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).
Synthetic astaxanthin is produced from petrochemicals and has no health benefits for humans.
According to other estimates, the natural astaxanthin market is 25 – 30.000 kg of pure astaxanthin annually. The report claims that increased usage of astaxanthin across several industries, including food and beverages, pharmaceuticals, cosmetics, and animal feed, is driving the growth.
The most effective natural astaxanthin for human health benefits comes from a microalgae called Haematococcus Pluvialis.
On top of that, it may be added that the growth in the nutraceutical sector alone is somewhere between 15% to 20% annually. According to data from Innova Market Insights, about 250 new natural astaxanthin consumer products were introduced to the market last year alone.
New astaxanthin products worldwide by year.
Few or none of the big natural astaxanthin producers in the world, except for Algalif Iceland, are expanding their production capability to any considerable extent. These facts combined; the fast market growth and increased popularity of natural astaxanthin among consumers, and limited worldwide increase in production capability, means that the price of natural astaxanthin from microalgae is on the rise.
Algalif produces sustainable natural astaxanthin from microalgae in Iceland, using only green geothermal energy.
Algalif Iceland is Europe´s biggest producer of sustainable natural astaxanthin from microalgae. After the ongoing expansion is completed by the end of this year, the company will be the world’s biggest producer of natural astaxanthin from microalgae.
Algalíf Iceland. Natural Astaxanthin: Human Clinical Studies Overview.
The benefits of astaxanthin for humans will be explored in future blogs – keep up to date by following us at www.algalif.com.
Learn more by going to the Algalif Knowledge Center.
An Algalif Blog by Svavar Halldorsson, Head of Sales and Marketing at Algalif Iceland.
By Svavar Halldorsson.
