The worldwide Astaxanthin market measurement is anticipated to achieve USD 8.7 billion by 2030 and is anticipated to increase at a CAGR of 20.8% from 2021 to 2030.
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Growth Factors
growing awareness among people regarding healthy lifestyle, and government initiatives to increase the manufacturing capacity are anticipated to boost the market growth. Algalíf Iceland ehf. received financial aid from EU’s SME Instrument program and Icelandic Centre for Research’s Technology Development Fund to expand its manufacturing capacities by adding spray dryers. Cost-effective technologies widely used for astaxanthin production include Photo Bioreactor (PBR) and Flat Panel Airlift (FPA) reactors. Furthermore, other technologies used are open pond, closed microalgae, hybrid (a need-based combination of open pond system & flat panel photobioreactor), green technology production system energized by natural sunlight, and supercritical carbon dioxide extraction systems.
Report Coverage
| Report Scope | Details |
| Market Size | USD 8.7 billion by 2030 |
| Growth Rate | CAGR of 20.8% From 2021 to 2030 |
| Base Year | 2020 |
| Historic Data | 2017 to 2020 |
| Forecast Period | 2021 to 2030 |
| Segments Covered | Source, Product, Application |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Companies Mentioned | AlgatechLtd.; CyanotechCorp.; AstaReal Group, CO2 GRO Inc.; Beijing Gingko Group; E.I.D. – Parry (India) Limited; ENEOS Corporation; FENCHEM; MicroA; NextFerm; Algalif Iceland ehf |
Report Highlights
The natural source segment dominated the market in 2020 and is estimated to witness the fastest CAGR of 20.3% during the forecast period. Wide-scale availability, increased demand for natural food supplements, and higher efficacy compared to synthetic sources are key factors driving the segment growth. Synthetic astaxanthin is also expected to grow at a double-digit growth rate over the forecast period owing to increased demand from the aquaculture industry and availability of safe & approved products, such as Cardax, Inc.’s ZanthoSyn as an anti-inflammatory.
The dried algae meal or biomass segment dominated the global market in 2020 with a revenue share of over 30% and is anticipated to maintain its dominance over the forecast period. The use of biomass for the production of other formulations, the requirement of less downstream processing, high usage as animal feed, and easy bulk production are some key factors driving the segment growth.
The softgels segment is anticipated to exhibit the fastest growth rate of 27.4% during the forecast period owing to increased use in and significant growth of the nutraceuticals industry.
The aquaculture and animal feed segment dominated the market in 2020 with a revenue share of over 57% and is anticipated to grow at a steady CAGR over the forecast period, owing to its extensive use as a feed additive.
The nutraceuticals segment is estimated to witness the fastest growth over the forecast period owing to the superior antioxidant properties of astaxanthin as compared to other food supplements, easier availability, and a wider range of applications in the nutraceuticals industry.
North America held a market share of over 46% in 2020 and is expected to maintain its dominance over the forecast period. This dominance can be attributed to the existence of an established nutraceutical industry, growing awareness about the use of astaxanthin, and the presence of a health-conscious population.
