Astaxanthin Market to hit $1.5 Billion by 2032, Says Global Market Insights inc.

Global Market Insights Inc.
Global Market Insights Inc.

Astaxanthin Industry is expected to register 9% CAGR between 2023 and 2032 propelled by burgeoning geriatric population around the world.

Selbyville, Delaware, Dec. 08, 2022 (GLOBE NEWSWIRE) --

per the report published by Global Market Insights Inc., the Global Astaxanthin Market was estimated at USD 845 million in 2022 and is expected to surpass a valuation of $1.5 billion by 2032, progressing at a CAGR of 9% from 2023 to 2032. The report provides a detailed analysis of top winning strategies, drivers & opportunities, competitive scenario, wavering market trends, market size, statistics & estimations, and major investment pockets.

Swelling demand for beauty products and the increasing adoption of animals as the chief drivers of the astaxanthin industry trends. The soaring health consciousness among young adults has boosted the demand for dietary supplements, fueling the use of astaxanthin in food & beverage products for better health benefits, which is likely to facilitate product penetration.

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Snowballing demand for naturally derived dietary supplements to push natural astaxanthin consumption

With respect to source, the study classifies the astaxanthin market into synthetic and natural. Natural segment is projected to depict more than 9.5% CAGR over 2023-2032. The fast-growing demand for natural products is fueling the demand for astaxanthin derived from algae and yeast or a specific type of microalgae known as Haematococcus Pluvialis. Natural astaxanthin is also 20 times stronger than synthetic astaxanthin as an antioxidant.

Key reasons for astaxanthin market growth:

  1. Rising geriatric population and increasing demand for beauty and personal care products.

  2. Expansion of animal feed industry.

  3. Increasing demand for dietary supplements.

Immunity boosting properties to augment astaxanthin use in pharmaceutical applications

Deployment of astaxanthin in pharmaceutical products is expected to remain high in the coming years.  Astaxanthin market share from the pharmaceutical application segment is set to depict over 8.5% CAGR from 2023 to 2032. Owing to its antioxidant properties, astaxanthin finds usage in drugs used in the treatment of prostate cancer, degenerative eye condition, lactose intolerance, and diabetes. The segment growth is further speculated to be driven by proliferating incidences of cancer and diabetes across the world as astaxanthin is known to improve blood flow.

Soaring health consciousness to positively influence Asia Pacific astaxanthin industry

Asia Pacific astaxanthin market is anticipated to witness growth at more than 9% CAGR over the next 10 years. The region may emerge as a major hub for this industry owing to the growing demand for dietary supplements due to rising health consciousness among the expanding middle-class population. Moreover, the flourishing e-commerce business in Vietnam is encouraging the uptake of supplement products, which is foreseen to promote regional market demand.

Product development initiatives to remain a key growth strategy

Strategic landscape of the astaxanthin market is slated to witness a series of R&D initiatives and growth partnerships by industry players to boost their business reach. For instance, in October 2018, BGG World, a clinically-supported natural ingredients manufacturer for dietary supplements, along with its associate, natural ingredients producer Algae Health Sciences, received NOP Organic Certification for its astaxanthin supercritical CO2 oleoresin, AstaZine. This product is used in oleoresin form which is used in dietary supplements.

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In another instance, in October 2022, Solabia ALGA Technologies Ltd., an astaxanthin specialist, introduced astaxanthin whole microalgae dietary gummies, AstaPure. The product was intended to provide the company with new growth opportunities and help the company expand its portfolio. This comes after the launch of the AstaPure powder concept astaxanthin formula. Some of the key astaxanthin market players profiled in the report include Allergan, Syneron Candela, Galderma, and Cynosure, among others.

Partial chapters of report table of contents (TOC):

Chapter 4 Competitive Landscape, 2021

4.1    Introduction
4.2    Company market share analysis by region, 2021
4.3    Competitive analysis of major market players
4.4    Vendor adoption matrix
4.5    Strategic outlook matrix
Chapter 5   Astaxanthin Market, By Source
5.1    Key source trends
5.2    Synthetic
5.3    Natural
Chapter 6   By Application
6.1    Key application trends
6.2    Dietary supplements
6.3    Personal care
6.4    Pharmaceuticals
6.5    Food & beverage
6.6    Animal feed

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About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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