The worldwide astaxanthin market will almost double in size in the next decade, according to a new research report from DataM Intelligence. According to the report, the combined market size for natural astaxanthin and synthetic (petrochemical) astaxanthin was USD 1.5 billion (1,500,000,000) US$ in 2023. It is expected to reach USD 2.7 billion (2,700,000,000) US$ by 2031. That is about 80% increase in market size. Note that only natural astaxanthin has health benefits for humans.
Algalíf Iceland. Natural Astaxanthin: Human Clinical Studies Overview.
This means that the annual growth rate (GAGR) is 8,1%. Again, this includes both synthetic (petrochemical) and natural astaxanthin. The authors describe the purpose of the report to be to “provide a telescopic view of the current market size by value and volume, opportunities, and development status.” The synthetic (petrochemical) astaxanthin market is much bigger in volume than the natural one, but the raw material price for natural astaxanthin is about much higher than synthetic (petrochemical).
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