DUBLIN, Jan. 24, 2024 /PRNewswire/ — The “Global Astaxanthin Market Size, Share & Trends Analysis Report by Product (Oil, Softgel, Liquid), Source (Natural, Synthetic), Application (Aquaculture & Animal Feed, Nutraceuticals), Region, and Segment Forecasts, 2024-2030” report has been added to ResearchAndMarkets.com’s offering.
The global astaxanthin market is poised to experience a substantial surge with a predicted valuation of USD 7.28 billion by 2030, growing at an impressive 17.1% CAGR from 2024 to 2030. According to the latest market analysis report, the sector is witnessing considerable growth driven by the increasing consumer inclination towards nutraceuticals and the escalating application of carotenoids in animal feed as well as in aquaculture industries.
The astaxanthin industry is set to capitalize on burgeoning opportunities stemming from the expansion of aquaculture activities globally. The pigment’s role in enhancing the immunity of animals and augmenting the pigmentation of aquatic species such as ornamental fish and rainbow trout is integral to the industry’s growth trajectory.#
Key Highlights from the Astaxanthin Market Analysis:
- Synthetic and natural sources of astaxanthin continue to diversify with a notable preference for sustainable and high-efficacy products.
- Nutraceuticals application segment showcases a robust CAGR, driven by health-conscious consumers and an aging demographic.
- Asia-Pacific region emerges as a high growth area attributed to extensive investments and intensified research activities within the sector.
The report sheds light on the entry of ground-breaking research collaborations and technological advancements. For instance, revelations about astaxanthin’s genetic modulation capabilities in brain health and its potential benefits in addressing osteoarthritis symptoms highlight the scope of its therapeutic advantages.
Underscoring the growth prospects, the strategic enhancements of supply chain capabilities by key market leaders position the astaxanthin market for an even wider global reach. Regulatory approvals like the one received by NextFern Technologies for its astaxanthin gummies articulate the regulatory landscape supporting industry innovation.
Market Segmentation Insights
The dried algae meal or biomass product segment holds a significant market share, attributed to its extensive use in animal feed and cost-effective production processes. Meanwhile, the aquaculture and animal feed application dominates the current revenue landscape, with the nutraceuticals sector poised for accelerated growth.
Regional Market Prospects:
- Asia-Pacific’s astaxanthin market is projected to attain the fastest growth rate during the forecast period, fuelled by strategic initiatives and R&D efforts within the region.
- The natural and global shift towards sustainable aquaculture practices favors the market penetration of astaxanthin in emerging economies.
The extensive market analysis available provides vital insights into both historical trends and future prognostications, helping stakeholders make informed decisions in the dynamic astaxanthin landscape. The expanding utilizations across different verticals signify a thriving market set for considerable advancements in the coming years.
For further details and insightful data pointers, interested parties are encouraged to engage with the full research publication.
Companies Mentioned
- Algatech Ltd
- Cyanotech Corporation.
- MicroA
- Beijing Gingko Group (BGG)
- Algalíf Iceland ehf
- Fuji Chemical Industries Co., Ltd
- PIVEG, Inc.
- Atacama Bio Natural Products S.A
- ENEOS Corporation
- E.I.D. – Parry (India) Limited (Alimtec S.A., Valensa International)
For more information about this report visit https://www.researchandmarkets.com/r/6cfoce
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