Global Pharmaceutical Astaxanthin Market Size, Share & Trends Analysis Report, By Type, by Application, by End User, By Region Forecasts, 2023 - 2030

Global Pharmaceutical Astaxanthin Market Size, Share & Trends Analysis Report, By Type, by Application, by End User, By Region Forecasts, 2023 - 2030

Global Pharmaceutical Astaxanthin Market was valued at US $665.2 MM in 2022 and is expected to reach US $2288.3 MM by 2030 growing at a CAGR of 16.7% during the forecast period 2023 – 2030.

The astaxanthin market is expanding rapidly due to the growing usage of the ingredient in natural cosmetics, nutraceuticals, and medications. This represents a significant turning point in the industry's history. Notably, there has been a discernible shift in the natural cosmetics industry towards the inclusion of astaxanthin, mostly as a result of consumers' increasing demand for skincare and cosmetics derived from natural sources. Because of its strong antioxidant qualities, astaxanthin has grown to be a crucial part of product innovation while also increasing public knowledge of its benefits for skin health and anti-aging qualities.

The growing need in the nutraceutical industry for plant-based and natural supplements has coincided with astaxanthin's natural source from microalgae. This convergence is in perfect harmony with the current consumer trends towards health consciousness. Because of astaxanthin's well-known status as a strong antioxidant and its ability to support immunological function, producers of dietary supplements find it to be a desirable option for satisfying the needs of customers looking for all-encompassing wellness solutions. Interestingly, the nutraceutical industry's market value, projected to reach 137 billion dollars in 2021, is indicative of the industry's steady upward trajectory, which began in 2018 and is expected to continue until 2028.

Additionally, the pharmaceutical industry has seen a significant increase in the use of astaxanthin, primarily due to the ongoing clinical trials that are intended to clarify its possible health advantages. These thorough investigations explore the various medicinal uses of astaxanthin, including its function in reducing a variety of illnesses, from ophthalmic ailments to cardiovascular diseases. As a result, astaxanthin has become widely acknowledged as a valuable medicinal component, opening up new opportunities for innovative treatment compositions. For example, according to data from the World Health Organisation, there are at least 2.2 billion people worldwide who suffer from near- or farsightedness; of them, 1 billion have preventable or treatable vision impairment. Among the most common causes of blindness and vision impairment worldwide are cataracts and refractive errors.

“Synthetic Pharmaceutical Astaxanthin segment, by type, to be dominating market from 2023 to 2030.”

When it comes to large-scale production, the synthetic sector has become the market leader for astaxanthin. This dominance can be ascribed to the increasing demand coming from the aquaculture and animal feed industries, which is supported by the availability of safe and approved products like the anti-inflammatory ZanthoSyn from Cardax, Inc., thereby increasing the market's dependence on astaxanthin. The competitive landscape is further enhanced by the presence of multiple players who are actively involved in the production of synthetic variations, thereby exerting a considerable influence.

“Cardiovascular Health segment, by application, to be dominating market from 2023 to 2030.”

Pharmaceutical Due to its intrinsic antioxidant and anti-inflammatory properties, astaxanthin has attracted substantial research due to its potential to provide cardiovascular benefits. In the battle against oxidative stress, which is closely associated with the initiation and progression of cardiovascular disorders such as hypertension (high blood pressure) and atherosclerosis (hardening of the arteries), the potent antioxidant astaxanthin appears as a useful ally.

“Pharmaceutical Companies segment, by end user, to be dominating market from 2023 to 2030.”

The shifting consumer preferences for natural and sustainable products have resulted in a significant increase in the demand for astaxanthin. This increase is often ascribed to the purchase of Astaxanthin from microorganisms or algae, which is consistent with the growing trend towards environmentally and morally responsible procurement methods.

“North America to be largest region in Pharmaceutical Astaxanthin market.”

Astaxanthin is becoming more and more well-known in the pharmaceutical industry in North America. This is mainly because of its natural antioxidant qualities, which complement the growing need for plant-based and holistic health solutions. This amazing antioxidant is gradually finding its way into a wide range of product categories, such as skincare, joint support, cardiovascular wellness, and eye health, thanks to the solid basis that ongoing research projects and clinical studies have laid. Together with governmental clearances, coordinated initiatives in consumer education have been crucial in increasing its appeal. Furthermore, the sustainability quotient and broad range of applications of astaxanthin make it a desirable ingredient for innovative medicinal products. Astaxanthin's growing presence in the pharmaceutical industry can be attributed to its ability to treat age-related illnesses, particularly as the population in North America ages and places a greater emphasis on preventative health and wellbeing.

Pharmaceutical Astaxanthin Competitive Landscape

The competitive landscape of the Pharmaceutical Astaxanthin market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Pharmaceutical Astaxanthin technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Pharmaceutical Astaxanthin market is highly competitive, with numerous companies vying for market share. Prominent companies in the Pharmaceutical Astaxanthin Market include:

Otsuka Pharmaceutical Co., Ltd., Nikken Sohonsha Corporation, Astareal AB, Pure Natural Products S.A., Algamoil LLC, Parry Nutraceuticals Inc., Algalif, Algatechnologies, Valensa International, Icelandirect, Inc, Cyanotech Corporation, ENEOS Corporation, Yunnan Alphy Biotech, MicroA, PIVEG, Inc., DSM, Mitushi Biopharma, Atacama Bio Natural Products S.A, Hunan Bitian Technology, Fuji Chemical Industries Co. Ltd, and others.

Recent Developments:

Solabia-Algatech released the vitamin C-enriched Astaxanthin Gummies in October 2022. The absence of artificial colouring and preservatives sets these gummies apart, and each one has 4 milligrammes of astaxanthin algae complex.

NextFerm Technologies made history in September 2021 when they received regulatory marketing approval for Astaferm, a ground-breaking antioxidant that was packaged in an oil that was appropriate for softgel encapsulation. The fact that this approval was obtained domestically in the US indicates that the product is prepared for release onto the market.

Algalif and the startup business Marea started working together in May 2022 with the goal of creating a biodegradable coating that is environmentally friendly and made from excess algae biomass. This is a significant step towards sustainable product packaging.

The UK's leading distributor of nutraceuticals, LEHVOSS Nutrition, unveiled AstaPure Natural Astaxanthin CWD in April 2021. AstaPure is positioned to play a critical role in treating cardiovascular conditions, highlighting its importance in the field of health and well-being.