Europe Astaxanthin Market (By Product: Oil, Softgel, Liquid; By Source: Natural, Synthetic; By Application: Aquaculture & Animal Feed, Nutraceuticals) - Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2024-2033

Europe Astaxanthin Market Size and Trend

The Europe astaxanthin market was estimated at USD 0.77 billion in 2023 and it is expected to surpass around USD 3.94 billion by 2033, poised to grow at a CAGR of 17.72% from 2024 to 2033.

Europe Astaxanthin Market Size 2024 to 2033

Key Pointers

  • The Germany astaxanthin market led the market with the largest market share of 21% in 2023.
  • By Source, the natural astaxanthin segment captured the maximum market share of 57% in 2023.
  • By Product, the dried algae meal or biomass segment generated the maximum market share of 26% in 2023.
  • By Product, the softgel segment is anticipated to grow at the noteworthy CAGR of 18.23% from 2024 to 2033.
  • By Application, the aquaculture and animal feed segment captured the maximum market share of 47% in 2023.
  • By Application, the nutraceuticals segment is estimated to expand the fastest CAGR of 18.64% from 2024 to 2033.

Europe Astaxanthin Market Overview

The Europe Astaxanthin market is experiencing notable growth, driven by several factors including increasing consumer awareness regarding the health benefits of astaxanthin, rising demand for natural antioxidants in various industries, and growing adoption of astaxanthin in the pharmaceutical and nutraceutical sectors.

Astaxanthin, a powerful antioxidant derived from microalgae, is gaining traction in the European market due to its proven benefits in promoting eye health, supporting cardiovascular health, and offering protection against oxidative stress. As consumers become more health-conscious, there is a rising preference for natural and sustainable sources of antioxidants, driving the demand for astaxanthin-based products.

Europe Astaxanthin Market Growth Factors

The growth of the Europe astaxanthin market is propelled by anincreasing consumer awareness regarding the numerous health benefits associated with astaxanthin consumption is driving demand. Astaxanthin's proven efficacy in promoting eye health, cardiovascular health, and offering protection against oxidative stress has garnered significant attention among health-conscious consumers. Additionally, the rising preference for natural and sustainable antioxidants is fueling the adoption of astaxanthin in various industries, including pharmaceuticals, nutraceuticals, cosmetics, and aquaculture. Furthermore, the expanding applications of astaxanthin, such as its incorporation into skincare formulations and its use as a feed additive in aquaculture, are contributing to market growth. Moreover, strategic initiatives by key market players, such as product innovation and expansion of distribution networks, are further boosting the market.

Europe Astaxanthin Market Trends:

  • Rising Consumer Awareness: Increased awareness among consumers about the health benefits of astaxanthin, such as its antioxidant properties and role in promoting eye and cardiovascular health, is driving demand for astaxanthin-based products.
  • Growing Demand for Natural Antioxidants: There is a growing preference for natural and sustainable sources of antioxidants, leading to increased adoption of astaxanthin in various industries, including pharmaceuticals, nutraceuticals, cosmetics, and food and beverages.
  • Expanding Applications: Astaxanthin is finding applications beyond traditional sectors like pharmaceuticals and nutraceuticals. Its use in skincare formulations for its anti-aging and skin-rejuvenating properties, as well as its inclusion as a feed additive in aquaculture to enhance fish coloration and health, is on the rise.
  • Regulatory Approvals and Certifications: Increasing regulatory approvals for astaxanthin-based products and certifications for its safety and efficacy are instilling consumer confidence and driving market growth.
  • Focus on Research and Development: Continued investments in research and development activities are leading to the discovery of new applications and formulations of astaxanthin, further fueling market growth and innovation.

Source Insights

The natural astaxanthin segment led the market, holding a 57% revenue share in 2023. Renowned for its exceptional antioxidant properties, natural astaxanthin boasts the highest Oxygen Radical Absorbance Capacity (ORAC) compared to its synthetic counterpart. Its rich, deep red pigment is widely employed to enhance the color of various seafood offerings, including shrimp, krill, and salmon.

The natural astaxanthin is anticipated to witness the swiftest CAGR of 21.33% from 2024 to 2033, owes its popularity to its efficacy in promoting skin health. It is prominently featured as a key ingredient in numerous cosmetic formulations. Moreover, the projected growth is fueled by the increasing integration of natural astaxanthin in treatments for complex ailments such as Alzheimer’s, Parkinson’s, hypercholesterolemia, cancer, and stroke.

Product Insights

Among products, the dried algae meal or biomass segment commanded the market, holding a 26% revenue share from 2024 to 2033. This dominance is attributed to its versatility in biomass production for various preparations like capsules and tablets. Its utility in bulk production, minimal downstream processing, and extensive use as animal feed are key drivers of its growth.

Industry leaders are introducing innovative products within this segment, poised to drive further growth in the coming years. The softgel segment is expected to witness a noteworthy CAGR of 18.23% from 2024 to 2033. This growth is primarily propelled by the increasing demand for astaxanthin-based softgels. The superior stability offered by softgels has made them a preferred choice, coupled with their ease of use, further augmenting demand.

Application Insights

The aquaculture and animal feed segment dominated with a 47% revenue share in 2023. Astaxanthin plays a crucial role as an ingredient in animal feed production, contributing to the well-being of livestock. The segment has seen robust growth in recent years, propelled by rising meat and seafood consumption. Many animal feed manufacturers prefer incorporating astaxanthin into their formulations to support livestock health.

The nutraceuticals segment is projected to undergo a remarkable CAGR of 18.64% from 2024 to 2033. This growth trajectory is primarily fueled by the increasing recognition of astaxanthin-based nutritional products. Additionally, the burgeoning awareness of astaxanthin's exceptional antioxidant properties is driving a surge in demand. Sedentary lifestyles, prolonged work hours, and various nutritional deficiencies are further stimulating the demand for nutraceuticals in the region.

Country Insights

The Germany astaxanthin market dominated the European regional market, capturing the largest revenue share of 21% in 2023. This dominance can be attributed to several factors, including the growing integration of astaxanthin in anti-aging cosmetic formulations and the rising demand for nutraceuticals and other immunity-boosting products. Furthermore, the presence of key market players such as Sea & Sun Organic GmbH, Fraunhofer IGB, and BGG WORLD has significantly contributed to the market's growth in Germany.

The astaxanthin market in the UK is poised to witness a CAGR of 19.02% from 2024 to 2033, driven by increasing awareness about the benefits of nutritional supplements and immunity boosters. The rising geriatric population is also a key driver of the demand for astaxanthin-based products in the UK.

Europe Astaxanthin Market Key Companies

  • Algalíf Iceland hf.
  • ALGAMO
  • BASF SE
  • DSM (dsm-firmenich)
  • Nutri-Link
  • The Synergy Company
  • Sea & Sun Organic GmbH
  • Fraunhofer CBP
  • VALENSA INTERNATIONAL
  • AstaReal

Recent Developments

  • In March 2024, BGG WORLD unveiled its new global headquarters in Switzerland, marking a significant milestone in the company's global expansion strategy.
  • In January 2024, AstaReal, a pioneer in the natural astaxanthin for human consumption market, launched a revamped version of its product Astaxin for consumers in Sweden and Norway, signaling its commitment to innovation and meeting the evolving needs of its customers.

Europe Astaxanthin Market Segmentation:

By Source

  • Natural
    • Yeast
    • Krill/Shrimp
    • Microalgae
    • Others
  • Synthetic

By Product

  • Dried Algae Meal or Biomass
  • Oil
  • Softgel
  • Liquid
  • Others

By Application

  • Nutraceuticals
  • Cosmetics
  • Aquaculture and Animal Feed
  • Food
    • Functional Foods & Beverages
    • Other Traditional Food Manufacturing Applications
  • Others

By Country

  • Germany
  • France
  • Italy
  • UK
  • Spain
  • Russia
  • Sweden
  • Denmark

Frequently Asked Questions

The Europe astaxanthin market size was reached at USD 0.77 billion in 2023 and it is projected to hit around USD 3.94 billion by 2033.

The Europe astaxanthin market is growing at a compound annual growth rate (CAGR) of 17.72% from 2024 to 2033.

The driving factors of the Europe astaxanthin market include increasing consumer awareness about its health benefits and its expanding applications across various industries.

