Growing consciousness about the detrimental impacts of the consumption of synthetic antioxidants is shifting the status quo towards the consumption of natural products.
The global astaxanthin market is predicted to register a robust CAGR of 14.9% over the forecast period, as per FMI’s analysis. The industry’s size is anticipated to increase from US$ 910.3 million in 2023 to US$ 3,636.8 million by 2033 end.
Demand for astaxanthin is projected to rise on account of its multiple applications in nutraceuticals, pharmaceuticals, feed industries, etc. Moreover, the distinct color and properties of astaxanthin are also propelling its demand in food coloring, commercial aquacultures, and other applications.
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New technologies emerging in the market to propel the production of astaxanthin are expected to enhance the market scope over the forecast period, for example, ALGAMO, which produces astaxanthin via micromodules and photobioreactors. The company is focusing on the minimization of water wastage and saving electricity during the production of astaxanthin. Going forward, research and studies carried out to develop astaxanthin with the help of different technologies by promoting economic and technical feasibility are projected to have a positive influence over the market.
The market is projected to witness strategic initiatives by key players for the launch of novel platforms and products, consequently offering lucrative growth opportunities, especially in emerging economies. In April 2021, for instance, Näck, a Swedish-Indian startup introduced its digital wellness platform, along with Immunity Boost, which is a lineup of two herbal products made of natural astaxanthin and real vegan protein powder.
The evolving consumer demand for innovative and sophisticated food items is gaining momentum. In addition to this, consumers are now knowledgeable about the relationship between food and health and water–energy–food nexus. This is causing a ripple effect in the food industry, wherein companies are now making efforts to enhance their sustainability quotient while producing food that is functional, nutritious, and sustainable. Such trends are expected to foster development in the astaxanthin industry.
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Top Highlights from the FMI’s Analysis of the Astaxanthin Market:
New Developments as Observed by FMI
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market.
Feb 18, 2024