The size of the Astaxanthin Market in the world was estimated at USD 1,981.13 million in 2021, and from 2023 to 2030, it is anticipated to rise at a CAGR of 17.92%.
The demand for astaxanthin from the food trade is on the increase, because it is increasingly getting used as a food-coloring agent, an inhibitor to preserve the style, color, freshness, and quality of food things. traditionally, astaxanthin was used to accustomed retain the nutrients of the food from harm, enhance sensory aspects, and up the general charm of food merchandise. within Europe, astaxanthin has earned approval as an important staple to develop dietary supplements. However, due to the instability of astaxanthin, it's prone to degradation by a number of environmental factors, analysis activities still focus on this space among the astaxanthin market.
Companies operative within the astaxanthin market landscape are expected to launch innovative and eco-friendly bio-astaxanthin to achieve a grip over competitors. many companies are expected to apportion funds for analysis and development of latest astaxanthin that's expected to seek out applications within the cultivation area. as an example, KnipBio launched a replacement vary of KnipBio Meal that contains bio-astaxanthin– an ingredient that plays a key role in up the general health of aquatic species, as well as shrimp, trout, and salmon, among others. many researchers are centered on finding new techniques to synthesize natural astaxanthin. as an example, in december 2023, a team of researchers from Japan revealed that they have discovered a novel way to synthesize natural astaxanthin by utilizing marine protoctist.
Within the astaxanthin market, the adoption levels from the cultivation industry continue to move in the upward trajectory. The demand for astaxanthin from aquaculture is on the increase, as astaxanthin plays an important role in up the survivability and reproductivity of aquatic species. Moreover, another issue that's set to increase the demand for natural astaxanthin is that the inability of marine animals and crustaceans to self-synthesize astaxanthin. The demand for natural astaxanthin that's mostly sourced from yeast, bacteria, and protoctist is more and more, notably from the industrial sector.
|Market size available for years||2023–2030|
|Base year considered||2023|
|Forecast unit||Value (USD Million)|
|Segments covered||Type, Application and Region|
|Regions covered||North America (the U.S. and Canada), Europe (UK, Germany, France, Italy, Spain, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South East Asia, Rest of Asia Pacific), Latin America and the Middle East and Africa (Brazil, Saudi Arabia, UAE, Rest of LAMEA)|
|Companies covered||Algatechnologies Ltd., Algaecan Biotech Ltd.,Archer Daniels Midland Co. (ADM),BASF SE, BGG (Beijing Gingko Group),Cardax, Inc., Cyanotech Corporation (BioAstin), Divis Laboratories Ltd.,Fenchem Biotek Ltd, Fuji Chemical Industries Co., Ltd., Igene BioProduction Technology, Inc., INNOBIO Limited.|
The covid-19 Impact on Astaxanthin Market:
Like several different industries, COVID-19 badly knocked the electronic and semiconductor trade. This new event has compact nearly 230 countries in exactly a couple of weeks, leading to the forced conclusion of producing and transportation activities at intervals and across the countries. This has directly affected the expansion of the sector. It's calculable that COVID-19 to depart over USD thirty billion impacts on the physics and semiconductor trade. The arena is majorly affected thanks to transport restrictions on major physics and semiconductor staple suppliers. However, the rising want for semiconductors in many industries can supply fast market recovery over the longer-term amount.
Astaxanthin Market Segment Overview
Based on source, the astaxanthin market is segmented into synthetic and natural. synthetic astaxanthin is most commonly used in process, poultry, and pet food applications and expected to surpass USD 330 million by 2027. it's made by a highly complex process from petrochemicals and is breast-fed to fishes to supply coloration. Its adoption in cultivation for giving pigmentation to those species and cost-effectiveness might further support market statistics.
Based on application, the astaxanthin market is segmented into dietary supplements, tending, pharmaceuticals, food & beverage, and animal feed. Rising consumer preference towards organic care merchandise sourced from natural raw materials that ar chemical-free might expand product growth. Cosmetic product manufacturers use it as associate degree ingredient in varied body creams, sunscreens, lipsticks, and facial creams. The inhibitor properties help in protecting the skin against the sun, heal damaged skin, reduce wrinkles and spots, enhance skin elasticity, and provide other cosmetic benefits.
Market Analysis, Insights and Forecast – By Source
Market Analysis, Insights and Forecast – By Application
· Dietary Supplements
· Personal Care
· Food & Beverage
· Animal feed
Astaxanthin Market Regional Overview
Region-wise, in terms of regions, Asia Pacific led the world astaxanthin market share in 2020 Substantial product demand for animal feed application across the region can primarily contribute to industry expansion. The region is characterized by changing lifestyles, growing middle-class population, and increasing product on cosmetics, health, and wellness merchandise. Besides, rising client awareness relating to its health benefits coupled with an oversized population base afflicted with nutritional deficiency can further boost the regional market expansion.
Rising financial support by the governments for aquaculture sector with higher food consumption is anticipated to drive the market within the region. Moreover, fast expansion of the pharmaceuticals, cosmetics, and aquaculture sectors in Asian country, China, Japan, and south korea is anticipated to spice up product adoption rate.
