The Astaxanthin Market is projected to reach $1.34 billion by 2030, at a CAGR of 8.2% from 2023 to 2030. This market is driven by the growing awareness about clean-label products and the benefits of natural food colors and the increasing demand for natural cosmetics products and dietary supplements.
Furthermore, emerging economies in Asia-Pacific, Latin America, and the Middle East & Africa and government initiatives to support aquaculture are expected to provide significant opportunities for the growth of this market. However, stringent regulatory and approval norms and the high cost of natural astaxanthin hinder the growth of this market to a notable extent.
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Asia-Pacific: Fastest-growing Regional Market
Based on geography, in 2023, Europe is expected to account for the largest share of the astaxanthin market, followed by North America, Asia-Pacific, Latin America, and the Middle East & Africa. The large share of Europe is attributed to the growing food & beverage industry, rising health & wellness trends, increasing feed production, and growing demand for chemical-free cosmetics. Furthermore, the increase in the aging population in the region has led to a surge in demand for astaxanthin to reduce the risk of diabetes, cancer, and other heart-related issues.
The Nutraceuticals Segment is Projected to Witness Highest Demand During the Forecast Period
Based on application, the nutraceuticals segment is projected to witness significant growth during the forecast period of 2023–2030. The rapid growth of this segment is mainly attributed to astaxanthin’s ability to control free radicals enhanced by nutraceuticals, thereby becoming the preferred choice to treat various health ailments, including muscle endurance, gastritis, diabetes, and cardiovascular diseases, among others. Furthermore, astaxanthin’s antioxidant properties, low side effects, and high nutritional value have made them the priority choice as raw materials in nutraceuticals.
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The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by leading market participants in the astaxanthin market between 2020 and 2023. The key players profiled in this astaxanthin market study are Algatechnologies Ltd. (Israel), BASF SE (Germany), BGG (Beijing Gingko Group) (China), Cardax, Inc. (U.S.), Cyanotech Corporation (U.S.), Divi’s Laboratories Limited (India), Koninklijke DSM N.V. (Netherlands), Fenchem (China), Fuji Chemical Industries Co., Ltd. (Japan), Valensa International (U.S.), Otsuka Holdings Co., Ltd. (Japan), Piveg, Inc. (U.S.), Vidya Europe SAS (France), Wellgreen Technology Co., Ltd. (China), and Algalíf Iceland ehf (Iceland).
Scope of the Report
Astaxanthin Market, by Source
Astaxanthin Market, by Form
Astaxanthin Market, by Method of Production
Astaxanthin Market, by Application
Food & Beverages
Personal Care & Cosmetics
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Key Questions Answered in the Report-
Which are the high-growth market segments in terms of source, form, method of production, application, and geography?
What is the historical market size for astaxanthin across the globe?
What are the market forecasts and estimates for the period 2023–2030?
What are the major drivers, restraints, and opportunities in the astaxanthin market?
Who are the major players in the market, and what are their market shares?
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