Astaxanthin Market by Source (Natural, Synthetic), Form (Dry, Liquid), Method of Production (Chemical Synthesis, Fermentation, Extraction), Application (Food & Beverages, Pharmaceuticals, Nutraceuticals, Animal Feed) - Global Forecast to 2030

The Astaxanthin Market is projected to reach $1.34 billion by 2030, at a CAGR of 8.2% during the forecast period of 2024–2030. The growing awareness about the benefits of natural food colors and clean-label products and the increasing demand for natural cosmetics products and dietary supplements are the key factors driving the growth of the astaxanthin market. Furthermore, emerging economies in Asia-Pacific, Latin America, and the Middle East & Africa and government initiatives to support aquaculture are expected to provide significant opportunities for the players operating in this market.

The Impact of COVID-19 on the Astaxanthin Market

The COVID-19 outbreak created a severe public health emergency globally, with its quick spread in more than 150 countries. Numerous countries worldwide declared emergencies and announced complete nationwide, statewide, or citywide lockdowns to combat & control the spread of this disease, halting all travel, transport, manufacturing, educational institutions, and non-essential trade. This impacted many industries globally, including animal feed, food & beverage, dietary supplements, and cosmetics.

Governments enforced restrictions on operating capacities to ensure social distancing and curb the spread of the virus. Supply chains were disrupted, resulting in production limitations, complications in raw materials sourcing, and higher delivery costs, impacting the global astaxanthin market. Moreover, governments announced a temporary ban on foreign air travel. These factors affected the sales of astaxanthin products. In addition, restrictions on the export and import of non-essential products due to temporary border closures in some countries further hindered the growth of this market.

However, according to an article published by Nutrition Outlook, the sales of dietary supplements increased during the pandemic due to their ability to strengthen the immune system against COVID-19. During the last week of March 2020, the sales of dietary supplements in the U.S. sharply increased by more than 35%. Thus, the growing demand for dietary supplements propelled the growth of the astaxanthin market.

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Increasing Awareness about the Benefits of Natural Food Colors to Drive the Growth of the Astaxanthin Market

The preference for natural food colors over synthetic food colors is increasing due to growing consumer awareness regarding organic products, the health hazards of synthetic colors, and the health benefits of natural food colors. The use of artificial ingredients to enhance food production has led to various health hazards. Nowadays, consumers’ rising health consciousness and growing inclination towards environment-friendly products are driving the demand for naturally grown food products across the globe. Thus, to cater to the growing demand for natural food products, food manufacturers widely use natural food colors to restore the attractiveness of food & beverage products after processing.

Natural food colors or dyes are mainly obtained from plants, animals, fruits, insects, and minerals, making them safe to use as a food additive. They are free from harmful side effects. The use of natural colors is also increasing due to their non-toxic/less toxic nature and fewer side effects compared to artificial colors. Furthermore, governments of various countries are supporting the use of natural food colors as they are biodegradable and do not cause pollution after disposal. Several regulations promoting the use of natural food colors have been passed in many regions, which is further expected to drive the demand for natural food colors across the globe.

The demand for organic foods is constantly increasing, mainly due to consumers’ perception that they are healthier and safer than conventional foods. Organic food is produced without synthetic fertilizers, pesticides, growth hormones, antibiotics, genetically modified organisms (GMOs), colors, flavors, and ingredients. Natural food colors are widely used in organic foods to make them more attractive. Furthermore, the expansion of the food & beverage industry has positively impacted the global natural food colors market, as the consumption of natural food is increasing across the globe, which, in turn, is expected to drive the demand for astaxanthin in the next few years.

Astaxanthin is considered one of the greatest antioxidants in nature due to its benefits in cognition and heart function. For this reason, astaxanthin produced by microalgae is added to capsules and foods for direct human consumption. Recently, natural astaxanthin has gained much traction in the food & beverage industry as a substitute for synthetic astaxanthin that negatively impacts human health upon consumption. Additionally, the preventive effects of natural astaxanthin on chronic diseases have boosted its adoption in the food & beverage industry. Therefore, the growing demand for organic foods and the expanding food & beverage industry fuel the demand for natural food colorants such as natural astaxanthin, which is expected to boost the growth of the astaxanthin market.

