Latin America Astaxanthin Market Size & Outlook, 2023-2030
Latin America astaxanthin market, 2018-2030 (US$M)
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Latin America astaxanthin market highlights
- The Latin America astaxanthin market generated a revenue of USD 74.1 million in 2023.
- The market is expected to grow at a CAGR of 18% 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.
- Country-wise, Brazil is expected to register the highest CAGR from 2024 to 2030.
Latin America data book summary
| Market revenue in 2023 | USD 74.1 million |
| Market revenue in 2030 | USD 236.2 million |
| Growth rate | 18% (CAGR from 2023 to 2030) |
| Largest segment | Natural |
| Fastest growing segment | Natural |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 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, Latin America region accounted for 3.2% of the global astaxanthin market in 2023.
- Globally, North America is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 1,981.9 million by 2030.
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Astaxanthin Market Scope
Astaxanthin Market Companies
| Name | Profile | # Employees | HQ | Website |
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Latin America 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 56.28% in 2023. Horizon Databook has segmented the Latin America astaxanthin market based on natural, synthetic covering the revenue growth of each sub-segment from 2018 to 2030.
Latin America market includes Brazil, Mexico, and Argentina. Technological developments are expected to contribute to market growth. In addition, increasing healthcare spending and rising focus on preventive care are anticipated to drive market growth in this region.
Low awareness about the prevention & treatment of health conditions in underdeveloped areas, high cost of astaxanthin, and low overall population income are some of the key factors restraining market growth.
Furthermore, despite having a geographic advantage for astaxanthin production, lesser-known applications for animals & humans may impede the market growth. However, a slow rise in disposable income and increase in consumer awareness are a few factors promoting the market growth.
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Horizon Databook provides a detailed overview of continent-level data and insights on the Latin America astaxanthin market , including forecasts for subscribers. This continent databook contains high-level insights into Latin America astaxanthin market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Latin America astaxanthin market size, by country, 2018-2030 (US$M)
Latin America Astaxanthin Market Outlook Share, 2023 & 2030 (US$M)
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