The global astaxanthin market is estimated to grow at a CAGR of around 5% during the forecast period. It is considered that astaxanthin has the potential to protect human cells from oxidation and inflammation. Astaxanthin has anti-inflammatory property, it helps the patients who are suffering from muscles & joints pain and arthritis. Moreover, the growing diseases like diabetes, cardiovascular diseases, cancer, and other health problems are also driving the market growth. Sometimes, high doses of astaxanthin cause stomach pain. Besides, some side effects of astaxanthin such as increased bowel movements and red stool color are restraining the growth of the global astaxanthin market. 

Astaxanthin is a powerful and natural pigment that belongs to the carotenoids chemical group, mainly it is found in some marine animals and plants, such as salmon, trout, krill, shrimp, crayfish, crustaceans, and others. Astaxanthin is also called “the king of carotenoids”. Researchers have found that astaxanthin is 500 times stronger than vitamin E and other carotenoids such as lutein, lycopene, and ?-carotene. Astaxanthin is linked to heart health, healthier skin joint pain, and researcher assume that it might be used for cancer treatment soon. Growing awareness about nutrition for a healthy lifestyle, preference for the dietary supplement, increasing disease like male infertility, rheumatoid arthritis (RA), wrinkled skin and others are the factors to propel the global astaxanthin market growth.

Technological innovations such as the emergence of synthetic astaxanthin and innovation in manufacturing technology are one of the factors creating a huge opportunity in the near future. For instance, using photo-bioreactors, Algamo Ltd. produces astaxanthin, it is used to reduce water wastage and saving electricity. Another astaxanthin manufacturing innovation is the sealed microalgae cultivation system, it is used to reduce the risks associated with entrapment of foreign objects, agricultural residue, and microbial contamination. Fenchem’s innovation AstaMarin, a carotenoid nutrient. It is 500 times stronger than vitamin E, 7 times stronger than lycopene and 10 times stronger than beta-carotene.

Segmentation

The global astaxanthin market is segmented based on type and application. Based on the type, the market is segmented into powder, capsules and soft gel, tablets, liquid and oil, and others. Based on Application, the market is segmented into nutraceuticals, cosmetics, aquaculture and animal feed, and others. High preferability across the globe, demand in feed, food, pharmaceutical, and nutraceutical applications is driving the demand for astaxanthin products. Moreover, increasing demand for natural supplements, high yield of carotenoid and low cost, these factors are also propelling the growth of the global astaxanthin market. The main source of natural astaxanthin are algae, yeast, salmon, trout, krill, shrimp and crayfish. Some of the natural astaxanthin are Abilify, Actos, Dilaudid, OxyContin, Percocet, and others.

Regional outlook

North America is expected to have a significant market share in the global astaxanthin market. Key factors that are driving the North American astaxanthin market that includes health benefits awareness among the public, availability of products, and the presence of the major players offering innovative astaxanthin in the market. Moreover, awareness campaigns about the benefits of astaxanthin conducted by some NGOs are also driving the astaxanthin market in North America. For instance, Natural Algae Astaxanthin Association (NAXA) conducts many awareness campaigns and share studies to promote awareness about the health benefits of astaxanthin among the public. In March 2020, NAXA shared a study about immune system modulation using Algal astaxanthin. Moreover, the Asia-Pacific region is the fastest-growing astaxanthin market, owing to the rise of large numbers of the patient, growing economy and increasing health awareness in the Asia-Pacific region is driving the astaxanthin market. Presence the key manufacturers of astaxanthin, such as InnoBio and BGG in the Asia-Pacific region also driving the Asia-Pacific astaxanthin market.

Global Astaxanthin Market Growth, by Region 2019-2025

Competitive Landscape

The major players providing astaxanthin include Algatech, Ltd. (Solabia Group), BASF SE, Cyanotech Corp., BlueOcea NutraSciences (Pure Polar Labs, Inc.), Fuji Chemical Industries Co., Ltd., JXTG Nippon Oil and Energy Corp., MicroA AS, Beijing Gingko Group (BGG), and others. Range of astaxanthin manufactured by these key players including FucoVItal, AstaPure astaxanthin, AstaPure Arava, AstaPure EyeQ, AstaReal, AstaTROL, Astaxanthin AstaZine, MyrtiPRO and so on. Mergers and acquisitions and product launches are considered as crucial strategies adopted by the market players to expand market share and gain a competitive advantage. For instance, in June 2018, BlueOcea NutraSciences got Canada NPN approval for its astaxanthin tablet Omega-3. It can be used to promote brain health. 

The Report Covers

• Market value data analysis of 2018 and forecast to 2025.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global astaxanthin market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.