Astaxanthin Market To Soar To USD 5,329.18 Million By 2033 | Driven By Increasing Prevalence Of Skin-Related Diseases

Newark, Sept. 05, 2024 (GLOBE NEWSWIRE) -- The astaxanthin market has seen a surge of innovation in recent years. Breakthroughs in extraction techniques have led to higher purity levels, while novel delivery systems have enhanced bioavailability. The market is also witnessing a shift towards natural astaxanthin sources, with algae-based production gaining traction.
Astaxanthin market, nature's most potent antioxidant, is painting the market landscape with shades of possibility. This ruby-red pigment, found in marine life like salmon and krill, has been making waves across industries, from nutraceuticals to cosmetics. The global astaxanthin market is projected to expand from USD 927.21 million in 2023 to USD 5,329.18 million by 2033, experiencing a robust CAGR of 19.11% throughout the forecast period from 2024 to 2033.

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The global astaxanthin market has been segmented based on form, source, production method, application, and region. The form segment is divided into liquid and dry. The dry segment dominated the market with a revenue share of 64.21% in 2023. Dry astaxanthin is used in various applications owing to its longer shelf life. Dry astaxanthin can be mixed with animal feed, food and beverages, nutraceutical products, and cosmetics. The source segment includes natural and synthetic. The natural segment further includes microalgae, shrimp, yeast and others. The natural segment dominated the market with a revenue share of 67.27% in 2023. Natural astaxanthin has several advantages, such as sustainability and high efficacy. The production method segment includes fermentation, chemical synthesis, extraction and microalgae cultivation. The chemical synthesis segment dominated the market with a revenue share of 42.87% in 2023.

Market Dynamics

Drivers

. Health-conscious consumers: The growing awareness of antioxidants' benefits is fueling demand.
. Aging population: Increased focus on eye and skin health is boosting astaxanthin use.
. Sustainable aquaculture: The need for natural pigments in fish farming is propelling market growth.

Restraints

. High production costs: Complex extraction processes can lead to premium pricing.
. Regulatory hurdles: Varying approval statuses across regions can hinder market expansion.

Opportunities

. Emerging applications: Untapped potential in sectors like pet food and functional beverages.
. Technological advancements: Improved cultivation and extraction methods could reduce costs.
. E-commerce boom: Direct-to-consumer channels open new avenues for market penetration.

Report Scope and Segmentation –

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Segmentation Analysis

Global Astaxanthin Market by Form:

. Liquid
. Dry

Global Astaxanthin Market by Source:

. Natural
o Microalgae
o Shrimp
o Yeast
o Others
. Synthetic

Global Astaxanthin Market by Production Method:

. Fermentation
. Chemical Synthesis
. Extraction
. Microalgae Cultivation

Global Astaxanthin Market by Application:

. Food and Beverages
. Cosmetics
. Nutraceuticals
. Feed

Key Market Players

. Cyanotech Corporation
. Algatech Ltd
. Beijing Gingko Group
. MicroA
. Algalíf Iceland EHF
. PIVEG, Inc.
. Fuji Chemical Industries Co. Ltd
. ENEOS Corporation
. Atacama Bio Natural Products S.A
. BASF SE
. Parry Nutraceuticals
. Fenchem Biotech Ltd.
. KDI Ingredients

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Further, the increasing demand for organic food supplements has led to higher use of natural astaxanthin. The production method segment includes fermentation, chemical synthesis, extraction and microalgae cultivation. The fermentation segment will likely grow at the highest CAGR during the forecast period. Industrial production of astaxanthin is majorly done through fermentation. The fermentation process helps in increasing the high cell destiny and rapid growth. The application segment includes food and beverages, cosmetics, nutraceuticals and feed. The nutraceuticals segment will likely grow at the highest CAGR during the forecast period. Astaxanthins are now increasingly used in nutraceuticals. Astaxanthins have high antioxidant properties, so they are preferred in nutraceuticals.

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