Meticulous Research® has published an insightful report titled ‘Astaxanthin Market by Source (Natural, Synthetic), Form (Dry, Liquid), Method of Production (Chemical Synthesis, Fermentation, Extraction), Application (Food & Beverages, Pharmaceuticals, Nutraceuticals, Animal Feed) – Global Forecast to 2030,’ which highlights the key drivers, trends, and forecasts for the global astaxanthin market.
The astaxanthin market is expected to grow to $1.34 billion by 2030, at a compound annual growth rate (CAGR) of 8.2% from 2024 to 2030.
This growth is primarily fueled by increasing consumer awareness of clean-label products, the growing popularity of natural food colors, and the expanding demand for natural cosmetics and dietary supplements.
The report identifies substantial growth opportunities in emerging regions like Asia-Pacific, Latin America, and the Middle East & Africa, where government initiatives are fostering the aquaculture industry. Despite these opportunities, the market faces challenges such as stringent regulatory norms and the high costs associated with producing natural astaxanthin.
The market is segmented based on source, form, method of production, application, and geography. The natural segment is anticipated to lead the market by 2024, driven by its superior antioxidant properties and associated health benefits. The segment’s growth is further supported by the rising demand for natural astaxanthin in nutraceutical applications and its higher efficacy compared to synthetic alternatives.
In terms of form, the market is segmented into dry and liquid astaxanthin. The dry form is expected to dominate the market in 2024, owing to its advantages in handling, transportation, and shelf life. However, the liquid form is projected to witness significant growth during the forecast period, driven by its increasing use in food & beverage manufacturing to improve product texture, stability, and taste.
The method of production segment includes chemical synthesis, microalgae cultivation, fermentation, and extraction. Chemical synthesis is expected to account for the largest share of the market in 2024, due to its low production costs and stability under low pH conditions. Nevertheless, the fermentation segment is expected to grow rapidly, reflecting a shift toward more natural and sustainable production methods.
Astaxanthin applications span a variety of industries, including food & beverages, nutraceuticals, animal feed, pharmaceuticals, and personal care & cosmetics. The nutraceuticals segment is anticipated to experience rapid growth from 2024 to 2030, driven by astaxanthin’s antioxidant properties and its ability to mitigate health issues such as muscle endurance and cardiovascular diseases.
Geographically, Europe is expected to be the leading market for astaxanthin by 2024, supported by a robust food & beverage industry, rising health awareness, and growing demand for chemical-free cosmetics. Germany is forecasted to be the largest market within Europe, driven by increasing demand for functional beverages & nutraceuticals and nutritional animal feed ingredients.
Key Players:
The key players operating in the astaxanthin are Algatechnologies Ltd. (Israel), BASF SE (Germany), BGG (Beijing Gingko Group) (China), Cardax, Inc. (U.S.), Cyanotech Corporation (U.S.), Divi’s Laboratories Limited (India), Koninklijke DSM N.V. (Netherlands), Fenchem (China), Fuji Chemical Industries Co., Ltd. (Japan), Valensa International (U.S.), Otsuka Holdings Co., Ltd. (Japan), Piveg, Inc. (U.S.), Vidya Europe SAS (France), Wellgreen Technology Co., Ltd. (China), and Algalíf Iceland ehf (Iceland).
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Key Questions Answered in the Report-
- Which are the high-growth market segments in terms of source, form, method of production, application, and geography?
- What is the historical market size for astaxanthin across the globe?
- What are the market forecasts and estimates for the period 2024–2030?
- What are the major drivers, restraints, and opportunities in the astaxanthin market?
- Who are the major players in the market, and what are their market shares?
- Who are the major players in various countries, and what are their market shares?
- How is the competitive landscape for the astaxanthin market?
- What are the recent developments in the astaxanthin market?
- What are the different strategies adopted by the major players in the market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the astaxanthin market, and how do they compete with other players?
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