Astaxanthin Market, By Geography
· North America (US & Canada)
· Europe (UK, Germany, France, Italy, Spain, & Rest of Europe)
· Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
· LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
Astaxanthin Market Competitor overview
Some key developments and strategies adopted by manufacturers in the Astaxanthin are highlighted below.
· In 2020, Cyanotech corp. launched BioAstin Hawaiian Astaxanthin, a completely unique delivery platform of a water-dispersible powder. Some prominent players in the global astaxanthin market include:
Astaxanthin Market, Key Players
· Algatechnologies Ltd.
· Algaecan Biotech Ltd.
· Archer Daniels Midland Co. (ADM)
· BASF SE
· BGG (Beijing Gingko Group)
· Cardax, Inc.
· Cyanotech Corporation (BioAstin)
· Divis Laboratories Ltd.
· Fenchem Biotek Ltd
· Fuji Chemical Industries Co., Ltd.
· Igene BioProduction Technology, Inc.
· INNOBIO Limited
Frequently Asked Questions (FAQ) :
Q1. What is the total CAGR expected to be recorded for the Astaxanthin market during the forecast period?
Q2. Which segment is projected to hold the largest share in the Astaxanthin Market?
Q3. What are the driving factors for the Astaxanthin market?
Q4. Which Segments are covered in the Astaxanthin market report?
Q5. Which are the prominent players offering Astaxanthin?
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Industry SWOT Analysis
- 4.5. Porters Five Forces Analysis
5. Global Astaxanthin Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Source
- 5.2.1. Synthetic
- 5.2.2. Natural
- 5.3. Market Analysis, Insights and Forecast – By Application
- 5.3.1. Dietary Supplements
- 5.3.2. Personal Care
- 5.3.3. Pharmaceuticals
- 5.3.4. Food & Beverage
- 5.3.5. Animal feed
- 5.4. Market Analysis, Insights and Forecast – By Region
- 5.4.1. North America
- 5.4.2. Europe
- 5.4.3. Asia Pacific
- 5.4.4. Latin America, Middle East, and Africa
6. North America Astaxanthin Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Source
- 6.2.1. Synthetic
- 6.2.2. Natural
- 6.3. Market Analysis, Insights and Forecast – By Application
- 6.3.1. Dietary Supplements
- 6.3.2. Personal Care
- 6.3.3. Pharmaceuticals
- 6.3.4. Food & Beverage
- 6.3.5. Animal feed
- 6.4. Market Analysis, Insights and Forecast – By Country
- 6.4.1. U.S.
- 6.4.2. Canada
7. Europe Astaxanthin Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Source
- 7.2.1. Synthetic
- 7.2.2. Natural
- 7.3. Market Analysis, Insights and Forecast – By Application
- 7.3.1. Dietary Supplements
- 7.3.2. Personal Care
- 7.3.3. Pharmaceuticals
- 7.3.4. Food & Beverage
- 7.3.5. Animal feed
- 7.4. Market Analysis, Insights and Forecast – By Country
- 7.4.1. UK
- 7.4.2. Germany
- 7.4.3. France
- 7.4.4. Italy
- 7.4.5. Spain
- 7.4.6. Russia
- 7.4.7. Rest of Europe
8. Asia Pacific Astaxanthin Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Source
- 8.2.1. Synthetic
- 8.2.2. Natural
- 8.3. Market Analysis, Insights and Forecast – By Application
- 8.3.1. Dietary Supplements
- 8.3.2. Personal Care
- 8.3.3. Pharmaceuticals
- 8.3.4. Food & Beverage
- 8.3.5. Animal feed
- 8.4. Market Analysis, Insights and Forecast – By Country
- 8.4.1. China
- 8.4.2. India
- 8.4.3. Japan
- 8.4.4. Australia
- 8.4.5. South East Asia
- 8.4.6. Rest of Asia Pacific
9. Latin America, Middle East, and Africa Astaxanthin Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Source
- 9.2.1. Synthetic
- 9.2.2. Natural
- 9.3. Market Analysis, Insights and Forecast – By Application
- 9.3.1. Dietary Supplements
- 9.3.2. Personal Care
- 9.3.3. Pharmaceuticals
- 9.3.4. Food & Beverage
- 9.3.5. Animal feed
- 9.4. Market Analysis, Insights and Forecast – By Country
- 9.4.1. Brazil
- 9.4.2. Saudi Arabia
- 9.4.3. UAE
- 9.4.4. Rest of LAMEA
10. Competitive Analysis
- 10.1. Company Market Share Analysis, 2021
- 10.2. Key Industry Developments
- 10.3. Company Profile
- 10.4. Algatechnologies Ltd.
- 10.4.1. Business Overview
- 10.4.2. Segment 1 & Service Offering
- 10.4.3. Overall Revenue
- 10.4.4. Geographic Presence
- 10.4.5. Recent Development
- 10.5. Algaecan Biotech Ltd.
- 10.6. Archer Daniels Midland Co. (ADM)
- 10.7. BASF SE
- 10.8. BGG (Beijing Gingko Group)
- 10.9. Cardax, Inc.
- 10.10. Cyanotech Corporation (BioAstin)
- 10.11. Divis Laboratories Ltd.
- 10.12. Fenchem Biotek Ltd
- 10.13. Fuji Chemical Industries Co., Ltd.
- 10.14. Igene BioProduction Technology, Inc.