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The astaxanthin market size is forecast to increase by USD 484.12 million, at a CAGR of 9.82% between 2023 and 2028.
The market in North America experiences a substantial growth rate driven by increasing awareness of the benefits of astaxanthin. Recognized for its antioxidant and anti-inflammatory properties, consumer demand rises for products incorporating astaxanthin, particularly in dietary supplements and functional foods. BASF SE contributes to this market through its offering, Lucantin Pink, specifically utilized in salmonid fish feeds. This trend reflects the growing emphasis on health benefits, making the region a key player in the global market.
The market shows an accelerated CAGR during the forecast period.
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Increasing health and wellness awareness is notably driving the market growth. Health-conscious consumers are actively seeking dietary supplements that offer health benefits. Astaxanthin, a natural antioxidant, is utilized in dietary supplements and marketed for its potential to support overall health. The demand for natural supplements has surged, driving sales of products containing astaxanthin. In addition, heightened awareness of the harmful effects of oxidative stress has amplified interest in astaxanthin's potent antioxidant properties, offering protection against cellular damage from free radicals.
Additionally, astaxanthin can be sourced naturally from algae, yeast, and marine animals, or synthetically. Its versatile applications extend to the cosmetic industry, where it's utilized in skin whitening products and nutricosmetics. Ongoing R&D activities in African and European countries explore its benefits, while initiatives from the government and the aquaculture industry ensure quality and combat adulteration. The Natural Algae Astaxanthin Association (NAXA) and companies like Algalif and Divi’s Nutraceuticals champion its use and adherence to clean label requirements. Hence, such factors are driving the market growth during the forecast period.
Increasing natural and sustainable sourcing of astaxanthin is an emerging trend in the market. Consumers prefer naturally sourced astaxanthin, mainly obtained from microalgae, as it is considered a more environmentally friendly and sustainable option compared to synthetic astaxanthin. In addition, this demand has led to a shift away from synthetic sources. Furthermore, in the aquaculture industry, there is a growing emphasis on sustainable practices.
Moreover, the use of natural form in fish and shrimp feed is favored over synthetic alternatives, aligning with consumer expectations for responsibly sourced seafood. In addition, companies that can demonstrate their commitment to sustainable and natural sourcing practices gain consumer trust. Furthermore, transparency in sourcing and production methods is becoming a key selling point for these products. Hence, such factors are driving the market growth during the forecast period.
High production rates are a major challenge hindering market growth. The production of natural astaxanthin, mainly from microalgae, can be costly and resource-intensive. In addition, scaling up production while maintaining cost-effectiveness can be challenging. Furthermore, the availability of natural supplements can be influenced by factors such as climate conditions, contamination risks, and supply chain disruptions.
Moreover, ensuring a consistent and reliable supply can be challenging. Synthetic astaxanthin is less expensive to produce than its natural counterpart. In addition, this competitive pricing can be a challenge for natural astaxanthin producers, as some consumers and industries may prioritize cost over natural sourcing. Furthermore, synthetic supplements is less expensive to produce than their natural counterparts. Hence, such factors are hindering the market growth during the forecast period.
The health benefits offered by the dry segment will increase the market growth. The dry segment is often encapsulated or packaged in soft gel capsules, tablets, or powder forms. Many supplements are encapsulated in soft gel capsules. In addition, these capsules contain a liquid or oil-based form of astaxanthin. Moreover, soft gel capsules are easy to swallow and help protect the astaxanthin from exposure to air and light, which can degrade the compound. In addition, the supplements in dry form offer similar potential health benefits as other forms of astaxanthin. Furthermore, these benefits may include antioxidant protection, support for skin health, eye health, joint health, cardiovascular health, and exercise performance. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
The natural segment is estimated to witness significant growth during the forecast period. Astaxanthin from natural sources is often more bioavailable to the human body compared to synthetic forms which means it is better absorbed and utilized by the body, making it more effective. In addition, natural sources of astaxanthin, such as microalgae, are considered more sustainable and environmentally friendly than synthetic production methods. Furthermore, algae can be cultivated in controlled environments without depleting natural resources.
