The global astaxanthin market size is estimated to be valued at USD 647 million in 2021. It is projected to reach USD 965 million by 2026, recording a CAGR of 8.3% during the forecast period.
The increase in awareness toward preventive healthcare & nutraceuticals and the rising demand for cosmetic products have gained the attention of the key players in the astaxanthin market to develop new and effective products. Astaxanthin also has anti-inflammatory properties. Other health benefits associated with astaxanthin are cardiovascular disease prevention, boosting immunity and bioactivity against Helicobacter pylori, and cataract prevention.
The natural astaxanthin is projected to witness the highest growth during the forecast period.
The natural segment is projected to witness high growth as astaxanthin extracted from natural sources offer enhanced antioxidant properties as compared to synthetic astaxanthin. In addition, consumers are willing to spend more to get higher-quality products. Astaxanthin derived from natural sources is majorly utilized for human consumption as a nutraceutical ingredient and dietary supplements. As the demand for natural astaxanthin is increasing, manufacturers are focusing on extracting astaxanthin from micro-algal sources, which is a cheaper process as compared to the traditional extraction from botanical materials.
The feed application dominated the market, with a share of 65.5% in 2020.
Astaxanthin is majorly used in feed and intensifies the pigmentation of fish and crustaceans, which are reliant on astaxanthin intake, as they cannot synthesize the carotenoid themselves. The increasing livestock population and the growing demand for meat and meat products and fish among consumers are expected to drive the market growth for astaxanthin in the feed segment. Animal feed manufacturers tend to attain more output from animals, due to which various nutritious ingredients are used in animal feed. Using nutritional supplements that offer physiological and microbiological benefits in the digestive system of livestock & companion animals is becoming more prevalent in the modern feed and pet care industries.
China dominated the Asia Pacific market for astaxanthin with a share of about 40.4% in 2020.
The emerging economy of China makes it as one of the major markets for astaxanthin, owing to its use in aquafeed, which is considered a high-value industry in the region. Additionally, China is the outright leader of astaxanthin in the region as it has a huge number of astaxanthin manufacturers such as Fenchem Biotek Ltd., Beijing Gingko Group, and Yunnan GinkoAsta Biotech Co., Ltd. The increasing purchasing power of consumers due to economic development in China has led to rising demand for high-quality processed foods. Hence, being a health food additive, the market for astaxanthin is projected to grow in China in the next few years.
Key players in this market include Koninklijke DSM N.V. (the Netherlands), BASF SE (Germany), Cyanotech Corporation (US), Otsuka Holdings Co. Ltd. (Japan), Divi’s Laboratories Ltd. (India), Valensa International (US), Fuji Chemical Industries Co. Ltd. (Japan), Beijing Gingko Group (China), Cardax, Inc. (Denmark), Piveg, Inc. (US). Some of the other players are Fenchem Biotek Ltd. (China), Algatech Ltd. (Israel), Supreme Biotechnologies (New Zealand), Igene Biotechnology Inc. (US), Algamo (Czech Republic), Biogenic Co., Ltd. (Japan), Astamaz NZ Ltd. (New Zealand), Algalif (Iceland), Algae to Omega (US), and Algae Health Sciences, Inc. (US).
