Global Astaxanthin Market Size to Exceed USD 4.69 Billion by 2033: Market Study Report

Global Astaxanthin Market Size to Exceed USD 4.69 Billion by 2033 

According to a research report published by Spherical Insights & Consulting, The Global Astaxanthin Market Size Expected to Grow from 1.21 Billion in 2023 to USD 4.69 Billion by 2033, at a CAGR of 14.51% during the forecast period 2023-2033.      

Browse 210 market data Tables and 45 Figures spread through 190 Pages and in-depth TOC on the Global Astaxanthin Market Size, Share, and COVID-19 Impact Analysis, By Product (Oil, Softgel, and Liquid), By Application (Aquaculture & Animal Feed and Nutraceuticals), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033                       

The astaxanthin market is the world's industry engaged in the manufacture, supply, and marketing of astaxanthin, a natural carotenoid pigment with strong antioxidant, anti-inflammatory, and skin care properties. It has extensive applications in dietary supplements, cosmetics, foods & beverages, drugs, and animal feed, especially aquaculture for fish coloration and well-being.  Moreover, the astaxanthin Market is spurred by increasing demand for natural antioxidants, growing application in nutraceuticals, cosmetics, and aquaculture, and greater awareness of skin, eye, and cardiovascular health benefits. Developments in algae-based production, rising adoption in sports nutrition, and its anti-inflammatory, anti-aging, and immune-boosting nature further drive market growth worldwide. However, the astaxanthin market is subject to constraints such as high production expenses, low consumer awareness, regulatory issues, and competition from other antioxidants like beta-carotene and lutein, which affect market growth and penetration.

The softgel segment accounted for the largest share of the global astaxanthin market in 2023 and is anticipated to grow at a significant CAGR during the forecast period.              

Based on product, the global astaxanthin market is divided into oil, softgel, and liquid. Among these, the softgel segment accounted for the largest share of the global astaxanthin market in 2023 and is anticipated to grow at a significant CAGR during the forecast period. This is because of their strong consumer choice, convenience in consumption, and better bioavailability. Most commonly utilized in nutraceuticals and dietary supplements, softgels gain command over oils and liquids, which are mostly applied in cosmetics, food, and animal feed but in lesser quantity.  

The nutraceuticals segment accounted for a substantial share of the global astaxanthin market in 2023 and is anticipated to grow at a rapid pace during the projected period.

On the basis of the application, the global astaxanthin market is divided into aquaculture & animal feed, and nutraceuticals. Among these, the nutraceuticals segment accounted for a substantial share of the global astaxanthin market in 2023 and is anticipated to grow at a rapid pace during the projected period. This is led by growing consumer knowledge of its antioxidant, anti-inflammatory, and skin health properties. Rising demand for dietary supplements, functional foods, and anti-aging products makes nutraceuticals a leading segment over aquaculture & animal feed, which is necessary but has a lower share.

North America is projected to hold the largest share of the global astaxanthin market over the projected period.  

North America is projected to hold the largest share of the global astaxanthin market over the projected period. This is spurred by high consumer consciousness, intense demand for nutraceuticals, and increasing application in cosmetics and functional foods. The region's market leadership is further reinforced by the presence of key industry players, technology advancements in algae-based production, and growing usage in sports nutrition and anti-aging products.

Asia Pacific is expected to grow at the fastest CAGR of the global astaxanthin market during the projected period. This is driven by growing health consciousness, growing demand for nutraceuticals, and growing aquaculture markets. Expansion of functional foods, cosmetics, and dietary supplements, and government initiatives favoring algae-based production, drive market growth, making the region a major target for astaxanthin producers.

Company Profiling

Major vendors in the global astaxanthin market are Fuji Chemical Industries Co., Ltd, Cyanotech Corporation, Algalíf Iceland ehf, Beijing Gingko Group (BGG), Algatech Ltd, PIVEG, Inc., ENEOS Corporation, Atacama Bio Natural Products S.A., E.I.D. – Parry (India) Limited, ALGAMO, and others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In March 2024, Nutrex-Hawaii, Inc., a Cyanotech Corporation subsidiary, launched a sugar-free gummy form of its best-selling BioAstin Hawaiian Astaxanthin dietary supplement, with an impressive 12mg of natural Hawaiian astaxanthin per daily serving. This new product is expected to enhance Cyanotech's market leadership by addressing the increasing demand for easy-to-consume, health-oriented supplements.  

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global astaxanthin market based on the below-mentioned segments:   

Global Astaxanthin Market, By Product

• Oil
• Softgel
• Liquid

Global Astaxanthin Market, By Application

• Aquaculture & Animal Feed
• Nutraceuticals

Global Astaxanthin Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa