India Astaxanthin Market Size & Outlook, 2023-2030
India astaxanthin market, 2018-2030 (US$M)
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India astaxanthin market highlights
- The India astaxanthin market generated a revenue of USD 42.1 million in 2023 and is expected to reach USD 144.5 million by 2030.
- The India market is expected to grow at a CAGR of 19.2% from 2024 to 2030.
- In terms of segment, natural was the largest revenue generating source in 2023.
- Natural is the most lucrative source segment registering the fastest growth during the forecast period.
Astaxanthin market data book summary
| Market revenue in 2023 | USD 42.1 million |
| Market revenue in 2030 | USD 144.5 million |
| Growth rate | 19.2% (CAGR from 2023 to 2030) |
| Largest segment | Natural |
| Fastest growing segment | Natural |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Natural, Synthetic |
| Key market players worldwide | Alvotech, Cyanotech Corp, Beijing Jingneng Clean Energy Co Ltd Class H, ENEOS Holdings Inc, FUJIFILM Holdings Corp |
Other key industry trends
- In terms of revenue, India accounted for 1.8% of the global astaxanthin market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China astaxanthin market is projected to lead the regional market in terms of revenue in 2030.
- South Korea is the fastest growing regional market in Asia Pacific and is projected to reach USD 122.5 million by 2030.
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Astaxanthin Market Scope
Astaxanthin Market Companies
| Name | Profile | # Employees | HQ | Website |
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India astaxanthin market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to astaxanthin market will help companies and investors design strategic landscapes.
Natural was the largest segment with a revenue share of 55.58% in 2023. Horizon Databook has segmented the India astaxanthin market based on natural, synthetic covering the revenue growth of each sub-segment from 2018 to 2030.
The presence of stringent regulatory guidelines by the Food Safety and Standards Authority of India (FSSAI) in India, which focuses on the safety of ingredients used in supplements, has attracted consumers toward dietary supplements.
Increase in investments by foreign and private investors is expected to contribute to market growth. FSSAI has approved natural astaxanthin as a nutraceutical ingredient under FSSAI gazette notification. This approval allows pharmaceutical and nutraceutical companies to use natural astaxanthin as an ingredient in the formation of nutraceutical and dietary supplements.
Moreover, foreign companies are expanding their production facilities in India to boost the production of astaxanthin. For instance, in December 2018, Puremagic Ltd. (an Israeli company) and the Uttarakhand government entered into an agreement to farm & process astaxanthin derived from algae.
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Horizon Databook provides a detailed overview of country-level data and insights on the India astaxanthin market , including forecasts for subscribers. This country databook contains high-level insights into India astaxanthin market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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India astaxanthin market size, by source, 2018-2030 (US$M)
India Astaxanthin Market Outlook Share, 2023 & 2030 (US$M)
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