Middle East & Africa Astaxanthin Market Size & Outlook
Middle East & Africa astaxanthin market, 2018-2030 (US$M)
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MEA astaxanthin market highlights
- The MEA astaxanthin market generated a revenue of USD 65.3 million in 2023.
- The market is expected to grow at a CAGR of 16.4% 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, South Africa is expected to register the highest CAGR from 2024 to 2030.
MEA data book summary
| Market revenue in 2023 | USD 65.3 million |
| Market revenue in 2030 | USD 188.4 million |
| Growth rate | 16.4% (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, MEA region accounted for 2.8% 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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Middle East & Africa 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 55.9% in 2023. Horizon Databook has segmented the Middle East & Africa astaxanthin market based on natural, synthetic covering the revenue growth of each sub-segment from 2018 to 2030.
South Africa, Saudi Arabia, Israel, and the UAE are some of the prospering economies in the Middle East & Africa (MEA). The market in this region is driven by the rise in consumer awareness and improvements in healthcare infrastructure.
Thus, MEA is a largely untapped market for astaxanthin as a nutraceutical and animal feed additive market. Economic development in emerging markets, such as South Africa, and high unmet nutritional needs are some of the primary growth drivers for this market.
Growing healthcare awareness, increasing initiatives undertaken by various NGOs, improved nutraceuticals & preventive medicine-related awareness, and privatization are some of the other factors anticipated to fuel the market in this region.
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Horizon Databook provides a detailed overview of continent-level data and insights on the Middle East & Africa astaxanthin market , including forecasts for subscribers. This continent databook contains high-level insights into Middle East & Africa astaxanthin market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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MEA astaxanthin market size, by country, 2018-2030 (US$M)
Middle East & Africa Astaxanthin Market Outlook Share, 2023 & 2030 (US$M)
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