Astaxanthin Market Size, Share, Opportunities, And Trends By Application (Nutraceutical And Pharmaceutical, Food & Beverages, Others), By Form (Liquid, Powder, Others), By End-user (Individuals, Industry), And By Geography - Forecasts From 2024 To 2029

Astaxanthin, a red pigment categorized within the carotenoid group, naturally occurs in certain algae and contributes to the distinctive pink-red color. Renowned for its antioxidant properties, astaxanthin is believed to offer protection against cellular damage. Astaxanthin has various applications, including its use for Alzheimer's disease, athletic performance, anti-aging effects on the skin, and alleviating muscle soreness post-exercise, among other purposes. Abundant in marine animals like salmon and shrimp, Astaxanthin, also known as ASTX, has emerged as a functional food ingredient globally. It is marketed for its potential health benefits in various regions.

Beyond its role in functional foods and dietary supplements, a significant application of astaxanthin lies in aquaculture and the poultry industry as a feed additive. In aquaculture, it plays a pivotal role in enhancing the flesh coloration in farmed salmonids, meeting consumer preferences.

The Astaxanthin market is categorized by form, offering options such as Liquid, Powder, and others. Furthermore, its applications extend across various sectors, including Nutraceutical and Pharmaceutical, Food and beverages, and others, reflecting its versatility in meeting diverse industry needs. The multiple utilization of astaxanthin underscores its multifaceted role in contributing to both human health and the aesthetic appeal of farmed aquatic products

Market Drivers

• Increasing  geriatric population

The global demographic landscape is undergoing a significant shift with the aging population, leading to an increased demand for products that facilitate healthy aging. China stands out as one of the nations experiencing rapid growth in its aging demographic. Projections indicate that by 2040, the proportion of individuals aged over 60 in China will reach 28%, propelled by extended life expectancy and declining fertility rates. In the United States, the older population, defined as those aged 65 or more, comprised 16.8% of the total population, amounting to 55.8 million individuals in 2020.

Similarly, the European Union (EU-27) is poised for a notable increase in its older population, with the number of individuals aged 65 or more projected to surge from 90.5 million at the beginning of 2019 to a substantial 129.8 million by 2050. This global trend toward an aging demographic underscores the growing demand for dietary habits that prioritize health and nutritional value.

As the geriatric population expands worldwide, there is an escalating need for food choices that contribute to overall well-being. Astaxanthin, known for its potential to support cognitive function, eye health, and skin health, emerges as an appealing dietary supplement, especially for older adults. Its unique attributes position it as valuable to meet the specific needs of an aging population.

Multiple usage of Astaxanthin

Astaxanthin, categorized as an 'antioxidant,' is a medicinal compound primarily employed in the treatment of conditions such as Alzheimer's and Parkinson's diseases, stroke, high cholesterol levels, liver diseases, and age-related macular degeneration, which can result in vision loss. Additionally, it is utilized as a preventative measure against cancer. Astaxanthin also finds application in improving exercise performance and addressing metabolic syndrome, a precursor to various conditions including heart disease, stroke, and diabetes.

Notably, Astaxanthin plays a pivotal role in enhancing the coloration and overall health of farmed aquatic species such as salmon and shrimp. Its advantageous use as a feed supplement in cultured aquatic species has been recognized for promoting their well-being.

In cosmetics, Astaxanthin emerges as a highly beneficial ingredient, particularly in sun care products. Its long-term efficacy is particularly convincing in anti-aging formulations. These multiple functionalities underscore Astaxanthin's, making it a valuable component in industrial applications.

Market Restraints

• High cost of production.

The extensive production of astaxanthin from microalgae poses notable challenges in terms of resource utilization, notably water and energy, prompting concerns regarding its environmental sustainability. However, a newly conceptualized facility demonstrates significantly reduced production levels compared to current industrial operations and even surpasses the efficiency of synthetic astaxanthin production. This cost-effectiveness is attributed to the implementation of low-cost photobioreactors in the process.

The Astaxanthin market by form can be segmented into Liquid, Powder, and others.

The Astaxanthin market is categorized by form into Liquid, Powder, and other variants. Liquid Astaxanthin presents a convenient option for users, as it can be easily mixed into beverages or taken directly. This versatility allows usage in various food and beverage formulations. On the other hand, Powder Astaxanthin has a longer shelf life and can be blended into smoothies, yogurt, or baking recipes, providing flexibility in consumption. Additionally, other forms of astaxanthin include softgels, chewable tablets, and topical products, for diverse preferences and applications.

North America is anticipated to hold a significant share of the astaxanthin market.

North America will hold a notable share in the astaxanthin market. This is owing to the region's growing emphasis on preventive health measures and a preference for natural solutions to enhance overall well-being. Astaxanthin aligns seamlessly with this trend due to its antioxidant properties and the potential health benefits it offers. The United States, in particular, stands out as a significant market for astaxanthin, given the considerable demand for fish and fishery products, with total exports reaching 1,248,385.63 metric tonnes in 2021. This broader application, especially in aquaculture, contributes to the increasing demand for astaxanthin in North America, showcasing its versatility and multiple uses in various industries.

Market Developments

• August 2023-  Sirio unveiled pharmaceutical-focused soft gels at CPHI Barcelona, showcasing a specialized vision care complex. This innovative product combined Lutein, Zeaxanthin, and Astaxanthin, collectively contributing to maintaining eye health. The Sirio soft gel, featuring this unique vision care complex, was immediately made available, offering end-to-end services, including packaging.
• May 2022- Algalif and Divi’s Nutraceuticals together with their respective expertise created highly concentrated beadlets of sustainable natural astaxanthin. The production process, led by Algalif in Iceland, utilizes renewable energy and yields a premium astaxanthin oleoresin derived from microalgae. This joint venture represents a commitment to sustainability, quality, and innovation in the development of potent natural astaxanthin products.
• February 2021- Solabia-Algatech Nutrition introduced a microencapsulated, cold water-dispersible powder containing 2.5% natural astaxanthin. The astaxanthin was extracted from Haematococcus pluvialis microalgae using supercritical CO2. The powder demonstrated easy dispersion in cold water. This formulation was well-suited for ready-to-mix supplements, drinks, and suspensions, including sports drinks.

Company Products

• Sigma-Aldrich by Astaxanthin-  Sigma-Aldrich offers Astaxanthin in a pack size of 50mg. This product is classified for identified uses in laboratory chemicals and the manufacture of substances. It is in a powdered physical state, presenting a dark violet color.
• Astaxanthin D3 Liquid (30)- Davinci Labs offers Astaxanthin D3 Liquid (30) for $36.96. This convenient liquid formula seamlessly blends Vitamin D3 and Astaxanthin. It aims to promote the body's absorption of calcium and phosphorous, provide free radical protection, and support a robust immune system. For optimal benefits, it is recommended to take 1 ml daily as a dietary supplement.
• Astaxanthin by Herbadiet-  Astaxanthin is offered by Herbadiet, a 10% Extract Powder priced at ?1,004.99 INR. It is formulated with ZERO fillers, additives, synthetic ingredients, colors, and flavors. It comes in high-quality durable zip-lock packaging, ensuring the freshness of the product. It is subjected to third-party lab testing, guaranteeing its quality and purity. Each serving of this potent supplement delivers 100mg of Astaxanthin, standardized to 10% potency.

Market Segmentation

• By Application
  • Nutraceutical And Pharmaceutical
  • Food & Beverages
  • Others
• By Form
  • Liquid
  • Powder
  • Others
• By End-User
  • Individuals
  • Industry
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Indonesia
    • Thailand
    • Others