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 trends. 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.
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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.
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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.
Algatech LTD
BASF SE
Beijing Gingko Group
Cardax Inc
Cyanotech Corporation
Divi's Laboratories Limited
I.D. - Parry (India) Limited
Fenchem Biotek Ltd
Fuji Chemical Industries Co. Ltd.
Koninklijke DSM N.V.
Piveg Inc
Astaxanthin Market Segmentation:
Our report has categorized the market based on region, source, product and application.
Breakup by Source:
Natural
Yeast
Krill/Shrimp
Microalgae
Others
Synthetic
Breakup by Product:
Dried Algae Meal or Biomass
Oil
Softgel
Liquid
Others
Breakup by Application:
Nutraceuticals
Cosmetics
Aquaculture and Animal Feed
Others
Breakup by Region:
North America (United States, Canada)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)