According to IMARC Group latest report titled “Astaxanthin Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on astaxanthin market size. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global astaxanthin market size reached US$ 754.0 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,209.9 Million by 2028, exhibiting a growth rate (CAGR) of 8.29% during 2023-2028.
Astaxanthin is a type of carotenoid, a naturally occurring pigment found in a wide variety of organisms, including plants, algae, and some bacteria. It is used as a dietary supplement to improve overall health, as it is a powerful antioxidant and anti-inflammatory agent that can help protect cells from damage caused by oxidative stress. It can also help support a healthy immune system and improve cognitive function. Additionally, it is widely utilized to reduce the risk of certain diseases, such as coronary artery disease, stroke, and certain cancers. It also helps in minimizing the signs of aging and may improve skin health. As a result, it is gaining traction across the globe since it is easily available via some foods, such as salmon, shrimp, krill, and crab, and can also be found in supplement form.
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Market Trends:
The rising healthcare expenditure majorly drives the global market. This can be supported by the increasing prevalence of diabetes, cancer, cognitive health problems, and cardiovascular diseases. Along with this, the growing awareness regarding the benefits associated with astaxanthin, including improving blood flow, decreasing blood sugar levels, reducing pain in the muscles, joints, and tendons, preventing photoaging, improving sleep cycles, combating depression, and increasing sperm motility, is significantly supporting the demand. In addition, the rising demand for astaxanthin as a food additive and coloring agent in the food and beverage industry is also contributing to the market. Apart from this, several manufacturers are utilizing cost-effective technologies to reduce water wastage and save electricity, is impacting the market favorably.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Algatech LTD
- BASF SE
- Beijing Gingko Group
- Cardax Inc
- Cyanotech Corporation
- Divi’s Laboratories Limited
- I.D. – Parry (India) Limited
- Fenchem Biotek Ltd
- Fuji Chemical Industries Co. Ltd.
- Koninklijke DSM N.V.
- Piveg Inc
Astaxanthin Market Segmentation:
Our report has categorized the market based on region, source, product and application.
Breakup by Source:
- Natural
- Yeast
- Krill/Shrimp
- Microalgae
- Others
- Synthetic
Breakup by Product:
- Dried Algae Meal or Biomass
- Oil
- Softgel
- Liquid
- Others
Breakup by Application:
- Nutraceuticals
- Cosmetics
- Aquaculture and Animal Feed
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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