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 Asia Pacific region dominated the astaxanthin market and is projected to grow at a significant CAGR of 8.4% by 2026.
The overall economic growth in the Asia Pacific region has led to an increase in urbanization and rapid industrialization. Hence, the consumption levels of astaxanthin differ from country to country and region to region. The increasing preference among consumers for healthy food and the high demand for meat and seafood are some of the major factors for the growth of animal feed applications of astaxanthin in the region. Asia Pacific offers great opportunities to manufacturers and suppliers of astaxanthin, owing to the cost advantage and high demand in this region.
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.
The key service providers 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), 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 (US).
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