|Base Year Market Size
|USD 1,865.87 Million
|Forecast Year Market Size
|USD 7536.19 Million
|Fastest Growing Market
The global astaxanthin market size was worth USD 1,865.87 million in 2022. It is estimated to reach USD 7,536.19 million by 2031, growing at a CAGR of 16.78% during the forecast period (2023–2031). The demand for natural antioxidants and nutraceuticals is expected to rise due to reasons such as increased preference for dietary supplements due to the high expense of hospitalization and rising awareness about nutrition for a healthy lifestyle. This fuels the demand for the global market.
The yeast fungus Xanthophyllomyces dendrorhous and the freshwater microalgae Haematococcus pluvialis produce the red pigment astaxanthin. Astaxanthin is produced when algae are under stress from a lack of nutrients, increasing salinity, or too much sunlight. Astaxanthin is a reddish pigment belonging to a chemical group called xanthophyll carotenoid. It has a potent antioxidant activity. It is also used commercially in various industries, such as aquaculture, food, cosmetics, nutraceuticals, and pharmaceuticals.
Increasing awareness about nutrition for a healthy lifestyle and a growing preference for dietary supplements due to the high cost of hospitalization are factors anticipated to drive the demand for nutraceuticals and natural antioxidants. The market plates are significantly increasing their production capacity to compete with the increasing demand for nutraceutical products. For instance, Algatech Ltd. increased its production capacity threefold for FucoVital, a product derived from brown algae, to fulfill the increased demand from the dietary supplements market.
Moreover, companies such as Beijing Gingko Group, Jianhe Biotech Co., Ltd, and Algalíf Iceland ehf. are investing in growing their production capacity to compete with the demand for Astaxanthin from the nutraceutical industry. Nutraceuticals provide the required dietary supplements with fewer adverse effects and are widely used to treat cardiovascular diseases, diabetes, and cancer. Moreover, increasing awareness about nutrition-rich products among people is growing the nutraceutical industry significantly. Hence, the demand for astaxanthin-based nutritional products increases.
Astaxanthin is widely used as a food ingredient for prawns and fishes such as salmon, trout, and ornamental fishes to enhance their coloration and increase commercial value. Other benefits for aquatic animals include growth in stress tolerance, performance, immune-related gene expressions, reproductive capacity, improvement in survival, and disease resistance. Major players are focusing on new product developments and collaborative agreements to meet the increasing demand for Astaxanthin in aquaculture.
For instance, Syndel Laboratories Ltd. collaborated with Heliae to manufacture Nymega, an aquaculture feed ingredient that was commercialized in 2017. New research published in the International Journal of Food and Nutritional Science in 2020 concluded with 0.2% to 5% in coloration fish, improving the status of Astaxanthin as fish feed. Therefore, increased adoption of Astaxanthin in the applications above is anticipated to drive the market.
Cost of production is one of the major factors hindering market growth. The cost required to produce Astaxanthin is approximately USD 1,000/kg, depending on the production plant's location. According to the Biofuels from Algae study, the cost of production in developed countries, such as the U.S., is higher than in countries such as China, owing to high cost and less availability of labor. Labor costs in the United States might reach 600 USD/kg of Astaxanthin, while in China, it is 120 USD/kg. Another consideration is the high cost of utilities, which can account for as much as 33 percent of the production cost and includes things like energy, raw materials, etc.
In the case of raw materials, it is difficult to reduce the cost required in fertilizers; therefore, manufacturers are focusing on reducing electricity consumption. Moreover, the high cost associated with technologically advanced methods to produce better quality astaxanthin will likely affect market growth adversely. Small and medium-sized market players cannot adopt more sophisticated techniques, like closed-cultivation systems for microalgae cultivation, to produce high-quality Astaxanthin and reduce the risk of microbiological and foreign particle contamination. This is because they lack the necessary funds or investments.
The rising popularity of natural alternatives can be attributed to several causes, including increased worries about the harmful effects of chemicals and the increasing usage of synthetic additives in culinary goods and topical applications. Dermatologists can benefit from the use of nutraceuticals. In a study published in Nutritional Research, researchers in the UK discovered that astaxanthin can lessen oxidative stress, speeding up aging and preventing skin drooping.
Furthermore, using a mouse model, researchers from China and Japan examined the effects of astaxanthin on aging in April 2019 and discovered enhanced dysregulation of aging-related gene expression. In order to enhance the penetration of natural astaxanthin-based products, companies are implementing tactics like launching new products and forming alliances with powerful players in end-use sectors. For instance, Algatech LTD collaborated with a US-based personal care product manufacturer in March 2019 to develop topical applications for astaxanthin. Similarly, in October 2020, the Lubrizol Corporation launched ASTAGILE microcapsules to support healthy aging and mental agility in young and senior adults.
Moreover, astaxanthin is used to treat obese patients, and studies are being conducted to determine its applications in treating obesity-related issues. A study in the Journal of Nutritional Biochemistry focused on determining astaxanthin's use in obesity using mouse models. The study found that astaxanthin inhibits fibrosis in adipose tissue and enhances skeletal muscle capacity, facilitating fatty acid oxidation in obese mice. Hence, the increased adoption of natural cosmetics, nutraceuticals, and pharmaceuticals propels market demand.
Based on region, the global astaxanthin market is bifurcated into North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa.
North America is the most significant global astaxanthin market shareholder and is expected to expand substantially during the forecast period. According to FDA regulations and Good Manufacturing Practices (GMP) standards, microbiological testing is performed on all-natural astaxanthin products. Several other government agencies regulate natural astaxanthin products, including the Federal Trade Commission, the State of Hawaii Department of Health, and the Consumer Product Safety Commission. Similarly, products are designated as Generally Recognized As Safe (GRAS) under sections 201 (s) and 409 of the Federal Food, Drug, and Cosmetics Act for substances considered safe by experts.
