Astaxanthin Market Growth Driving a Deep Analysis on Trends with CAGR of 7.63% till 2030

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Astaxanthin Market Overview:

Astaxanthin Market is Anticipated to Grow USD 1.84 Bn and Reach a CAGR of 7.63% during 2023–2030

Astaxanthin, a reddish pigment, is a naturally occurring carotenoid found in algae, salmon, trout, and shrimp. Its potent antioxidant properties are well known, making it perfect for applications pertaining to health and wellness. The astaxanthin market has recently expanded globally due to the rising use of astaxanthin in a range of industries, such as food and beverage, pharmaceuticals, and personal care, as well as growing awareness of its health benefits. Astaxanthin is a keto carotenoid consumed in massive volumes due to its antioxidant properties. It occurs naturally in fish, microalgae, and other sea forms. The industrial production of astaxanthin is possible due to synthetic or plant-based sources.

Global market expansion is anticipated to be driven by the largely conscious population as well as the need for natural coloring agents in the food and beverage industry. Other reasons that may contribute to the growth of the worldwide astaxanthin market include the expansion of the aquaculture industry and the usage of the chemical for fish, trout, and crustacean coloring.

In addition, approval by federal agencies such as the U.S. Food and Drug Administration (FDA) for the use of astaxanthin and a supported certification as a generally recognized as safe (GRAS) agent can benefit the market demand greatly. Inclusion of the product in dietary supplements due to its wide availability can bode well for the market growth amid the growing health-consciousness among the populace. In addition, new patents filed by companies can fuel the global astaxanthin market growth.

Key players

Cardax Inc. (US)

BASF SE (Germany)

Alga Technologies (Israel)

Archer-Daniels-Midland Company (US)

Koninklijke DSM NV (Netherlands)

Cyanotech Corporation (US)

Beijing Gingko Group (China)

Fuji Chemical Industries Co. Ltd (Japan)

Fenchem (China)

Otsuka Holdings Co.Ltd (Japan).

Market Segmentation:

1. By Source:

Extracted from algae and other natural sources, astaxanthin is considered natural.

Synthetic: Chemical synthesis is used to create astaxanthin.

2. By Form:

Dry: Astaxanthin powder, which is frequently utilized in animal feed and supplements.

Liquid: This type of astaxanthin is appropriate for usage in drinks and cosmetics.

3. By Application:

Food and Beverages: Astaxanthin is utilized in a variety of food and beverage items as an antioxidant and natural food coloring.

 Pharmaceutical and Nutraceuticals: Supplements containing astaxanthin are utilized for their anti-inflammatory and antioxidant qualities, among other health benefits.

 Animal Feed: Fish and poultry are given an extra dose of astaxanthin to enhance their health and color.

 Personal Care: Due to its anti-aging and UV protection qualities, astaxanthin is utilized in skincare products.

 Others: Astaxanthin is employed in biotechnology and aquaculture, among other fields.

Regional Analysis:

North America: Growing awareness of the health advantages of astaxanthin in dietary supplements and the food and beverage industry’s growing need for natural antioxidants are driving the astaxanthin market in North America.

Europe: Astaxanthin is becoming more and more popular in the pharmaceutical and nutraceutical industries, and as a result, the demand for natural and organic skincare products is driving stable expansion in this region.

Asia Pacific: The region’s expanding aquaculture business and the growing usage of astaxanthin in animal feed to enhance the health and color of fish and poultry are projected to drive considerable growth in the astaxanthin market in this area.

Latin America: Due to the region’s expanding need for natural antioxidants in the food and beverage sector and the rising usage of astaxanthin in dietary supplements, this region is turning into a profitable market for astaxanthin.

Middle East and Africa: The region’s growing demand for natural and organic skincare products as well as rising consumer awareness of astaxanthin’s health advantages are driving the astaxanthin market in these regions.

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