Number of pages: 100 | Report Format: PDF | Published date: June 10, 2021
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the global astaxanthin market was valued at US$ 722.76 million in 2022 and is expected to register a revenue CAGR of 7.9% to reach US$ 1,432.80 million by 2031.
Astaxanthin Market Fundamentals
Astaxanthin is a naturally occurring carotenoid pigment belonging to the xanthophyll family. It is found in various marine organisms such as microalgae, yeast, salmon, trout, krill, shrimp, crayfish, and some types of seaweed. Astaxanthin is responsible for the red, orange, and pink colors in these organisms. Astaxanthin is known for its powerful antioxidant properties, which help protect cells from damage caused by free radicals. It has been shown to have anti-inflammatory effects and benefits for cardiovascular health, immune function, eye health, and skin health. Additionally, astaxanthin has been found to improve endurance, strength, and muscle recovery in athletes. Astaxanthin is available in supplement form and can be found in various doses and forms, such as soft gels, capsules, tablets, and powders.
Astaxanthin Market Dynamics
The increasing interest in natural products and health consciousness among consumers has led to a rise in demand for astaxanthin as a dietary supplement or functional food ingredient. Astaxanthin’s ability to act as a natural antioxidant, which helps protect cells from the damage caused by free radicals, has been a significant driving factor behind this astaxanthin industry trend. Research studies have demonstrated the potential health benefits of astaxanthin, including its anti-inflammatory effects, eye health, cardiovascular health benefits, immune system support, and protection against UV radiation. These potential benefits of astaxanthin are driving demand in the market. For instance, in May 2023, Japanese researchers published a study funded by Senju Pharmaceutical Co., Ltd., which was conducted to study the effect of astaxanthin, lutein, and zeaxanthin on visual functions and musculoskeletal symptoms caused by long-term visual display terminal (VDT) activity. A double-blinded and placebo-controlled clinical trial was conducted to investigate the effects of dietary supplementation of these three nutrients on eye-hand coordination and smooth-pursuit eye movements following VDT activity.
Many consumers are adopting vegan and vegetarian lifestyles, and as a result, there is an increasing demand for plant-based astaxanthin supplements. Athletes and fitness enthusiasts increasingly use astaxanthin supplements to improve endurance, reduce muscle damage, and accelerate recovery. Moreover, the developing cosmetic industry is also increasing the demand for astaxanthin due to its antioxidant and anti-inflammatory properties, which make it a popular ingredient in skincare and beauty products that aim to protect and nourish the skin. Additionally, astaxanthin is more stable and 6,000 times stronger than vitamin C and 75 times stronger than alpha lipoic acid. Thus, it can treat chronic diseases associated with oxidative stress. Furthermore, the astaxanthin market outlook is looking positive as there is a rise in the development of new extraction and production techniques which has made it easier and more cost-effective to extract astaxanthin from natural sources such as microalgae and krill.
However, astaxanthin is mainly sourced from natural sources such as microalgae and krill, and the availability of these sources is limited. This is leading to supply shortages and price fluctuations which is restricting the astaxanthin market growth. The use of astaxanthin in food and dietary supplements is subject to regulatory approvals in different regions, which can be time-consuming and expensive. These regulatory hurdles are also hindering the astaxanthin market demand.
Astaxanthin Market Ecosystem
The global astaxanthin market is analyzed from four perspectives: form, source, application, and region.
Astaxanthin Market by Form
Based on the forms, the global astaxanthin market is segmented into dry and liquid.
The dry segment accounted for the largest revenue share of approximately 55% in 2022. Dry forms like capsules, softgel, and powders offer convenience to consumers. Dry forms provide accurate and consistent dosing of astaxanthin. Capsules and softgel typically contain pre-measured amounts, ensuring that consumers receive the desired dose without needing to measure or weigh. Dry forms generally have a longer shelf life than liquid or oil-based ones. They are more stable and less prone to degradation or spoilage. This longer shelf life enables easier storage and distribution, making them preferred by both consumers and manufacturers. Dry astaxanthin forms can be easily incorporated into various applications, including dietary supplements, functional foods, beverages, and cosmetic products. Their flexibility allows for greater product development and market diversification. Dry forms of dietary supplements have been widely used and accepted by consumers for many years. Consumers are generally more familiar and comfortable with capsules, softgel, and powders, contributing to their growth in the astaxanthin market.
The liquid segment accounted for a considerable astaxanthin market share in 2022. Liquid astaxanthin formulations offer versatility in terms of applications. They can be easily incorporated into various products, including beverages, tonics, oils, and skincare products. This versatility expands the potential market and allows for different consumer preferences to be accommodated. Liquid formulations provide easy consumption as they can be ingested directly or added to beverages. This convenience appeals to consumers who prefer liquid formats over capsules or powders.
Additionally, liquid forms may offer enhanced bioavailability and absorption, which can be advantageous for certain applications. Liquid astaxanthin can be topically applied for skincare purposes, providing targeted benefits. This direct application allows for the localized delivery of astaxanthin to the skin, maximizing its potential benefits in terms of antioxidant and anti-aging effects.
Astaxanthin Market by Source
Based on the source, the global astaxanthin market is segmented into natural and synthetic.
