Astaxanthin Market 2023 – 2030 By Product (Dried Algae Meal Or Biomass, Oil, Softgel, Liquid), Source (Natural, Synthetic), Application and Regions - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Industry : Healthcare | Pages : 180 Pages | Published On : Dec 2023
The global astaxanthin market was valued at USD 1,943.12 million in 2022 and is projected to grow at a CAGR of 17.2% from 2023 to 2030. The market's growth is primarily driven by the increasing demand for astaxanthin from various industries such as nutraceuticals, cosmetics, pharmaceuticals, aquaculture & animal feed, and food & beverages. Organizations like the Natural Algae Astaxanthin Association (NAXA) play a vital role in promoting and educating about the benefits of natural astaxanthin in various applications.
The rising awareness of nutritional products and the adoption of dietary supplements due to lower side effects and hospitalization costs are fueling the demand for nutraceuticals and natural antioxidants. Astaxanthin, being a powerful antioxidant, is in high demand for its health benefits, being 550 times stronger than vitamin E. The nutraceutical industry is witnessing significant growth due to increasing awareness of nutrition-rich products among consumers.
To meet the growing demand for nutraceutical products, market players are expanding their production capacities and distribution networks. Advanced technologies are being employed to boost production efficiency and reduce environmental impact. These technological advancements are helping to increase production without compromising product quality.
Various strategic initiatives, such as the introduction of novel platforms and products, are creating growth opportunities in the regional market. Companies are launching innovative products that incorporate natural astaxanthin to cater to the growing demand for wellness and health-oriented solutions.
The natural segment accounted for the largest revenue share in 2022 and is expected to witness rapid growth during the forecast period. This growth is attributed to the advantages of natural astaxanthin, including high efficacy and sustainability. The surging demand for natural food supplements, wide availability, and higher efficacy compared to synthetic products are driving the expansion of this segment. Key market players like NextFerm and Beijing Gingko Group are actively involved in developing innovative natural astaxanthin products and expanding their applications, which is likely to create new market opportunities.
Leading players are also taking strategic initiatives to strengthen their naturally sourced product portfolio, further fueling the growth of the natural segment. For example, NextFerm announced a production deal for yeast-derived vegan protein in September 2022, and in July 2021, NextFerm Technologies entered the North American market with two ingredients, ProteVin and Astaferm.
On the other hand, the synthetic segment dominates in terms of volume production of astaxanthin. The increasing demand from the aquaculture & animal feed industry and the availability of safe and approved products like Cardax, Inc's ZanthoSyn as an anti-inflammatory are driving the demand for synthetic astaxanthin. The presence of numerous players engaged in the production of synthetic products has made the market highly competitive.
In 2022, the product segment of dried algae meal or biomass emerged as the dominant leader with a market share of 25.40%. The segment's growth is fueled by various factors, including its usage for the production of other formulations, minimal downstream processing requirements, higher adoption as animal feed, and ease of bulk production. The introduction of new products like AstaPure Arava in February 2020 further reflects the increasing demand for algal astaxanthin, driving the growth of this segment. Additionally, collaborations and agreements, such as Algalif's partnership with Marea in May 2022 to develop a biodegradable coating from leftover algae biomass, are expected to contribute to the segment's expansion.
On the other hand, the softgel segment held the second-largest market share and is projected to experience lucrative growth in the coming years. Softgels are widely favored by consumers due to their convenience and are especially popular among the geriatric population. The segment's growth is further driven by the superior product stability compared to liquid preparations and the high demand for nutraceuticals. Ongoing regulatory approvals for softgel products, as exemplified by NextFerm Technologies' regulatory marketing approval for Astaferm, an innovative antioxidant in the form of oil for softgels, in the U.S. in September 2021, are also contributing to the segment's expansion.
The aquaculture & animal feed segment holds a substantial market share due to the widespread use of astaxanthin as a feed additive. The growing adoption of these products in the expanding aquaculture industry, aimed at enhancing the quality of seafood, contributes significantly to the segment's prominence in the market. Notably, China's Fishery Report indicates that China maintained its position as the world's largest seafood producer, with a production of 65.49 million metric tons in 2021.
Leading players are actively developing astaxanthin products for animal feed with medicinal benefits. For example, in July 2022, AstaReal introduced Novasta, an astaxanthin ingredient designed for animal feed. This launch has opened up new possibilities for health-enhancing feed applications in the industry.
The nutraceuticals segment is expected to experience rapid growth during the forecast period, driven by the rising demand for natural astaxanthin in nutritional products and its superior antioxidant properties compared to other available food supplements. Factors such as unhealthy lifestyles, a rapidly aging population, and inadequate intake of essential nutrients are further fueling the demand for nutraceuticals. Additionally, the COVID-19 pandemic has significantly increased the demand for nutraceuticals as people become more conscious of preventive healthcare measures.
North America, being the most developed market, dominated the astaxanthin industry in 2022, holding the largest share. The increasing prevalence of nutrition and skin-related diseases in the region is a key driver of the demand for astaxanthin in food products. The presence of key manufacturers like Cyanotech, Piveg, Inc., and Beijing Ginko Group (BGG), as well as synthetic astaxanthin manufacturers such as Cardax, Inc., is expected to further boost the market in North America during the forecast period. Additionally, the region's large population of health-conscious individuals, growing adoption of nutraceuticals, and well-established cosmeceutical industry are major factors fueling market growth.
On the other hand, Asia Pacific is projected to witness the fastest growth rate during the forecast period. The region's high unmet needs, increasing production of astaxanthin, rising R&D expenditure, and economic growth contribute to the growing demand for these products in the area. Urbanization, high disposable income, and increasing awareness about natural astaxanthin are also expected to drive the market in the Asia Pacific region.
- Algatech Ltd
- Cyanotech Corporation
- Beijing Gingko Group (BGG)
- Algalíf Iceland ehf
- Fuji Chemical Industries Co., Ltd
- PIVEG, Inc.
- Atacama Bio Natural Products S.A.
- ENEOS Corporation
- E.I.D. - Parry (India) Limited (Alimtec S.A., Valensa International)
Global Astaxanthin Market Segmentation
- Source Outlook (Volume, Metric Tons; Revenue, USD Million, 2018 - 2030)
- Product Outlook (Revenue, USD Million, 2018 - 2030)
- Dried Algae Meal Or Biomass
- Application Outlook (Revenue, USD Million, 2018 - 2030)
- Aquaculture And Animal Feed
- Functional Foods And Beverages
- Other Traditional Food Manufacturing Applications
- Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- North America
Table and Figures
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