According to Future Market Insights (FMI), global astaxanthin sales are estimated to be worth US$ 273.2 million in 2024. The market is expected to reach US$ 665.0 million by 2034. It is projected to surge at a CAGR of 9.3% in the forecast period 2024 to 2034.
Astaxanthin’s increasing demand is driven by its use in aquaculture, animal feed, nutraceuticals, cosmetics, pharmaceuticals, and food & beverages industries. It is widely used as a food ingredient for prawns and fish to enhance coloration and commercial value.
Astaxanthin benefits aquatic animals by increasing stress tolerance, performance, immune-related gene expressions, reproductive capacity, survival, and disease resistance. The market is expected to rise due to the consistent demand from the food industry, where astaxanthin is used as a food additive due to its health benefits, such as anti-inflammatory effects and prevention of cardiovascular diseases. Studies have shown that astaxanthin is set to prevent photo-aging, improve sleep, minimize obesity, protect the vocal cord, combat depression, and increase sperm motility.
Natural alternatives are gaining traction due to a number of factors, including greater awareness of the harmful effects of chemicals and expanding usage of synthetic ingredients in topical & culinary items. As a result, leading companies are implementing tactics, including the introduction of new products and alliances with key manufacturers in several sectors to boost the market share of natural astaxanthin-based products.
Key Takeaways from the Astaxanthin Market Report:
- The global astaxanthin market is expected to reach a valuation of US$ 665.0 million by 2034.
- Japan is projected to hold a dominant value share of 3.5% by 2034.
- The United States astaxanthin market is projected to reach a valuation of US$ 177.6 million by 2034.
- India’s astaxanthin market is projected to reach US$ 43.0 million by 2034.
- Germany is set to hold a dominant value share of 4.1% by 2034.
“The astaxanthin market is experiencing innovation as dietary lutein becomes a potential substitute in the market. Leading companies are incorporating lutein-rich sources into formulations, highlighting a trend toward diversification. They are also exploring alternative natural compounds.” – says a lead analyst at Future Market Insights (FMI).
Extensive Market Research: Complete Report and Findings
Competitive Landscape
BASF SE, Divi’s Laboratories Ltd., Cyanotech Corporation, DSM N.V., Parry Nutraceuticals, and JXTG Nippon Oil & Energy Corporation are key astaxanthin manufacturers listed in the report. Leading companies are concentrating on broadening their portfolios by launching new products. They also use strategies such as advertisements, partnerships, acquisitions, agreements, and mergers to stay relevant in the market.
For instance,
- In 2020, BGG declared two key extensions of its farm capacity of astaxanthin as the company has seen a surge in its astaxanthin sales lately.
Key Companies Profiled
- BASF SE
- Divi’s Laboratories Ltd.
- Cyanotech Corporation
- DSM N.V
- Parry Nutraceuticals
- JXTG Nippon Oil & Energy Corporation
- Fuji Chemical Industries Co., Ltd.
- Kunming Biogenic Co., Ltd.
- Valensa International Global
- Kailu Ever Brilliance Biotechnology Co. Ltd.
- Algalif Iceland Ehf
- Zhejiang NHU Co., Ltd.
- Atacama Bio Natural Products S.A., Inc.
- AstaReal Inc
- Fenchem Biotek Ltd.
- Igene Biotechnology, Inc.
- BGG (Beijing Gingko Group)
- Cardax, Inc.
- Algatechnologies Ltd.
- Algaecan Biotech Ltd.
- Otsuka Pharmaceutical Co., Ltd.
- Yunnan Alphy Biotech Co., Ltd.
- INNOBIO Corporation Limited.
- Sinoway Industrial Co., Ltd.
- KDI Ingredients
Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global astaxanthin market, presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034.
The study incorporates compelling insights on the astaxanthin market based on species type (haematococcus pluvialis, chlorococcum, chlorella zofingiensis), production technology (chemical synthesis, natural extraction), form (tablets, soft gel capsules, powder, liquid), grade (>=98%, 95%-97%, <=94%), application (aquaculture, dietary supplements, food & beverages, personal care & cosmetics, pet food), and region.
About the Food & Beverage Division at Future Market Insights (FMI)
Expert analysis, actionable insights, and strategic recommendations – the Food & Beverage team at Future Market Insights (FMI) helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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