Key Players
- CO2 GRO Inc. (BlueOceanNutraSciences)
- FENCHEM
- ENEOS Corporation (JXTG Nippon Oil & Energy Corporation)
- E.I.D. – Parry (India) Limited
- MicroA
- NextFerm
- Algalif Iceland ehf
- ALGAMO
Market Segmentation
- Source
- Natural
- Yeast
- Krill/Shrimp
- Microalgae
- Others
- Synthetic
- Natural
- Product
- Dried Algae Meal or Biomass
- Oil
- Softgel
- Liquid
- Others
- Application
- Nutraceuticals
- Cosmetics
- Aquaculture and AnimalFeed
- Food
- Functional Foods and Beverages
- Other Traditional Food Manufacturing Applications
- Others
- Regional
- North America
- U.S
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Asia Pacific
- India
- China
- Japan
- Australia
- South Korea
- Singapore
- Latin America
- Argentina
- Brazil
- Mexico
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- North America
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Reasons to Purchase this Report:
– Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
– Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
– Market value USD Million and volume Units Million data for each segment and sub-segment
– Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
– Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
Table of Contents
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Application Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. Market Dynamics Analysis and Trends
5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition
Chapter 6. Competitive Landscape
6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers
Chapter 7. Global Astaxanthin Market, By Source
7.1. Astaxanthin Market, by Source, 2021-2030
7.1.1. Natural
7.1.1.1. Market Revenue and Forecast (2017-2030)
7.1.2. Synthetic
7.1.2.1. Market Revenue and Forecast (2017-2030)
Chapter 8. Global Astaxanthin Market, By Product
8.1. Astaxanthin Market, by Product, 2021-2030
8.1.1. Dried Algae Meal or Biomass
8.1.1.1. Market Revenue and Forecast (2017-2030)
8.1.2. Oil
8.1.2.1. Market Revenue and Forecast (2017-2030)
8.1.3. Softgel
8.1.3.1. Market Revenue and Forecast (2017-2030)
8.1.4. Liquid
8.1.4.1. Market Revenue and Forecast (2017-2030)
8.1.5. Others
8.1.5.1. Market Revenue and Forecast (2017-2030)
Chapter 9. Global Astaxanthin Market, By Application
9.1. Astaxanthin Market, by Application, 2021-2030
9.1.1. Nutraceuticals
9.1.1.1. Market Revenue and Forecast (2017-2030)
9.1.2. Cosmetics
9.1.2.1. Market Revenue and Forecast (2017-2030)
9.1.3. Aquaculture and AnimalFeed
9.1.3.1. Market Revenue and Forecast (2017-2030)
9.1.4. Food
9.1.4.1. Market Revenue and Forecast (2017-2030)
Chapter 10. Global Astaxanthin Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Source (2017-2030)
10.1.2. Market Revenue and Forecast, by Product (2017-2030)
10.1.3. Market Revenue and Forecast, by Application (2017-2030)
10.1.4. U.S.
10.1.4.1. Market Revenue and Forecast, by Source (2017-2030)
10.1.4.2. Market Revenue and Forecast, by Product (2017-2030)
10.1.4.3. Market Revenue and Forecast, by Application (2017-2030)
10.1.5. Rest of North America
10.1.5.1. Market Revenue and Forecast, by Source (2017-2030)
10.1.5.2. Market Revenue and Forecast, by Product (2017-2030)
10.1.5.3. Market Revenue and Forecast, by Application (2017-2030)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Source (2017-2030)
10.2.2. Market Revenue and Forecast, by Product (2017-2030)
10.2.3. Market Revenue and Forecast, by Application (2017-2030)
10.2.4. UK
10.2.4.1. Market Revenue and Forecast, by Source (2017-2030)
10.2.4.2. Market Revenue and Forecast, by Product (2017-2030)
10.2.4.3. Market Revenue and Forecast, by Application (2017-2030)
10.2.5. Germany
10.2.5.1. Market Revenue and Forecast, by Source (2017-2030)
10.2.5.2. Market Revenue and Forecast, by Product (2017-2030)
10.2.5.3. Market Revenue and Forecast, by Application (2017-2030)
10.2.6. France
10.2.6.1. Market Revenue and Forecast, by Source (2017-2030)
10.2.6.2. Market Revenue and Forecast, by Product (2017-2030)