The natural segment was the largest segment and was valued at USD 442.67 million in 2018.
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Moreover, the natural segment is free from synthetic chemicals, additives, and preservatives that may be present in synthetic forms. In addition, this can be appealing to individuals looking for clean and natural supplements. Furthermore, the natural segment is less likely to contain contaminants or impurities that can be associated with synthetic production processes. In addition, the natural segment is generally considered safe when consumed as part of a balanced diet or as a dietary supplement. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
North America is estimated to contribute 35% to the growth of the global market during the forecast period
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Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The nutraceutical and dietary supplement industry in North America has experienced tremendous growth, and it is often used as a natural ingredient in these products. In addition, the demand for natural supplements has driven the demand for astaxanthin. Moreover, it is widely used in the aquaculture industry to enhance the coloration of salmon and other fish species. In addition, as the demand for seafood and aquaculture products continues to grow, so does the demand for astaxanthin. Furthermore, it is also used in animal feed, particularly for poultry and aquaculture. In addition, as the livestock and aquaculture sectors expand to meet the growing demand for meat and seafood, the demand for astaxanthin in animal feed increases. Hence, such factors are driving the market growth in North America during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market forecasting growth and analysis.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Algamo s.r.o., Algatech Ltd., AstaMAZ NZ Ltd., Atacama Bio Natural Products S.A., Biogenic Co. Ltd., Cyanotech Corp., Divis Laboratories Ltd., EID Parry India Ltd., ENEOS Holdings Inc., FENCHEM, Fuji Chemical Industries Co. Ltd., Koninklijke DSM NV, NOW Health Group Inc., Otsuka Pharmaceutical Co. Ltd., Piveg Inc., Valensa International, and Zhejiang NHU Company Ltd.
The market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The market showcases notable industry trends, evident in patent activities and buying behavior analyses. Conference and webinar materials contribute valuable insights, engaging key stakeholders. Astaxanthin, derived from yeast or marine animals, plays a pivotal role in the cosmetic industry, particularly in skin whitening products, nutricosmetics, and cosmeceuticals. Government initiatives, such as those by the Ministry of Agriculture, influence carotenoid consumption in the aquafeed industry. The market adheres to clean label requirements, offering versatile applications in nutraceuticals, cosmetics, pharmaceuticals, and the food and beverage sector. Regulatory compliance, including standards from FSSAI, DSHEA, and FDA, ensures food safety. Itis produced using innovative methods like photobioreactors and micromodules, encompassing synthetic segments, dried algae meal or biomass, softgel segments like veggie softgels, and the thriving aquaculture animal feed segment with astaxanthin oil in the nutraceuticals segment.
Moreover, the market dynamics also involve in-depth buying behavior analysis, emphasizing continuous RD activities for product enhancement. The industry prioritizes stringent measures against adulteration, ensuring the production of high-quality lutein for diverse applications in food and beverages. It particularly contributes to the aquafeed sector, benefiting trout and ornamental fishes. Key players like Algalif and Divis Nutraceuticals introduce innovative products like Astabeads, aligning with the global standards set by regulatory bodies such as the Food Safety and Standards Authority of India (FSSAI) and the EU Commission. Lutein, another crucial element, complements the multifaceted applications of astaxanthin in various segments, showcasing the market's commitment to quality and safety.
Market Scope |
|
Report Coverage |
Details |
Page number |
149 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.82% |
Market Growth 2024-2028 |
USD 484.12 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
8.91 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 35% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Algamo s.r.o., Algatech Ltd., AstaMAZ NZ Ltd., Atacama Bio Natural Products S.A., BASF SE, Beijing Gingko Group, Biogenic Co. Ltd., Cardax Inc., Cyanotech Corp., Divis Laboratories Ltd., EID Parry India Ltd., ENEOS Holdings Inc., FENCHEM, Fuji Chemical Industries Co. Ltd., Koninklijke DSM NV, NOW Health Group Inc., Otsuka Pharmaceutical Co. Ltd., Piveg Inc., Valensa International, and Zhejiang NHU Company Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Source
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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