Global Astaxanthin Market is estimated to attain high gains through 2032 owing to the rising demand for dietary supplements. However, the high manufacturing cost of the product is expected to pose a threat to the booming astaxanthin industry.
Overall, the astaxanthin market has been divided in terms of source, application, and region.
Based on source, the natural segment is projected to grow steadily over the reviewed timeline. Astaxanthin is a carotenoid and a substance naturally found in plants and animals. The preference to produce astaxanthin using algae and yeast has grown due to the rapidly rising need for natural products, which will fuel consumer demand and speed up corporate growth during the anticipated timeframe. Moreover, natural astaxanthin is a 20-times more potent antioxidant than manufactured astaxanthin, which will also help drive the market expansion.
With respect to application, the dietary supplement segment is speculated to attain high gains in the future, depicting more than 9.5% CAGR through the estimated timeframe. Growing urbanization, escalating disposable income, busy lifestyles and work schedules, as well as consumers’ inability to meet daily nutritional requirements are a few of such variables that are anticipated to support the expansion of the dietary supplements industry, favoring the astaxanthin market.
Following a similar trend, the personal care segment is anticipated to grow at more than 9% CAGR from 2023 to 2032. Due to its antioxidant capabilities, astaxanthin serves as a vital component in cosmetic and skincare products. Natural astaxanthin lessens skin irritation brought on by UVB. It also improves skin texture, enhances moisture content, and increases hydration. Along with the modern consumer trend toward sustainable and biodegradable products, consumers are gravitating more toward businesses that combine natural components. Customers’ growing interest in enhancing their general skin health and boosting the well-being is expected to foster segmental growth.
From the regional front, the Middle East & Africa astaxanthin market is poised to amass sizable growth by the end of the research period propelled by thriving personal care sector. The personal care industry in the Middle East is driven by a number of factors, including a high level of disposable income, a desire for ethical products, and the development of beauty technologies, all of which are predicted to contribute to the region’s astaxanthin market expansion.
The competitive landscape of the astaxanthin market is highly recognized. Some of the leading organizations operating in the industry include Algix, BASF, ALGA Technologies, Cyanotech Corporation, BGG, Fenchem, DSM, Piveg, Lycored, INNOBIO, Wellgreen Technology, and Cardax.