According to IMARC Group latest report titled “Astaxanthin Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, offers a comprehensive analysis of the industry, which comprises insights on astaxanthin market growth. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
The global astaxanthin market size reached US$ 815.8 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,548.5 Million by 2032, exhibiting a growth rate (CAGR) of 7.2% during 2024-2032.
Astaxanthin is a potent antioxidant compound belonging to the carotenoid family, renowned for its vibrant red-orange pigment. It occurs naturally in various marine organisms, including microalgae, salmon, shrimp, and krill. Astaxanthin boasts numerous health benefits, primarily attributed to its powerful antioxidant properties, which help neutralize harmful free radicals in the body, thereby reducing oxidative stress and inflammation. Research suggests that astaxanthin supplementation may support skin health, eye health, cardiovascular health, and muscle endurance, among other potential benefits. Its uses range from dietary supplements and functional foods to topical skincare products and animal feed supplements, catering to a broad spectrum of consumer needs and preferences.
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Market Trends:
The global market is primarily driven by the growing trend towards health and wellness, leading to increased consumer interest in natural antioxidant supplements like astaxanthin. Additionally, the rise in chronic diseases and aging populations worldwide has further fueled the demand for astaxanthin-based products, given its potential health benefits is propelling market growth. Moreover, the expanding application of astaxanthin in pharmaceuticals, cosmetics, and animal nutrition industries is driving market growth. Furthermore, continual technological advancements in astaxanthin production methods, such as biotechnological processes and innovative extraction techniques, are enhancing product quality and driving market expansion. In line with this, the rise in disposable income levels across emerging economies is facilitating increased consumer spending on health and wellness products, including astaxanthin supplements is stimulating market growth. Besides this, rising consumer awareness of the importance of antioxidants in maintaining overall health and vitality is fueling demand for astaxanthin supplements, particularly among aging populations seeking preventive healthcare solutions is expanding the market upward.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Algatech LTD
- BASF SE
- Beijing Gingko Group
- Cardax Inc
- Cyanotech Corporation
- Divi's Laboratories Limited
- I.D. - Parry (India) Limited
- Fenchem Biotek Ltd
- Fuji Chemical Industries Co. Ltd.
- Koninklijke DSM N.V.
- Piveg Inc
Astaxanthin Market Segmentation:
Our report has categorized the market based on region, source, product and application.
Breakup by Source:
- Natural
- Yeast
- Krill/Shrimp
- Microalgae
- Others
- Synthetic
Breakup by Product:
- Dried Algae Meal or Biomass
- Oil
- Softgel
- Liquid
- Others
Breakup by Application:
- Nutraceuticals
- Cosmetics
- Aquaculture and Animal Feed
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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