The natural segment dominated the astaxanthin market, with the highest revenue share in 2022. There is a growing consumer preference for natural products, including dietary supplements and functional ingredients. Natural astaxanthin, derived from sources such as microalgae and krill, aligns with this trend and is seen as a more desirable option than synthetic alternatives. Natural astaxanthin is often perceived as superior in quality and efficacy compared to synthetic astaxanthin. Consumers believe that natural forms are more bioavailable and offer a closer resemblance to the astaxanthin found in nature, which may enhance health benefits. Clean-label products, which emphasize natural ingredients and minimal processing, are gaining popularity among health-conscious consumers. Natural astaxanthin fits well within this clean-label trend. It is derived from sustainable and non-GMO sources, making it an appealing choice for those seeking clean, transparent, and environmentally friendly options. Natural astaxanthin has been extensively researched, and its potential health benefits, such as antioxidant properties, anti-inflammatory effects, cardiovascular support, and skin health benefits, are well-documented. This positive consumer perception further fuels the demand for natural astaxanthin in the market.
The synthetic segment accounted for a significant astaxanthin market share. Synthetic astaxanthin is often more cost-effective to produce compared to natural astaxanthin. The synthesis process allows for efficient production, leading to lower production costs. This cost advantage makes synthetic astaxanthin an attractive option for manufacturers, especially in applications where price sensitivity is a significant factor. Synthetic astaxanthin offers a stable and consistent supply compared to natural astaxanthin, which can be subject to variations in availability and price due to weather conditions and harvest limitations. The synthesis process of astaxanthin allows for precise control over the quality and purity of the final product. Manufacturers can ensure standardized levels of astaxanthin and minimize the presence of impurities or variations that can be inherent in natural sources. This quality control aspect is particularly important for industries with strict regulatory requirements. Synthetic astaxanthin can be engineered to possess specific properties and characteristics that meet the requirements of various industries and applications. This flexibility allows customization, such as adjusting color intensity or optimizing stability, to suit specific product formulations or industry needs.
Astaxanthin Market by Application
Based on the applications, the global astaxanthin market is segmented into animal feed, pharmaceuticals, nutraceuticals, cosmetics, and others.
The nutraceuticals segment accounted for the prominent revenue share of the astaxanthin market. There is a growing global trend towards health and wellness, with consumers seeking natural products that promote overall well-being. Astaxanthin, as a powerful antioxidant, aligns perfectly with this trend. Astaxanthin, particularly natural astaxanthin derived from microalgae or krill, is highly sought in the nutraceuticals segment. Consumers prefer natural sources due to their perceived superiority in terms of quality, efficacy, and bioavailability. Astaxanthin has been associated with various health benefits, including its anti-inflammatory effects, cardiovascular support, immune system enhancement, and protection against UV radiation. These versatile health benefits make astaxanthin an attractive ingredient for nutraceutical products designed to address specific health concerns or provide overall wellness support. Astaxanthin can complement and enhance the effects of other nutraceutical ingredients. This combination approach further strengthens its dominance in the nutraceuticals segment. Consumer awareness of astaxanthin and its health benefits has been steadily growing. With the rise of social media, health influencers, and information-sharing platforms, consumers are becoming more knowledgeable about the potential advantages of astaxanthin in nutraceuticals.
Astaxanthin Market by Region
Geographically, the global astaxanthin market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The North America region has the largest astaxanthin market size in terms of revenue generation. Consumers in North America are increasingly seeking natural and functional ingredients in their dietary supplements, functional foods, and personal care products. Astaxanthin, with its natural antioxidant properties and potential health benefits, aligns well with this demand, driving regional growth. There is a rising awareness of the importance of maintaining health and wellness among consumers in North America. Astaxanthin is recognized for its potential to support various aspects of health, such as cardiovascular, joint, skin, and eye health. This increased health consciousness drives the demand for astaxanthin in the region. According to the CDC, approximately 12 million people 40 years and over in the U.S. have vision impairment, and around 93 million adults are at high risk for serious vision loss.
The sports nutrition market in North America is expanding, with athletes and fitness enthusiasts seeking products to enhance their performance and recovery. Astaxanthin's antioxidant properties and potential benefits in reducing exercise-induced oxidative stress and inflammation make it appealing for athletes and those engaged in physical activities. Ongoing research and development activities focused on astaxanthin and its potential health benefits drive innovation in the market. As more scientific studies validate the efficacy and safety of astaxanthin, it further strengthens consumer confidence and stimulates market growth in North America.
Astaxanthin Market Competitive Landscape
The prominent players operating in the global astaxanthinmarket are:
Astaxanthin Market Strategic Developments
Astaxanthin is a naturally occurring carotenoid pigment belonging to the xanthophyll family. It is found in various marine organisms such as microalgae, yeast, salmon, trout, krill, shrimp, crayfish, and some types of seaweed.
Asia Pacific can be considered the key growth region due to the surge in astaxanthin industry trends in China, Japan, and the Indian subcontinent.
The prominent players operating in the global astaxanthin market are Koninklijke DSM N.V., Divi's Nutraceuticals, Beijing Gingko Group, Algatech Ltd, and Cyanotech Corporation.
The global astaxanthin market growth is estimated to grow at a revenue CAGR of 7.9% during the forecast period from 2023 to 2031.
The estimated size of the global astaxanthin market in 2031 is US$ 1,432.08 million.
*Insights on financial performance are subject to the availability of information in the public domain