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Astaxanthin Market Size

Report ID: GMI202
Published Date: Jun 2024
Report Format: PDF

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Astaxanthin Market Size

Astaxanthin Market size was valued at USD 908.35 million in 2023 and is set to grow at 5.6% CAGR from 2024 to 2032, driven by its rising recognition as a potent antioxidant with numerous health benefits. As consumers seek more effective natural supplements, astaxanthin is gaining popularity for its ability to combat oxidative stress, support skin health, improve cardiovascular function, and power the body to combat diseases. Rising use in supplements and cosmetics will also add to the product demand as scientific research continues to show health benefits.

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For instance, in June 2022, Nutrex Hawaii, Inc. launched TurmericAstin®, a blend of potent antioxidants BioAstin® Hawaiian Astaxanthin® and Organic Turmeric Root Extract for inflammation support.

Astaxanthin Market Report Attributes
Report Attribute	Details
Base Year:	2023
Astaxanthin Market Size in 2023:	USD 908.35 Million
Forecast Period:	2024-2032
Forecast Period 2024-2032 CAGR:	5.6%
2032 Value Projection:	USD 1.51 Billion
Historical Data for:	2021-2023
No. of Pages:	200
Tables, Charts & Figures:	240
Segments covered:	Source, Application
Growth Drivers:	Health Benefits and Increasing Consumer Awareness Expanding Applications in Various Industries Technological Advancements and Sustainable Production
Pitfalls & Challenges:	Regulatory and Safety Concerns High Production Costs

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Furthermore, astaxanthin is widely used as a feed additive to enhance the color and overall health of farmed fish, such as salmon and trout, making it very popular with consumers. Increasing demand for high quality seafood and shift towards sustainable aquaculture practices are driving the demand for natural astaxanthin over synthetic ones. Regulatory approval for use in animal feed across industries is also facilitating widespread acceptance within the industry.

However, high production costs and limited availability of raw materials may deter the product uptake. Natural astaxanthin derived from sources, such as Haematococcus pluvialis microalgae involves complex and expensive cultivation and extraction processes, making them much more expensive than synthetic sources. Stringent regulatory requirements for health claims and product approvals across industries may further slow the market entry and expansion of new astaxanthin products.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size of astaxanthin reached USD 908.35 million in 2023 and is set to witness 5.6% CAGR from 2024 to 2032, owing to its rising recognition as a potent antioxidant with numerous health benefits worldwide.

Astaxanthin industry from the natural segment is expected to reach over USD 1 billion by 2032, due to increasing consumer demand for organic, clean-label, and sustainably sourced products.

Europe market is expected to exceed USD 702 million by 2032, attributed to the strong regulatory frameworks favoring natural and health-promoting supplements, along with the presence of a robust aquaculture sector in the region.

Algix, Wellgreen Technology, ALGA Technologies, Cardax, BASF, Cyanotech Corporation, INNOBIO, BGG, Piveg, Inc., DSM, Fenchem, and Lycored, are some of the major astaxanthin companies worldwide.