Additionally, the presence of tools and databases to assist manufacturers, researchers, and other users regarding Astaxanthin and its application is anticipated to boost market growth. For instance, the Personal Care Products Council (PCPC) published a dictionary of labeling names for cosmetic ingredients called International Nomenclature Cosmetic Ingredient (INCI), available globally. In Canada, astaxanthin products are approved under Canadian Product License approval from Health Canada. Synthetic Astaxanthin also follows GRAS regulations by the FDA to ensure safety.
Europe is estimated to boost at a significant CAGR during the forecast period. The European Commission and the Food Safety Authority of Ireland assess the need for an ingredient in dietary supplements. In order to ensure the safety of Irish customers, strengthen compliance relationships, and enforce food laws, the Food Safety Authority of Ireland was founded in 1998 by the Food Safety Authority of Ireland Act. Moreover, a product is made available only after it receives Novel Food approval from the European Commission. The European Food Safety Authority, established by the General Food Law-Regulation 178/2002, has created a European food safety system for risk assessment and management of food supplements. Risk management responsibility for food additives lies with the Directorate-General for Health and Consumer Protection (DG SANCO).
Furthermore, the UK Food Standards Agency (FSA) grants novel food status in the UK. In addition, in 2014, EC's Joint Research Centre (JRC) Scientific and Policy Report reported that regulatory approval was the main challenge for Europe to compete with other regions in the microalgae-based industry. However, the issue remains the same despite the simplification of legislation. Similarly, in 2017, the European Committee for Standardization (CEN) formed a committee of experts to develop standardized deliverables for algae and algae-related products. This committee aims to develop new European standards to increase consumer trust in the algae market, improve the algae supply chain, and enhance the whole algae market.
Moreover, the presence of organizations promoting astaxanthin research is expected to boost market growth. For instance, the European Algae Biomass Association (EABA) promotes algae-related R&D of technology and industrial capacities and mutual support between policymakers, industry, and scientists.
|ENEOS Corporation Cyanotech Corporation Algatech LTD (Solabia Group) CO2 GRO Inc. (BlueOcean NutraSciences) Beijing Gingko Group (BGG) Fuji Chemical Industry Co. Ltd. MicroA AS E.I.D. - Parry (India) Limited FENCHEM
|U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
|China Korea Japan India Australia Singapore Taiwan South East Asia Rest of Asia-Pacific
|Middle East and Africa
|UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
|Brazil Mexico Argentina Chile Colombia Rest of LATAM
|Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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The global astaxanthin market is bifurcated by source, product, and application.
Based on the source, the global astaxanthin market is segmented into natural and synthetic forms.
The natural astaxanthin segment is the most significant contributor to the market and is estimated to exhibit a CAGR of 19.10% throughout the forecast period. The natural astaxanthin segment is anticipated to grow rapidly during the forecast period because of its high efficacy and sustainability advantages. Natural Astaxanthin, a rich and dark red pigment, provides distinctive colors to krill, salmon, and shrimp and can be used as a skin health booster in cosmetics. It treats hypercholesterolemia, stroke, Parkinson's disease, Alzheimer's disease, and cancer. Natural Astaxanthin is considered to have more benefits than synthetic Astaxanthin.
Furthermore, to raise awareness about the advantages of natural Astaxanthin, organizations such as the Natural Algae Astaxanthin Association (NAXA) promote, protect, and educate on the benefits of natural Astaxanthin in dietary supplements. Moreover, increasing the involvement of key market players, such as NextFerm and Beijing Gingko Group, to develop innovative products or expand applications can create new opportunities for market stakeholders. For instance, Beijing Gingko Group is conducting clinical trials for the application expansion of natural Astaxanthin.
Based on product, the global astaxanthin market is divided into dried algae meal or biomass, oil, softgel, and liquid.
The dried algae meal or biomass dominates the global market. Dried biomass is a raw form of Astaxanthin. Powdered Astaxanthin can be administered directly or used to make other formulations, such as tablets and capsules. Most manufacturers produce Astaxanthin in powdered form. Algatech Ltd. is one of the major manufacturers of Astaxanthin and produces it in powdered form using the spray-drying technique. In addition, powdered astaxanthin is more affordable than other forms, and biomass is used more in various end-user sectors due to its wide range of products that contain astaxanthin, ranging from 1% to 5%. In June 2019, Valensa International launched innovative powdered, flavorless, and water-soluble astaxanthin ingredients for food and beverage applications.
Based on application, the global astaxanthin market is bifurcated into nutraceuticals, cosmetics, aquaculture and animal feed, and others.
The aquaculture and animal feed segment dominates the global market. Natural Astaxanthin is used largely in aquaculture and animal feed. Aquaculture is the largest application segment in the natural astaxanthin market, owing to its extensive use as a feed additive. An increase in the adoption of Astaxanthin in the aquaculture industry for enhancing the quality of seafood contributes to the segment's significant share in the market. In addition, natural Astaxanthin is used as feed to induce reddish pigmentation in salmon, trout, and shrimp, an important factor driving consumer preference. Astaxanthin oil can also increase feed uptake, resulting in faster shrimp growth.
KnipBio is a biotech firm specializing in the creation of aquaculture goods. In February 2018, KnipBio created KnipBio Meal. This aquafeed ingredient contains bio-astaxanthin, which provides essential nutrition and health benefits to shrimp, salmon, and rainbow trout, inducing pink color in them. Moreover, in July 2021, AstaReal launched Novasta, an astaxanthin ingredient for animal feed. In animals, Novasta can support muscle health, weight management, and eye health.