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Astaxanthin Market Trends

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

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Astaxanthin Market Trends

The surge in demand for natural and clean-label products, alongside innovations in sustainable production methods will favor the market growth. Consumers are increasingly seeking natural astaxanthin derived from microalgae over synthetic forms, with a consequent increase in demand for non-GMO organic supplements. Advancements in biotechnology, such as closed system photobioreactors, are enabling efficient and sustainable production of natural astaxanthin while reducing cost and environmental impacts. For example, in March 2024, astaxanthin was extracted and separated by pre-treating Haematococcus pluvialis microalgae biomass using aqueous two-phase systems based on deep eutectic solvents.

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.