The global natural astaxanthin market is expected to reach a value of USD 248.3 million by 2032, growing at a CAGR of 8.1% during the forecast period from 2023 to 2032, according to a report by Market.us. Natural astaxanthin is a red pigment found in certain types of algae and is responsible for the reddish color of seafood such as salmon, lobster, and shrimp. It has been proven to be 500 times more effective than vitamin E and beneficial for various diseases like male infertility, rheumatoid arthritis, Parkinson’s disease, Alzheimer’s disease, stroke, age-related macular degeneration, high cholesterol, and cancer.
The report highlights several factors driving the growth of the natural astaxanthin market. Rising health awareness among consumers has led to an increased demand for natural and organic products like natural astaxanthin. The compound has positive effects on the immune system, vision, metabolic functions, and cardiovascular health. Additionally, the use of natural astaxanthin in nutraceutical products has increased due to its antioxidant and anti-inflammatory properties. Government initiatives to expand the aquaculture sector have also contributed to the market growth.
The report identifies key trends in the natural astaxanthin market. There has been a constant growth in the use of natural astaxanthin as a meal additive due to its health benefits, such as anti-inflammatory and immunosuppressive properties, and its ability to prevent brain and cardiovascular disorders.
The increasing demand for nutraceuticals is expected to drive the market growth during the forecast period. Astaxanthin is used in a variety of nutraceuticals for its health benefits, such as anti-inflammatory and antioxidant properties. The demand for antioxidants is projected to increase as developing countries focus on preventive healthcare. The growing health awareness among consumers will also contribute to the demand for natural astaxanthin.
North America dominated the natural astaxanthin market in 2022, accounting for the largest revenue share of 38%. The region is experiencing an increasing prevalence of nutritional deficiencies and skin-related diseases. Investments in biotechnologies and pharmaceuticals are expected to propel the market in North America. There is also a growing share of fitness-conscious individuals, which creates opportunities for market growth.
However, the limited availability of natural astaxanthin hinders the market growth. The production of natural astaxanthin depends on factors like raw material, astaxanthin yield, purification, and extraction method, which contribute to its high production costs. This limited availability and high price pose a major restraint for the market.
Overall, the global natural astaxanthin market is expected to witness significant growth in the coming years. The increasing demand for nutraceuticals, government initiatives in the aquaculture sector, and growing health awareness among consumers are driving the market. North America is leading the market, but Asia-Pacific is witnessing the highest growth rate among all regions. Manufacturers are focusing on new product launches, mergers and acquisitions, and partnerships to stay competitive in the market.
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