Saudi Arabia Astaxanthin Market Size & Outlook, 2023-2030
Saudi Arabia astaxanthin market, 2018-2030 (US$M)
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Saudi Arabia astaxanthin market highlights
- The Saudi Arabia astaxanthin market generated a revenue of USD 11.7 million in 2023 and is expected to reach USD 32.9 million by 2030.
- The Saudi Arabia market is expected to grow at a CAGR of 15.9% 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 11.7 million |
| Market revenue in 2030 | USD 32.9 million |
| Growth rate | 15.9% (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, Saudi Arabia accounted for 0.5% 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 Middle East & Africa, South Africa astaxanthin market is projected to lead the regional market in terms of revenue in 2030.
- South Africa is the fastest growing regional market in Middle East & Africa and is projected to reach USD 33.8 million by 2030.
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Astaxanthin Market Scope
Astaxanthin Market Companies
| Name | Profile | # Employees | HQ | Website |
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Saudi Arabia 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 55.56% in 2023. Horizon Databook has segmented the Saudi Arabia astaxanthin market based on natural, synthetic covering the revenue growth of each sub-segment from 2018 to 2030.
Saudi Arabia is looking to increase its aquaculture capacity. For instance, companies such as NAQUA are focusing on increasing shrimp production in the region, which is expected to drive the astaxanthin market.
Moreover, increasing penetration of natural cosmetic products and nutraceutical products in the country is expected to boost the demand for astaxanthin-based products over the forecast period. The demand for natural antiaging products is also increasing in the country, which is expected to propel the need for astaxanthin in cosmetics and beauty products.
Consumer awareness about organic and natural products has increased, which is one of the reasons for the increased demand for natural products, such as cosmetics and nutraceuticals. The market in this region is largely untapped and needs promotional activities to improve awareness regarding astaxanthin to meet consumer demand.
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Horizon Databook provides a detailed overview of country-level data and insights on the Saudi Arabia astaxanthin market , including forecasts for subscribers. This country databook contains high-level insights into Saudi Arabia astaxanthin market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Saudi Arabia astaxanthin market size, by source, 2018-2030 (US$M)
Saudi Arabia Astaxanthin Market Outlook Share, 2023 & 2030 (US$M)
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