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

Asia Pacific Astaxanthin Market Size and Growth 

The Asia Pacific astaxanthin market size was estimated at around USD 0.62 billion in 2023 and it is projected to hit around USD 3.48 billion by 2033, growing at a CAGR of 18.83% from 2024 to 2033.

Key Pointers

• Japan dominated the market with the largest market share of 25% in 2023.
• By Source, the natural astaxanthin held the largest revenue share of 56% in 2023.
• By Source, the projections indicate that the natural astaxanthin segment is poised to witness the swiftest CAGR of 21.43% from 2024 to 2033.
• By Product, the dried algae meal or biomass category generated the maximum market share of 26% in 2023.
• By Product, the softgel segment is estimated to expand the fastest CAGR of 19.43% from 2024 to 2033.
• By Application, the aquaculture and animal feed sector registered the maximum market share of 47% in 2023.    

Asia Pacific Astaxanthin Market Overview

The Asia Pacific astaxanthin market is experiencing significant growth driven by increasing awareness of its health benefits and its widespread applications across various industries. Astaxanthin, a potent antioxidant derived from microalgae, is garnering attention for its potential to support cardiovascular health, skin protection, and eye health, among other benefits.

Asia Pacific Astaxanthin Market Growth Factors

The growth of the Asia Pacific astaxanthin market growth is driven by the rising demand for nutraceuticals, driven by increasing health consciousness among consumers, is driving the adoption of astaxanthin-based supplements. Additionally, the expanding applications of astaxanthin in cosmetics, owing to its antioxidant properties and anti-aging benefits, are contributing to market growth. Furthermore, the thriving aquaculture industry in the region is fueling demand for astaxanthin as a pigment enhancer in aquafeed, particularly for fish and shrimp. Technological advancements in production methods have also played a pivotal role in driving market growth by improving efficiency and scalability.

Asia Pacific Astaxanthin Market Trends:

• Rising Demand for Natural Antioxidants: Growing consumer preference for natural ingredients and antioxidants is driving demand for astaxanthin in the Asia Pacific region.
• Expansion in Cosmetic Applications: Astaxanthin's anti-aging and skin protection properties are leading to its increased incorporation into skincare products, driving growth in the cosmetics sector.
• Increasing Focus on Eye Health: With rising awareness of the benefits of astaxanthin for eye health, including reducing eye fatigue and improving visual acuity, there is a growing market for astaxanthin-based eye health supplements.
• Demand for Functional Foods and Beverages: The incorporation of astaxanthin into functional foods and beverages, such as energy drinks and nutritional bars, is gaining traction due to its antioxidant properties and potential health benefits.
• Investments in Research and Development: Increasing investments in R&D by market players are aimed at developing innovative formulations and expanding the application scope of astaxanthin, driving market growth and diversification.

Source Insights

The natural astaxanthin sector dominated with a substantial revenue share of 56% in 2023. Various natural sources contribute to astaxanthin production, including yeast, algae, salmon, shrimp, trout, crayfish, and krill, with Haematococcus pluvialis being recognized as one of the premier sources. This form of astaxanthin experiences heightened demand across multiple industries, including food, animal feed, pharmaceuticals, and nutraceuticals.

Projections indicate that the natural astaxanthin segment is poised to witness the swiftest CAGR of 21.43% from 2024 to 2033. This accelerated growth is primarily fueled by its acclaimed benefits in enhancing skin health, prompting its widespread integration as a primary ingredient in various cosmetic formulations. Furthermore, the anticipated surge in demand for natural astaxanthin stems from its increasing adoption in the treatment and management of complex ailments such as hypercholesterolemia, cancer, Alzheimer’s, stroke, and Parkinson’s disease.

Product Insights

The dried algae meal or biomass category emerged as the leader, commanding a significant share of 26% in 2023. This type of product comprises a dry blend of algae cells, molasses, concentrated corn solubles, and ethoxyquin. Utilized for feed production, astaxanthin biomass enhances the coloration of aquatic animals such as salmon, shrimp, trout, as well as poultry. Notably, numerous industry players have introduced novel products in recent years, aiming to enrich their product portfolios, thus fostering market expansion in the region.

In the same timeframe, the softgel segment is poised for remarkable growth, projected to achieve a lucrative CAGR of 19.43%. This upsurge is primarily fueled by the increasing acceptance of softgels containing astaxanthin. Nutraceutical suppliers prefer veggie softgels, crafted from glycerin and modified cornstarch, owing to their natural origin and minimal adverse effects. Astaxanthin-based softgels are increasingly favored by consumers seeking to nurture and enhance skin health and vision.

Application Insights

In 2023, the aquaculture and animal feed sector emerged as the dominant force, securing the largest revenue share of 47%. Astaxanthin finds widespread use in this segment for fish pigmentation, nutraceutical development, cosmetic formulations, food and beverage production, as well as disease treatment. Notably, one of the primary applications of natural astaxanthin lies in the creation of dietary supplements.

Anticipated to achieve a noteworthy CAGR of 19.83% between 2024 and 2033, the nutraceuticals segment is poised for substantial growth. This trajectory can be attributed to the escalating demand for nutritional supplements containing astaxanthin. Moreover, heightened awareness regarding astaxanthin's potent antioxidant properties has prompted its integration into various dietary supplements. Factors such as nutrient deficiencies, sedentary lifestyles prevalent in urban areas, and the burgeoning geriatric population are forecasted to further drive the demand for nutraceuticals in the foreseeable future.

Country Insights

In 2023, the Japan astaxanthin market captured the largest revenue share, accounting for 25%. Several factors contribute to the market's growth, including the extensive production of nutraceuticals, the introduction of novel natural astaxanthin therapies by key industry players, a growing elderly population, and the high consumption of fish. The presence of prominent companies such as Fuji Chemical Industries Co., Ltd., ENEOS Techno Materials Corporation, BASF SE, and BGG Japan Co., Ltd. (BGG WORLD) further bolsters market expansion in Japan.

The South Korean astaxanthin market is poised to witness a robust CAGR of 19.55% from 2024 to 2033. Authorities in South Korea have been actively working to enhance the aquaculture industry, positioning it as one of the few countries adept at salmon farming. The burgeoning aquaculture sector, coupled with increasing demand for natural ingredients and the introduction of new products by key players, is expected to drive market growth in South Korea.

Asia Pacific Astaxanthin Market Key Companies

• Fuji Chemical Industries Co., Ltd.
• ENEOS Techno Materials Corporation
• BASF SE
• BGG Japan Co., Ltd. (BGG WORLD)
• DSM (dsm-firmenich)
• Sv Agrofood

Recent Developments

• In February 2024, OZiva, a leading consumer wellness brand specializing in plant-based nutrition products, introduced its latest offering, OZiva Bioactive Gluta Fizzy. This innovative product delivers a comprehensive solution featuring a unique formulation that combines a collagen builder sourced from aloe vera, vitamin C enriched with L-glutathione, lycopene extracted from tomato skin, and astaxanthin derived from red microalgae, along with hyaluronic acid.

Asia Pacific 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 & Animal Feed
• Food
  • Functional Foods & Beverages
  • Other Traditional Food Manufacturing Applications
• Others

By Country

• Japan
• China
• India
• Australia
• South Korea
• Singapore
• Thailand