Astaxanthin Market was valued at USD 1613.2 million in 2023 and is projected to expand from USD 1805.8 million in 2024 to USD 4423.0 million by 2031, growing at a CAGR of 13.65% from 2024 to 2031.
Astaxanthin, a powerful antioxidant from the carotenoid family, is primarily found in microalgae, yeast, and certain marine organisms such as shrimp, krill, and salmon, giving them their pink or red hue.
Astaxanthin has been studied for its potential health benefits due to its strong antioxidant properties, which help neutralize free radicals in the body. It is often marketed as a dietary supplement and is believed to support skin health, reduce inflammation, improve eye health, and enhance athletic performance.
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List of Key Companies in Astaxanthin Market:
- Cyanotech Corporation
- Cardax, Inc.
- Beijing Gingko Group (BGG)
- Fuji Chemical Industries Co., Ltd
- ENEOS Group
- ALGAMO
- BASF
Top Developments:-
In April 2023, Algalíf and Divis Nutraceuticals teamed up to introduce AstaBead™, a new product containing 5% natural astaxanthin in a tiny, protected oil-based form. This special beadlet improves how astaxanthin is delivered, making it more stable and easier for the body to absorb in health supplements.
Key Highlights:-
- The global astaxanthin market size was recorded at USD 1613.2 million in 2023.
- The market is projected to grow at a CAGR of 13.65% from 2024 to 2031.
- North America held a share of 35.12% in 2023, valued at USD 566.6 million.
- The biomass/powder segment garnered USD 485.9 million in revenue in 2023.
- The natural segment is expected to reach USD 985.8 million by 2031.
- The animal feed and aquaculture segment is poised grow at a robust CAGR of 16.72% over the forecast period.
- Asia Pacific is anticipated to grow at a CAGR of 14.98% through the projection period.
Regulatory Framework Also Plays a Significant Role in Shaping the Market
In the U.S., the Food and Drug Administration (FDA) oversees the safety of dietary supplements containing astaxanthin. Manufacturers must adhere to the Dietary Supplement Health and Education Act (DSHEA) to ensure product safety and accurate labeling. Astaxanthin is generally recognized as safe (GRAS) when used appropriately.
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