Industry Experts - Market Research

Astaxanthin Demand Rebounds after Post Pandemic Turbulence, Global Astaxanthin Market to Cross $820 million by 2030

Tuesday Feb 11, 2025

A new report from Industry Experts, Inc. on "Astaxanthin Market" is published. According to the report, the market is poised for a robust expansion over the 2024-2030 forecast period, with a projected CAGR of 7.3% in value. The market is expected to reach over US$820 million by 2030, up from an estimated market size of US$537million in 2024.

Astaxanthin is a potent antioxidant, boasting 550 times the strength of vitamin E and 6,000 times than that of vitamin C. Its exceptional antioxidant properties have been shown to benefit various health conditions, including inflammation, diabetes, cardiovascular issues, vision problems, and central nervous system disorders. The market experienced a notable decline in 2020 due to reduced consumer demand during COVID-19-related restrictions, followed by a dip in 2022 linked to decreased farmed salmon production impacting aquafeed demand. In 2023, inflationary pressures further curbed algae-based astaxanthin demand, as consumers prioritized spending on experiences and services over goods. The global astaxanthin market has returned to steady growth in 2024 after a turbulent period between 2019 and 2023.

Aqua & Animal Feed constitutes the largest end-use application of Astaxanthin in terms of volume consumed globally, accounting for an estimated 62% share in 2024. Worldwide consumption of Astaxanthin in this end-use area is further expected to sustain the slowest 2024-2030 CAGR of 3.6% and reach a projected 355 metric tons by 2030. In contrast, fastest growth in volume consumption of Astaxanthin is anticipated from Food & Beverage applications, which is expected to post a CAGR of 14.9% between 2024 and 2030.

The report analyzes the market for Astaxanthin, globally, covering all major regions like North America (United States, Canada and Mexico), Europe (Norway, the United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, Australia and Rest of Asia-Pacific), South America (Chile, Peru and Rest of South America), and Rest of the World.

This Study analyzes the Global Market for Astaxanthin based on Raw Material Source – Synthetic Astaxanthin, Nautral Astaxanthin including Haematococcus Microalgae Astaxanthin and Paracoccus Bacteria Astaxanthin; and Application – Aqua Feed, Nutraceuticals, Cosmetics, and Food & Beverages.

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