The Astaxanthin Market is projected to reach USD 965 million by 2026, from USD 647 million in 2021, at a CAGR of 8.3% during the forecast period.
Astaxanthin is recognized as the most powerful antioxidant in nature, wherein according to a 2019 report by NCBI, astaxanthin has established its benefits as a vital nutrient for human consumption. Its unique structure helps it to scavenge free radicals and protect the body against oxidative damage. Therefore, it is called super antioxidant.
Apart from imparting antioxidant properties, astaxanthin is also beneficial to the eyes, heart, and skin, and has anti-cancer, anti-inflammatory, and anti-diabetic properties. Some of the key factors driving the growth of astaxanthin across the globe include beneficial effects on the healthcare sector, the growth of the end-user industries, and rising innovative technology developments for the extraction of astaxanthin.
Astaxanthin is majorly used in feed and intensifies the pigmentation of fish and crustaceans, which are reliant on astaxanthin intake, as they cannot synthesize the carotenoid themselves. The increasing livestock population and the growing demand for meat and meat products and fish among consumers are expected to drive the market growth for astaxanthin in the feed segment.