Singapore Astaxanthin Market Size & Outlook, 2023-2030
Singapore astaxanthin market, 2018-2030 (US$M)
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Singapore astaxanthin market highlights
- The Singapore astaxanthin market generated a revenue of USD 33.4 million in 2023 and is expected to reach USD 111.8 million by 2030.
- The Singapore market is expected to grow at a CAGR of 18.8% 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 33.4 million |
| Market revenue in 2030 | USD 111.8 million |
| Growth rate | 18.8% (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, Singapore accounted for 1.4% 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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Singapore 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 53.89% in 2023. Horizon Databook has segmented the Singapore astaxanthin market based on natural, synthetic covering the revenue growth of each sub-segment from 2018 to 2030.
According to Ageing Asia and the Pacific, 25% of Singapore’s population is expected to be aged 65 and older by 2030, and the risk of heart conditions such as cardiovascular diseases is rising. This is expected to propel the demand for supplements such as astaxanthin, which have antiaging and antioxidant properties.
The increasing geriatric population and growing demand for astaxanthin in various applications are expected to drive the market over the forecast period. The adoption of naturally sourced nutraceuticals, cosmetics, and pharmaceuticals is also growing. Asta Real has a prominent presence in Singapore.
The company has set up an office locally to boost its presence in ASEAN markets. In 2018, the company also won the best functional beverage award during VitaFoods Asia 2018. Moreover, various companies are collaborating to offer innovative nutraceutical products to Asia Pacific markets owing to their higher demand.
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Horizon Databook provides a detailed overview of country-level data and insights on the Singapore astaxanthin market , including forecasts for subscribers. This country databook contains high-level insights into Singapore astaxanthin market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Singapore astaxanthin market size, by source, 2018-2030 (US$M)
Singapore Astaxanthin Market Outlook Share, 2023 & 2030 (US$M)
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