Key Findings in the Astaxanthin Market Study:

In 2024, the Natural Segment is Expected to Dominate the Astaxanthin Market

Based on source, the astaxanthin market is segmented into natural and synthetic. In 2024, the natural segment is expected to account for the larger share of the astaxanthin market. The large market share of this segment is attributed to its strong antioxidant activity and health benefits, such as immune system support, inflammation reduction, sunburn prevention, and cognitive health support. In addition, factors such as high demand for natural astaxanthin in nutraceutical applications, wide-scale availability of natural astaxanthin, rising demand for astaxanthin for cancer treatment, growing health-conscious population, and higher efficacy compared to synthetic products are expected to fuel the growth of this segment.

In 2024, the Dry Form Segment is Expected to Dominate the Astaxanthin Market

Based on form, the astaxanthin market is segmented into dry and liquid. In 2024, the dry segment is expected to account for the larger share of the astaxanthin market. The large market share of this segment is attributed to the advantages of dry astaxanthin, such as ease in handling, transport, and use; longer shelf life of ingredients due to the absence of water; and better ingredient functionality and stability. These advantages have increased the utilization of astaxanthin in dry form in the food and beverages, pharmaceuticals, and cosmetics industries.

In 2024, the Chemical Synthesis Segment is Expected to Dominate the Astaxanthin Market

Based on method of production, in 2024, the chemical synthesis segment is expected to account for the largest share of the astaxanthin market. The large market share of this segment is attributed to the low cost of production, easy application, and good stability against low pH.

The Nutraceuticals Segment is Projected to Witness Highest Demand During the Forecast Period

Based on application, the nutraceuticals segment is projected to witness significant growth during the forecast period of 2024–2030. The rapid growth of this segment is mainly attributed to astaxanthin’s ability to control free radicals enhanced by nutraceuticals, thereby becoming the preferred choice to treat various health ailments, including muscle endurance, gastritis, diabetes, and cardiovascular diseases, among others. Furthermore, astaxanthin’s antioxidant properties, low side effects, and high nutritional value have made them the priority choice as raw materials in nutraceuticals.

Asia-Pacific: Fastest-growing Regional Market

Based on geography, in 2024, Europe is expected to account for the largest share of the astaxanthin market, followed by North America, Asia-Pacific, Latin America, and the Middle East & Africa. The large share of Europe is attributed to the growing food & beverage industry, rising health & wellness trends, increasing feed production, and growing demand for chemical-free cosmetics. Furthermore, the increase in the aging population in the region has led to a surge in demand for astaxanthin to reduce the risk of diabetes, cancer, and other heart-related issues.

However, the market in Asia-Pacific is slated to record the fastest growth rate during the forecast period. The growth of this regional market is driven by the growing consumer preference for natural ingredients, increasing production and consumption of nutraceuticals, rising consumer awareness regarding the negative effects of synthetic astaxanthin coupled with the growth in spending abilities of the consumers, strong growth in the food & beverage industry, and increased animal feed demand.

Key Players

The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by leading market participants in the astaxanthin market between 2020 and 2024. The key players profiled in this astaxanthin market study are Algatechnologies Ltd. (Israel), BASF SE (Germany), BGG (Beijing Gingko Group) (China), Cardax, Inc. (U.S.), Cyanotech Corporation (U.S.), Divi's Laboratories Limited (India), Koninklijke DSM N.V. (Netherlands), Fenchem (China), Fuji Chemical Industries Co., Ltd. (Japan), Valensa International (U.S.), Otsuka Holdings Co., Ltd. (Japan), Piveg, Inc. (U.S.), Vidya Europe SAS (France), Wellgreen Technology Co., Ltd. (China), and Algalíf Iceland ehf (Iceland).

Scope of the Report

Astaxanthin Market, by Source

• Natural
• Synthetic

Astaxanthin Market, by Form                            

• Dry
• Liquid

Astaxanthin Market, by Method of Production                               

• Chemical Synthesis
• Microalgae Cultivation
• Fermentation
• Extraction

Astaxanthin Market, by Application  

• Food & Beverages
• Nutraceuticals
• Animal Feed
• Pharmaceuticals
• Personal Care & Cosmetics
• Other Applications

Astaxanthin Market, by Geography

• North America

  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe (RoE)
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia-Pacific (RoAPAC)
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America (RoLATAM)
• Middle East & Africa (MEA)

Key Questions Answered in the Report: