is produced from petrochemicals and is free from astaxanthin. The natural astaxanthin is approved for human consumption as a dietary supplement whereas synthetic astaxanthin is approved only for its usage in salmon feed. 

Geographical Presentation

By region, the global astaxanthin market is segmented into North America, South America, Europe, Asia-Pacific, Middle-east, and America.

Europe is expected to dominate the global astaxanthin market during the forecast period owing to increased awareness among the communities towards astaxanthin and its advantages over precautionary consumption. Increased consumer interest in anti-aging cosmetic products and the presence of similar medical properties is further expected to boost the demand for astaxanthin in Europe during the forecast period.

Asia-Pacific astaxanthin market is expected to grow at a higher pace during the forecast period owing to increased production of shrimp and other aquatic products associated with increased consumption of astaxanthin as a feed additive in the production of shrimp, salmon, Strout, and other egg-producing animals. Increased adoption of advanced feed additives to improve the health and productivity of aquatic species by farmers is further expected to boost the consumption of astaxanthin in Asia-Pacific during the forecast period.

Competitive Analysis

Global astaxanthin market is currently experiencing new product launches with innovative formulation methods to attract consumers located across the major developing countries. The global players in the astaxanthin market are focused on improving their regional and global presence in the respective market through mergers and acquisitions with the regional/developing companies in the astaxanthin market.

  • In July 2019, Chile-based Atacama Bio Natural Products launched NatAxtin branded Alge Astaxanthin as a biomass, oleoresin oil, and power for usage in food and dietary supplement.
  • In May 2018, BCG and Algredients have merged into a company to increase its market presence and share in the natural ingredients sector. It includes Algae, fruits and plants, natural astaxanthin, DHA Omega-3 fatty acids, and other natural ingredients.
  • In November 2017, NowFoods launched Astaxanthin capsules consisting AstaZine Natural Astaxanthin derived from organic Heamatococcus Pluvialis microalgae.

Some of the key players in the global astaxanthins market include AlgaTechnologies Ltd., BioAstin, Fujifilm Corporation, Algae Health Sciences, and many others.

Why Purchase the Report?

  • Visualize the composition of the global Astaxanthin market in terms of various types of product types and product forms, highlighting the key commercial assets and players.
  • Identify commercial opportunities in the global Astaxanthin market by analyzing trends and co-development deals.
  • Excel data sheet with thousands of data points of global Astaxanthin market-level 4/5 segmentation.
  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
  • Product mapping in excel for the key product of all major market players

**The global astaxanthin report will provide access to approximately 53 market data tables, 46 figures, and 230 pages.

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