10.2.6.3. Market Revenue and Forecast, by Application (2017-2030)
10.2.7. Rest of Europe
10.2.7.1. Market Revenue and Forecast, by Source (2017-2030)
10.2.7.2. Market Revenue and Forecast, by Product (2017-2030)
10.2.7.3. Market Revenue and Forecast, by Application (2017-2030)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Source (2017-2030)
10.3.2. Market Revenue and Forecast, by Product (2017-2030)
10.3.3. Market Revenue and Forecast, by Application (2017-2030)
10.3.4. India
10.3.4.1. Market Revenue and Forecast, by Source (2017-2030)
10.3.4.2. Market Revenue and Forecast, by Product (2017-2030)
10.3.4.3. Market Revenue and Forecast, by Application (2017-2030)
10.3.5. China
10.3.5.1. Market Revenue and Forecast, by Source (2017-2030)
10.3.5.2. Market Revenue and Forecast, by Product (2017-2030)
10.3.5.3. Market Revenue and Forecast, by Application (2017-2030)
10.3.6. Japan
10.3.6.1. Market Revenue and Forecast, by Source (2017-2030)
10.3.6.2. Market Revenue and Forecast, by Product (2017-2030)
10.3.6.3. Market Revenue and Forecast, by Application (2017-2030)
10.3.7. Rest of APAC
10.3.7.1. Market Revenue and Forecast, by Source (2017-2030)
10.3.7.2. Market Revenue and Forecast, by Product (2017-2030)
10.3.7.3. Market Revenue and Forecast, by Application (2017-2030)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Source (2017-2030)
10.4.2. Market Revenue and Forecast, by Product (2017-2030)
10.4.3. Market Revenue and Forecast, by Application (2017-2030)
10.4.4. GCC
10.4.4.1. Market Revenue and Forecast, by Source (2017-2030)
10.4.4.2. Market Revenue and Forecast, by Product (2017-2030)
10.4.4.3. Market Revenue and Forecast, by Application (2017-2030)
10.4.5. North Africa
10.4.5.1. Market Revenue and Forecast, by Source (2017-2030)
10.4.5.2. Market Revenue and Forecast, by Product (2017-2030)
10.4.5.3. Market Revenue and Forecast, by Application (2017-2030)
10.4.6. South Africa
10.4.6.1. Market Revenue and Forecast, by Source (2017-2030)
10.4.6.2. Market Revenue and Forecast, by Product (2017-2030)
10.4.6.3. Market Revenue and Forecast, by Application (2017-2030)
10.4.7. Rest of MEA
10.4.7.1. Market Revenue and Forecast, by Source (2017-2030)
10.4.7.2. Market Revenue and Forecast, by Product (2017-2030)
10.4.7.3. Market Revenue and Forecast, by Application (2017-2030)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Source (2017-2030)
10.5.2. Market Revenue and Forecast, by Product (2017-2030)
10.5.3. Market Revenue and Forecast, by Application (2017-2030)
10.5.4. Brazil
10.5.4.1. Market Revenue and Forecast, by Source (2017-2030)
10.5.4.2. Market Revenue and Forecast, by Product (2017-2030)
10.5.4.3. Market Revenue and Forecast, by Application (2017-2030)
10.5.5. Rest of LATAM
10.5.5.1. Market Revenue and Forecast, by Source (2017-2030)
10.5.5.2. Market Revenue and Forecast, by Product (2017-2030)
10.5.5.3. Market Revenue and Forecast, by Application (2017-2030)
Chapter 11. Company Profiles
11.1. CO2 GRO Inc. (BlueOceanNutraSciences)
11.1.1. Company Overview
11.1.2. Source Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. FENCHEM
11.2.1. Company Overview
11.2.2. Source Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. ENEOS Corporation (JXTG Nippon Oil & Energy Corporation)
11.3.1. Company Overview
11.3.2. Source Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. E.I.D. – Parry (India) Limited
11.4.1. Company Overview
11.4.2. Source Offerings
11.4.3. Financial Performance
11.4.4. Recent Initiatives
11.5. MicroA
11.5.1. Company Overview
11.5.2. Source Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. NextFerm
11.6.1. Company Overview
11.6.2. Source Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Algalif Iceland ehf
11.7.1. Company Overview
11.7.2. Source Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. ALGAMO
11.8.1. Company Overview
11.8.2. Source Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
Glossary of Terms
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