The leading companies operating in the Europe astaxanthin market are Algalíf Iceland hf., ALGAMO, BASF SE, DSM (dsm-firmenich), Nutri-Link, The Synergy Company, Sea & Sun Organic GmbH, BGG WORLD, Fraunhofer CBP, VALENSA INTERNATIONAL and AstaReal.

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis 

4.3.2. Sales and Distribution Source Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Europe Astaxanthin Market 

5.1. COVID-19 Landscape: Europe Astaxanthin Industry Impact

5.2. COVID 19 - Impact Assessment for the Industry

5.3. COVID 19 Impact: Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Europe Astaxanthin Market, By Source

8.1. Europe Astaxanthin Market, by Source, 2024-2033

8.1.1 Natural

8.1.1.1. Market Revenue and Forecast (2021-2033)

8.1.2. Synthetic

8.1.2.1. Market Revenue and Forecast (2021-2033)

Chapter 9. Europe Astaxanthin Market, By Product

9.1. Europe Astaxanthin Market, by Product, 2024-2033

9.1.1. Dried Algae Meal or Biomass

9.1.1.1. Market Revenue and Forecast (2021-2033)

9.1.2. Oil

9.1.2.1. Market Revenue and Forecast (2021-2033)

9.1.3. Softgel

9.1.3.1. Market Revenue and Forecast (2021-2033)

9.1.4. Liquid

9.1.4.1. Market Revenue and Forecast (2021-2033)

9.1.5. Others

9.1.5.1. Market Revenue and Forecast (2021-2033)

Chapter 10. Europe Astaxanthin Market, By Application 

10.1. Europe Astaxanthin Market, by Application, 2024-2033

10.1.1. Nutraceuticals

10.1.1.1. Market Revenue and Forecast (2021-2033)

10.1.2. Cosmetics

10.1.2.1. Market Revenue and Forecast (2021-2033)

10.1.3. Aquaculture and Animal Feed

10.1.3.1. Market Revenue and Forecast (2021-2033)

10.1.4. Food

10.1.4.1. Market Revenue and Forecast (2021-2033)

10.1.5. Others

10.1.5.1. Market Revenue and Forecast (2021-2033)

Chapter 11. Europe Astaxanthin Market, Regional Estimates and Trend Forecast

11.1. Europe

11.1.1. Market Revenue and Forecast, by Source (2021-2033)

11.1.2. Market Revenue and Forecast, by Product (2021-2033)

11.1.3. Market Revenue and Forecast, by Application (2021-2033)

Chapter 12. Company Profiles

12.1. Algalíf Iceland hf.

12.1.1. Company Overview

12.1.2. Product Offerings

12.1.3. Financial Performance

12.1.4. Recent Initiatives

12.2. ALGAMO.

12.2.1. Company Overview

12.2.2. Product Offerings

12.2.3. Financial Performance

12.2.4. Recent Initiatives

12.3. BASF SE.

12.3.1. Company Overview

12.3.2. Product Offerings

12.3.3. Financial Performance

12.3.4. Recent Initiatives

12.4. DSM (dsm-firmenich).

12.4.1. Company Overview

12.4.2. Product Offerings

12.4.3. Financial Performance

12.4.4. Recent Initiatives

12.5. Nutri-Link.

12.5.1. Company Overview

12.5.2. Product Offerings

12.5.3. Financial Performance

12.5.4. Recent Initiatives

12.6. The Synergy Company

12.6.1. Company Overview

12.6.2. Product Offerings

12.6.3. Financial Performance

12.6.4. Recent Initiatives

12.7. Sea & Sun Organic GmbH.

12.7.1. Company Overview

12.7.2. Product Offerings

12.7.3. Financial Performance

12.7.4. Recent Initiatives

12.8. Fraunhofer CBP

12.8.1. Company Overview

12.8.2. Product Offerings

12.8.3. Financial Performance

12.8.4. Recent Initiatives

12.9. VALENSA INTERNATIONAL.

12.9.1. Company Overview

12.9.2. Product Offerings

12.9.3. Financial Performance

12.9.4. Recent Initiatives

12.10. AstaReal

12.10.1. Company Overview

12.10.2. Product Offerings

12.10.3. Financial Performance

12.10.4. Recent Initiatives

Chapter 13. Research Methodology

13.1. Primary Research

13.2. Secondary Research

13.3. Assumptions

Chapter 14. Appendix

14.1. About Us

14.2. Glossary of Terms

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