Global Astaxanthin Market to Grow at a CAGR of 14.6% During the Period 2024-2032, Driven by Applications in Pharmaceuticals and Nutraceuticals

Increasing use of astaxanthin in food and health supplements, health benefits offered by astaxanthin, and its potential use in the treatment of various diseases are expected to boost the global astaxanthin market. Astaxanthin is increasingly being used as a nutritional supplement in foods, feeds, pharmaceuticals and nutraceuticals. These applications are expected to contribute to market growth. North America, Europe and Asia are expected to be key markets. For commercial applications, astaxanthin products generally come in the form of soft gels, capsules, oils, syrups, creams, tablets, biomass and granulated powders.

Astaxanthin’s antioxidant properties form the basis of reported health benefits. Astaxanthin has been associated with enhanced blood flow and reduced oxidative stress in smokers and obese individuals. Astaxanthin has been reported to offer several health benefits and help in the prevention and treatment of multiple diseases, including cancer, chronic inflammatory diseases, metabolic syndrome, diabetes, diabetic nephropathy, cardiovascular diseases, gastrointestinal diseases, liver diseases, neurodegenerative diseases, eye diseases, skin diseases, exercise-induced fatigue, male infertility, and renal failure. It is also said to boost immunity.

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Key Industry Developments

In 2019, Israeli company Algatechnologies launched AstaPure Arava, an all-natural, algae complex with naturally occurring constituents of the Haematococcus Pluvialis algae. According to the company, the species of microalgae is the “richest known source of astaxanthin”. Its properties were supported by research from NIS Labs, a research institute based in the USA.  The microalgae complex has multiple food applications, including power and energy bars, and other products that may be readily combined with powder.

In 2018, Algatech acquired majority stake in algae producer Supreme Health. According to Algatech, the investment would enable the company to supply China and Asia-Pacific markets with more astaxanthin and other algae-based products, including Supreme Health’s Haematococcus pluvialis microalgae strain.

In 2020, Cyanotech® Corporation launched BioAstin® Hawaiian Astaxanthin® in a new delivery form, water dispersible powder, available in both 1% and 2% concentrations. According to the company, the water dispersible natural astaxanthin powder was unique, and formulated with a proprietary blend of plant fibres.

In 2017, NOW Foods and AlgaeHealth announced NOW's launch of Astaxanthin capsules containing AstaZine® Natural Astaxanthin derived from Organic Haematococcus pluvialis microalgae.

In 2020, Lubrizol Life Science Health launched Astagile microcapsules - sustainable, organic-certified astaxanthin microencapsulated with spirulina, designed to promote mental agility and support healthy aging for young and senior adults.

Key Findings of the Report:

• Increasing use of astaxanthin in nutritional supplement in foods, feeds, pharmaceuticals and nutraceuticals is expected to boost the market. 

• Astaxanthin’s potential use in the treatment of multiple diseases is likely to stimulate the market. 

• North America, Europe and Asia are projected to be key markets.

Market Analysis by Product, Source, Application, and Region:

• By product, the market is classified into Dried Algae Meal or Biomass, Oil, Softgel, Liquid, and Others.

• By source, the market is segmented into Natural and Synthetic.

• By application, the market is divided into Aquaculture and Animal Feed, Nutraceuticals, Cosmetics, Food, and Others. 

• By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

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