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Written by Mark Smith » Updated on: November 19th, 2024
According to IMARC Group latest report titled “Astaxanthin Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on astaxanthin market size. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
The global astaxanthin market size reached US$ 754.0 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,209.9 Million by 2028, exhibiting a growth rate (CAGR) of 8.29% during 2023-2028.
Astaxanthin is a naturally occurring reddish pigment belonging to the class of carotenoids, known for its powerful antioxidant properties. It is predominantly found in marine environments, particularly in algae, salmon, trout, krill, shrimp, and other seafood. It is commercially produced in two main forms: synthetic and natural, with the natural form being derived from the microalgae Haematococcus pluvialis. This compound plays a crucial role in aquatic ecosystems by providing the characteristic pink and red hues to many marine organisms. The advantages of astaxanthin are extensive, particularly in health and wellness contexts. It is celebrated for its ability to combat oxidative stress and inflammation, support immune health, enhance skin health, and improve eye health. In addition, astaxanthin has been found to have potential benefits in cardiovascular health and athletic performance. Its potent antioxidant properties, higher than many other carotenoids, make it a valuable ingredient in dietary supplements, cosmetics, and aquaculture feed. The versatility and efficacy of astaxanthin, combined with its natural origin, make it a sought-after compound in various industries, promoting health and wellness.
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Market Trends:
The global astaxanthin market is experiencing significant growth, propelled by the rising demand for natural astaxanthin in dietary supplements. This can be supported by the growing health consciousness among consumers and an increasing awareness of the benefits of antioxidants. Additionally, the aging global population is another key factor, as astaxanthin is known for its potential to improve skin health and reduce signs of aging. Along with this, the expanding use of astaxanthin in aquaculture as a feed additive to enhance the color and health of farmed fish, particularly salmon and trout, is positively influencing the market. In addition, technological advancements in the extraction and production of astaxanthin, especially from microalgae, are making the natural form more accessible and cost-effective, thereby providing a boost to its preference over synthetic alternatives.
Moreover, the cosmetics industry also contributes to market growth through the incorporation of astaxanthin in skin care products, leveraging its antioxidant properties for anti-aging and skin-protective benefits. Apart from this, the growing demand for clean labels and natural products across various consumer segments is accelerating the adoption of natural astaxanthin. The market is also witnessing a trend towards sustainable and eco-friendly production methods, which align with global environmental and sustainability goals. In confluence with this, research and development initiatives focusing on new health applications of astaxanthin, such as in eye health, cardiovascular health, and sports nutrition, are significantly supporting the market. In confluence with this, strategic collaborations and partnerships among key players for product development and distribution are contributing to the market. These factors, combined with supportive government policies and increased investment in health and wellness sectors, are creating a positive market outlook. Some of the other factors driving the market include rapid urbanization and inflating disposable income levels of individuals.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Astaxanthin Market Segmentation:
Our report has categorized the market based on region, source, product and application.
Breakup by Source:
Breakup by Product:
Breakup by Application:
Breakup by Region:
Key highlights of the report:
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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