According to a market report by Lucintel, the future of the astaxanthin market looks promising with opportunities in the dietary supplement, personal care, pharmaceuticals, food & beverages, and animal feed applications. The global astaxanthin market is expected to grow with a CAGR of 8% to10% from 2023 to 2028. The major drivers for this market are growing health awareness among consumers, increasing demand for naturally sourced supplements, and change in consumer lifestyle and growing geriatic population.
Synthetic and natural are the major segments of astaxanthin market by source. Lucintel forecasts that natural will remain the largest segment over the forecast period due to wide-scale availability, increased demand for natural food supplements, and higher efficacy compared to synthetic sources.
Within this market, animal feed is expected to remain the largest segment due to widespread use as a feed additive, rise in the adoption of astaxanthin in the aquaculture industry for improving the quality of seafood, and key market players are developing the product that contains astaxanthin as animal feed are having medical benefits.
North America will remain the largest region due to existence of an established nutraceutical industry, growing awareness about the use of astaxanthin, and the presence of a health-conscious population.
Emerging trends, which have a direct impact on the dynamics of the industry, include expansion of nutraceutical and cosmetic market and rising adoption of novel technologies to increase the production of astaxanthin. ALGA Technologies, Algaecan Biotech, Algix, BASF, BGG, DSM, Fenchem, Cardax, Cyanotech Corporation, and Divis Laboratories Limited are the major suppliers in the global astaxanthin market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global astaxanthin market by source, application, and region. Lucintel has compiled a comprehensive research report titled “Growth Opportunities in the Global Astaxanthin Market 2023-2028: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global astaxanthin market by source, application, and region, as follows:
Astaxanthin Market by Source [Value ($B) shipment analysis for 2017-2028]:
· Synthetic
· Natural
Astaxanthin Market by Application [Value ($B) shipment analysis for 2017-2028]:
· Dietary Supplement
· Personal Care
· Pharmaceuticals
· Food & Beverages
· Animal Feed
· Others
Astaxanthin Market by Region [Value ($B) shipment analysis for 2017-2028]:
· North America
· Europe
· Asia Pacific
· The Rest of the World
A more than 150 pages and in-depth TOC on “Global Astaxanthin Market". To download report brochure, please go to
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About Lucintel
Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. Lucintel offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
This report answers the following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the astaxanthin market by source (synthetic and natural), application (dietary supplement, personal care, pharmaceuticals, food & beverages, animal feed, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?