Astaxanthin Market to Reach $1.6 Billion, Globally, by 2033 at 8.1% CAGR: Allied Market Research

Wilmington, Delaware, Oct. 08, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Astaxanthin Market by Source (Natural and Synthetic), Form (Dry and Liquid), and Application (Dietary supplements, Cosmetics and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the astaxanthin market was valued at $0.8 billion in 2023, and is estimated to reach $1.6 billion by 2033, growing at a CAGR of 8.1% from 2024 to 2033. 

The global astaxanthin market is experiencing growth due to increase in the awareness of benefits of astaxanthin and innovation in production.  

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Prime determinants of growth   

The global astaxanthin market is experiencing growth due to several factors such as rise in awareness about the health benefits of antioxidants and increased consumer interest in natural and organic supplements. Further, rising demand for natural and effective ingredients in skincare products. with anti-aging and UV-protection properties of astaxanthin are driving its use in premium cosmetic products. Moreover, improved methods of astaxanthin extraction and production, leading to higher yields and better quality, making astaxanthin more accessible and affordable.  

Report coverage & details:  

Report Coverage	Details
Forecast Period	2024–2035
Base Year	2023
Market Size in 2023	$0.75 billion
Market Size in 2033	$1.63 billion
CAGR	8.0%
No. of Pages in Report	280
Segments Covered	Source, Form, Application, and Region.
Drivers	Increase in demand for nutraceuticals and natural antioxidants                Introduction of advanced technologies               Increase in adoption of natural cosmetics, and pharmaceuticals
Opportunities	Opportunity in untapped economies
Restraint	High cost of production

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Segment Highlights   

Natural segment dominated the market in 2023  

By source, the dominance of natural astaxanthin in 2023 is driven by several key factors that align with current consumer preferences and industry trends. Consumers are increasingly favoring natural and organic products over synthetic alternatives. This shift is driven by growing health awareness and concerns about the potential side effects of synthetic ingredients. Natural astaxanthin, derived from sources such as microalgae and yeast, is perceived as safer and more beneficial, making it more attractive to health-conscious consumers.  

Dry segment dominated the market in 2023  

By form, the dominance of dry astaxanthin in 2023 is driven by several key factors as dry astaxanthin offers superior stability compared to liquid forms. The powdered form has a longer shelf life, making it more appealing to manufacturers and consumers who seek products with extended usability and minimal degradation over time. Dry astaxanthin is highly versatile and can be easily incorporated into various products such as capsules, tablets, and powder blends. This flexibility makes it a preferred choice for dietary supplements, functional food, and beverage formulations. Its powdered form allows for precise dosing and easy mixing with other ingredients.  

Dietary supplements are expected to be lucrative by 2033  

By application, the growth of dietary supplements astaxanthin is driven by several key factors. As people become more health-conscious, there is a growing awareness of the benefits of dietary supplements. Consumers are actively seeking products that support overall health, boost immunity, and prevent chronic diseases. This increased health awareness is driving the demand for dietary supplements.  

Regional Outlook  

By region, North America held the largest market share in terms of revenue in 2023 and is expected to dominate the market during the forecast period. This is attributed to its advanced technology, strong demand & availability of astaxanthin, supportive regulatory environment, and collaborative ecosystem fostering innovation and growth in the astaxanthin market. However, the Asia-Pacific region is expected to witness rapid industrialization in countries such as China and India, which has led to the establishment and expansion of manufacturing facilities, including advancements and accessibility of astaxanthin products. This is expected to drive the market growth during the forecast period.  

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Key Players: -  

• INNOBIO Limited  

• Divis Laboratories Limited  

• Algaecan Biotech  

• ALGA Technologies,   

• Cyanotech Corporation  

• Otsuka Pharmaceutical Co.  

• Cardax, Fenchem  

• BGG   

• Fuji Chemical Industries Company Limited  

• Kunming Biogenic Company Limited  

The report provides a detailed analysis of these key players in the global astaxanthin market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.   

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