Astaxanthin Market – By Source (Natural production (Algae and Microalgae, Sea Urchin gonads, Red-pink seafood and crustaceans, Yeast, Krill/ shrimp) and Synthetic production), By Production Mechanism (Microalgae Cultivation, Fermentation, Extraction, Chemical Synthesis and Others), By Product Type (Dried algae meal/biomass, Astaxanthin Oil, Soft-gel, Astaxanthin Tablets, Astaxanthin Powder, Carotenoid Complexes, Synthetic Astaxanthin, Liquid and Others), By Application (Dietary supplement, Cosmetics, Animal feed and aquaculture and Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030

Astaxanthin Market Overview:

Astaxanthin Market Size is valued at $1.53 Billion by 2030, and is anticipated to grow at a CAGR of 9.1% during the forecast period 2024 -2030. Astaxanthin is a powerful antioxidant belonging to the carotenoid family, recognized for its vibrant red pigment. It is derived naturally from sources like microalgae, salmon, and krill or synthesized artificially.

Widely applied in nutraceuticals, cosmetics, and aquaculture, its benefits include anti-inflammatory properties, skin health enhancement, and improved pigmentation in fish and shrimp. Current trends emphasize its use in health supplements, driven by growing consumer awareness of natural, sustainable ingredients. Additionally, rising applications in anti-aging skincare and functional foods are fostering its market growth. The combination of these trends positions astaxanthin as a pivotal ingredient across multiple industries.

Market Snapshot:

Astaxanthin Market - Report Coverage:

The “Astaxanthin Market Report - Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Astaxanthin Market.

COVID-19 / Ukraine Crisis - Impact Analysis: 

• The COVID-19 pandemic significantly influenced the astaxanthin market, particularly by amplifying demand for immune-boosting supplements and wellness products. Consumers prioritized health, spurring the adoption of astaxanthin-based nutraceuticals for its antioxidant and anti-inflammatory benefits. However, supply chain disruptions and reduced production capacities during lockdowns challenged market operations. The aquaculture segment, reliant on astaxanthin for feed, experienced setbacks due to decreased seafood consumption in restaurants. Post-pandemic recovery saw a resurgence in demand for functional foods and cosmetics incorporating astaxanthin. This dual dynamic of heightened awareness and supply challenges reshaped the market, underscoring its essential role in health-focused industries.
• The Russia-Ukraine war disrupted the global astaxanthin market, primarily through supply chain disturbances and rising costs of raw materials. Key sources of synthetic astaxanthin faced increased production expenses due to higher energy and transportation costs. The conflict also strained agricultural and aquaculture industries, leading to reduced feedstock availability. Export restrictions and geopolitical tensions limited trade, impacting astaxanthin supply for nutraceutical and cosmetic applications. On the demand side, economic uncertainties affected consumer spending on premium health and skincare products. Despite these challenges, growing reliance on natural astaxanthin from algae cultivation offered a resilient alternative, mitigating the war's broader market impacts.

Key Takeaways:

• Natural Production Segment Leads the Astaxanthin Market

The natural production segment commanded a significant share of the astaxanthin market in 2023, driven by a rising preference for natural and organic health products. Growing consumer awareness of the antioxidant properties of natural astaxanthin, coupled with the demand for eco-friendly and sustainable sourcing, has elevated its prominence. This segment aligns with trends in holistic well-being, where consumers favor clean-label, minimally processed supplements. The preference for natural alternatives reflects a broader shift towards conscious consumerism, emphasizing sustainability and health. For instance, in September 2023, AstaReal introduced Astaxin VEGAN, a plant-based astaxanthin formulation targeting health-conscious vegetarians and vegans. This innovative vegan softgel, made from carrageenan and modified starch, underscores the rising demand for plant-based products. AstaReal’s focus on sustainability and environmental stewardship highlights the increasing significance of naturally derived astaxanthin. Overall, the segment mirrors evolving consumer priorities that combine health, naturality, and sustainability, propelling the natural production segment’s dominance.

• Animal Feed and Aquaculture Segment Dominated the Astaxanthin Market

The animal feed and aquaculture segment held a dominant position in the astaxanthin market in 2023, driven by its critical role in promoting livestock growth and pigmentation. Astaxanthin, valued for its antioxidant properties, is extensively used in animal feed to enhance health and appearance, particularly in poultry and aquaculture. This aligns with the growing consumer preference for natural additives and the rising awareness of their benefits. The aquaculture industry recognizes astaxanthin as a vital additive for improving the coloration of fish and shrimp, further boosting its adoption in this sector. Additionally, the expanding livestock industry has driven demand for astaxanthin-based feed solutions. For instance, according to FAO, global poultry meat production surpassed 139 million metric tons in 2023, up 3% from 2022, while shrimp production reached a record 9.4 million tonnes in 2022. These trends underscore the synergistic relationship between animal nutrition needs and market demand for natural feed additives, solidifying this segment’s market dominance.

• Rising Demand for Astaxanthin Driven by the Growing Popularity of Natural Ingredients

The growing preference for natural ingredients drives astaxanthin market expansion, particularly in nutraceuticals, cosmetics, and food supplements. Consumers increasingly seek products sourced from nature, prioritizing health and sustainability. Astaxanthin’s antioxidant properties align with these preferences, elevating its usage in skincare and dietary formulations. Europe is a key market for natural cosmetic ingredients, contributing significantly to this trend. According to Cosmetics Europe, the region dominated the global cosmetics market in 2022 with sales of €88 billion (US$95.9 billion). Moreover, In 2022, skincare products dominated the European cosmetic market, holding 29% of the share, with natural ingredients trending as manufacturers increasingly incorporate them into their formulations, according to the Cosmetic, Toiletry and Perfumery Association (CTPA). Post-pandemic recovery further bolstered Europe’s cosmetics sector, emphasizing sustainable and efficacious ingredient sourcing. Astaxanthin’s integration into these formulations highlights its pivotal role in meeting evolving industry standards and consumer expectations. As the shift towards clean-label products accelerates globally, astaxanthin’s natural origins and health benefits ensure its relevance across diverse applications.

• Negative Impact on the Astaxanthin Market Due to High Production Costs

One of the most significant challenges confronting the astaxanthin market is the high production cost associated with its cultivation and extraction. The predominant production method involves cultivating microalgae, which requires precise environmental controls, advanced facilities, and continuous monitoring, leading to elevated operational expenses. Furthermore, extracting astaxanthin from microalgae involves employing sophisticated and resource-intensive techniques, further increasing production costs. These financial burdens are exacerbated by the need for ongoing research and development efforts to enhance production efficiency and reduce costs. Companies in the astaxanthin market invest heavily in innovations to optimize cultivation and extraction processes, which, while necessary, drives up operational expenditures. As a result, the high production costs directly influence market pricing, presenting a challenge in maintaining product competitiveness while ensuring affordability. Addressing these challenges necessitates strategic innovations and cost-efficient production techniques, which are essential for ensuring sustainable growth and making astaxanthin more accessible in an increasingly competitive global market.

Key Market Players:

Product launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Astaxanthin Market. The top 10 companies in this industry are listed below:

1. Cyanotech Corporation
2. AstaReal Group
3. Algatech LTD
4. Parry Nutraceuticals (EID Parry)
5. Saga Natura
6. Beijing Gingko Group
7. Algae Health Sciences
8. C.F.M. Co. Farmaceutica Milanese
9. Valensa International
10. Divis Nutraceuticals

Scope of the Report: