Market Size of Astaxanthin Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.80 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Astaxanthin Market Analysis
The Global Astaxanthin Market is projected to register a CAGR of 7.8% during the forecast period.
The COVID-19 pandemic has had a significant impact on the astaxanthin market as the crisis has highlighted the significance of safe, healthy, and nutritive eating habits among consumers across the globe. A growing number of health-conscious individuals are more inclined towards natural food coloring agents with lesser adverse effects, as compared to other chemical products, which is an important driver estimated to boost market growth.
The demand for astaxanthin is expected to increase, due to its multiple applications in pharmaceutical, nutraceuticals, and feed industries, among others. Also, the unique color and properties associated with astaxanthin have led to its increased use in commercial aquacultures, food coloring, and others.
Moreover, the increasing adoption of nutrition-rich products is driving the nutraceutical industry at a significant rate. Hence, the demand for astaxanthin-based nutritional products is increasing across the globe. The increasing adoption of novel technologies to boost the production of astaxanthin is anticipated to propel growth over the forecast period. For instance, in 2022, ALGAMO produces photo-bioreactors and micro-modules to create astaxanthin while minimizing water waste and saving electricity.
