Growing Demand for Innovative Food Items among Conscious Consumers to Push Sales of Astaxanthin Market Anticipated to Expand at 14.9% CAGR. The United States is expected to dominate the astaxanthin market throughout the forecast period.
NEWARK, Del, March 16, 2023 (GLOBE NEWSWIRE) — The global astaxanthin market is predicted to register a robust CAGR of 14.9% over the forecast period, as per FMI’s analysis. The industry’s size is anticipated to increase from US$ 910.3 million in 2023 to US$ 3,636.8 million by 2033 end.
Demand for astaxanthin is projected to rise on account of its multiple applications in nutraceuticals, pharmaceuticals, feed industries, etc. Moreover, the distinct color and properties of astaxanthin are also propelling its demand in food coloring, commercial aquacultures, and other applications.
New technologies emerging in the market to propel the production of astaxanthin are expected to enhance the market scope over the forecast period, for example, ALGAMO, which produces astaxanthin via micromodules and photobioreactors. The company is focusing on the minimization of water wastage and saving electricity during the production of astaxanthin. Going forward, research and studies carried out to develop astaxanthin with the help of different technologies by promoting economic and technical feasibility are projected to have a positive influence over the market.
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The market is projected to witness strategic initiatives by key players for the launch of novel platforms and products, consequently offering lucrative growth opportunities, especially in emerging economies. In April 2021, for instance, Näck, a Swedish-Indian startup introduced its digital wellness platform, along with Immunity Boost, which is a lineup of two herbal products made of natural astaxanthin and real vegan protein powder.
The evolving consumer demand for innovative and sophisticated food items is gaining momentum. In addition to this, consumers are now knowledgeable about the relationship between food and health and water–energy–food nexus. This is causing a ripple effect in the food industry, wherein companies are now making efforts to enhance their sustainability quotient while producing food that is functional, nutritious, and sustainable. Such trends are expected to foster development in the astaxanthin industry.
Top Highlights from the FMI’s Analysis of the Astaxanthin Market:
- The United States market is projected to yield a sizeable amount of market revenue, i.e., US$ 838.70 million by 2033 end. Over the forecast period, the market is expected to register a 15.8% CAGR.
- The United Kingdom is slated to be the second-leading market over the forecast period. The market is expected to generate a revenue of US$ 296.8 million by 2033, exhibiting a CAGR of 15% in the meantime.
- Another Europe country, i.e., Germany, is forecasted to attain US$ 266.60 million by 2033 end. In the forecast period, the market is assumed to expand at 13.7% CAGR.
- China market, a prominent market in the Asia Pacific region, is projected to hold a significant portion of the regional market. By 2033, China market is estimated to attain US$ 161.50 million. Over the upcoming years, the market is predicted to expand at 12.8% CAGR.
- The market in Spain is expected to yield US$ 85.60 million by 2033. The market is projected to exhibit a CAGR of 12.2% over the forecast period.
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New Developments as Observed by FMI
- Beijing Gingko Group unveiled in April 2022 that it is expanding its astaxanthin farm capacity for the second time in the Pristine region over the last two years. This development is geared to enhance the company’s production capacity.
- Lehmann&Voss&Co., which is a prominent nutraceutical distributor in the United Kingdom, launched a new AstaPure natural astaxanthin CWD in April 2021. The product plays a crucial role in cardiovascular disorders treatment.
Key Players:
- Cyanotech Corporation
- BASF SE
- KDI Ingredients
- Zhejiang NHU Co. Ltd.
- Fenchem Biotech Ltd.
- Parry Nutraceuticals
- Divi’s Laboratories Ltd.
- Algalif Iceland Ehf.
- Others
Key segments
By Form:
- Powder
- Liquid
By Grade:
- > 98%
- 95-97%
- < 94%
By Source:
- Natural
- Crustaceans
- Microalgae
- Paracoccus carotinifaciens
- Yeast/ Fungi
- Synthetic
By Production Technology:
- Chemical Synthesis
- Natural Extraction
By Application:
- Aquaculture
- Dietary Supplements
- General Wellbeing
- Eye Health
- Brain Health
- Immune & Digestive Health
- Bone & Joint Health
- Heart Health
- Other Supplements (Weight Loss, Allergies, etc.)
- Food & Beverages
- Personal Care & Cosmetics
- Skin Care
- Hair Care
- Pet Food
- Eye Health
- Brain Health
- Immune & Digestive Health
- Bone & Joint Health
- Animal Feed
- Pharmaceuticals
- Others
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Table of Content
1. Executive Summary | Astaxanthin Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
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