The global astaxanthin market is predicted to register a robust CAGR of 14.9% over the forecast period, as per FMI’s analysis. The industry’s size is anticipated to increase from US$ 910.3 million in 2023 to US$ 3,636.8 million by 2033 end.
Demand for astaxanthin is projected to rise on account of its multiple applications in nutraceuticals, pharmaceuticals, feed industries, etc. Moreover, the distinct color and properties of astaxanthin are also propelling its demand in food coloring, commercial aquacultures, and other applications.
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In a landscape of evolving technologies, the Astaxanthin market is poised for expansion, driven by innovative production methods such as ALGAMO’s micromodules and photobioreactors. ALGAMO’s focus on minimizing water wastage and electricity consumption showcases a commitment to sustainability in astaxanthin production. Ongoing research leveraging diverse technologies to enhance economic and technical feasibility is anticipated to positively impact market dynamics.
Key players are gearing up for strategic initiatives, launching novel platforms and products, especially in emerging economies, to tap into growth opportunities. A notable example is Näck, a Swedish-Indian startup introducing a digital wellness platform and Immunity Boost, featuring natural astaxanthin and vegan protein powder. These endeavors align with the increasing consumer demand for sophisticated and health-oriented food choices, driving sustainability in the food industry.
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Top Highlights:
- United States Dominance: The U.S. market is poised to contribute significantly, targeting a market revenue of US$ 838.70 million by 2033, with a robust CAGR of 15.8%.
- UK Growth: The United Kingdom is anticipated to emerge as the second-leading market, generating US$ 296.8 million in revenue by 2033, with a CAGR of 15%.
- European Influence: Germany is forecasted to reach US$ 266.60 million by 2033, expanding at a CAGR of 13.7%. Spain is set to yield US$ 85.60 million, exhibiting a CAGR of 12.2% over the forecast period.
- China’s Prominence: The Chinese market is expected to play a pivotal role, projecting a revenue of US$ 161.50 million by 2033, growing at a steady CAGR of 12.8%.
New Developments as Observed by FMI
- Beijing Gingko Group unveiled in April 2022 that it is expanding its astaxanthin farm capacity for the second time in the Pristine region over the last two years. This development is geared to enhance the company’s production capacity.
- Lehmann&Voss&Co., which is a prominent nutraceutical distributor in the United Kingdom, launched a new AstaPure natural astaxanthin CWD in April 2021. The product plays a crucial role in cardiovascular disorders treatment.
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Key Segments
By Form:
- Powder
- Liquid
By Grade:
- > 98%
- 95-97%
- < 94%
By Source :
- Natural
- Crustaceans
- Microalgae
- Paracoccus carotinifaciens
- Yeast/ Fungi
- Synthetic
By Production Technology:
- Chemical Synthesis
- Natural Extraction
By Application:
- Aquaculture
- Dietary Supplements
- General Wellbeing
- Eye Health
- Brain Health
- Immune & Digestive Health
- Bone & Joint Health
- Heart Health
- Other Supplements (Weight Loss, Allergies, etc.)
- Food & Beverages
- Personal Care & Cosmetics
- Skin Care
- Hair Care
- Pet Food
- Eye Health
- Brain Health
- Immune & Digestive Health
- Bone & Joint Health
- Animal Feed
- Pharmaceuticals
- Others
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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