Astaxanthin Market Outlook, Revenue Growth Analysis To 2028

Astaxanthin Industry Overview

The global astaxanthin market size was valued at USD 1,371.24 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 16.8% from 2021 to 2028. 

High demand for nutraceuticals due to their antioxidant properties and increased demand in the aquaculture & animal feed industry are key factors propelling the market growth. Furthermore, a growing number of health-conscious individuals are more inclined towards natural food colouring agents with lesser adverse effects, as compared to other chemical products, which is an important driver estimated to boost the market growth. Moreover, in preclinical & clinical studies, astaxanthin has shown the ability to reduce the inflammatory response that can lead to severe respiratory complications in COVID-19 patients. 

Increasing awareness among people about nutritional products and growing preference for dietary supplements due to the high cost of hospitalization are factors anticipated to drive the demand for nutraceuticals and natural antioxidants. Astaxanthin is a powerful antioxidant with health benefits and is considered to be 550 times stronger than antioxidants, such as vitamin E. Nutraceuticals provide the required dietary supplements with fewer adverse effects and are widely used in the prevention of diseases, such as Cardiovascular Diseases (CVDs), diabetes, and cancer. Moreover, the increasing adoption of nutrition-rich products is driving the nutraceutical industry at a significant rate. Hence, the demand for astaxanthin-based nutritional products is increasing across the globe. 

Gather more insights about the market drivers, restrains and growth of the Global Astaxanthin Market

U.S. astaxanthin market size, by product, 2018 - 2028 (USD Million)

The rising adoption of novel technologies to increase the production of astaxanthin is anticipated to propel growth over the forecast period. For instance, ALGAMO produces astaxanthin using photo-bioreactors and micro-modules to focus on reducing water wastage & saving electricity. Moreover, studies are being carried out to increase production by using different technologies to find out technical and economic feasibility. Companies are adopting technologically advanced systems to meet the growing demand without compromising on quality and yield. For instance, Algatech Ltd. is using a sealed system (closed microalgae cultivation system) for the cultivation of microalgae, which eliminates the risk of foreign objects, agriculture residue, and microbial contamination. Availability of better-quality products and high yield will open new avenues for the market stakeholders. 

A rise in the number of initiatives undertaken by key players to increase awareness about astaxanthin is expected to boost the market growth over the forecast period. For instance, Algatech Ltd. and Cyanotech Corp. together formed the Natural Algae Astaxanthin Association (NAXA) with an aim to promote awareness and educate consumers about the benefits of natural astaxanthin. The association also supports research related to natural astaxanthin and certifies products with NAXA Verification Seal. Certification of natural astaxanthin helps producers and suppliers distinguish their products from synthetic products. 

The increasing number of new cases and the rising fatality rate of COVID-19 due to low immune response are prompting market players to study the benefits of astaxanthin products to fight the disease. For instance, NextFerm is conducting research focused on determining the relevance of astaxanthin. Moreover, Companies, such as Cardax, Inc., have published papers highlighting the potential role of astaxanthin in reducing inflammation and boosting the immune response of the body. Consumers are increasingly using products to enhance the immune response in efforts to combat COVID-19. Increasing the adoption of natural nutraceuticals can also support market growth. 

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Market Share Insights

  • October 2020: Cyanotech Corp. launched BioAstin Hawaiian Astaxanthin, a novel delivery platform of a water-dispersible powder.
  • July 2019: Atacamo Bio Natural Products decided to launch NatAxtin oleoresin, biomass, and powder.
  • May 2018: Algalíf Iceland ehf expanded its presence in the Asia Pacific market with Astalífastaxanthin oleoresins and launched IceCaps soft gelatin capsules & Icelandic Harvest. 

Key Companies profiled:

Some prominent players in the global astaxanthin market include:

  • CO2 GRO Inc. (BlueOceanNutraSciences)
  • FENCHEM
  • ENEOS Corporation (JXTG Nippon Oil & Energy Corporation)
  • I.D. – Parry (India) Limited
  • MicroA
  • NextFerm
  • Algalif Iceland ehf
  • ALGAMO

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