South Korea Astaxanthin Market Size & Outlook, 2023-2030
South Korea astaxanthin market, 2018-2030 (US$M)
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South Korea astaxanthin market highlights
- The South Korea astaxanthin market generated a revenue of USD 35.3 million in 2023 and is expected to reach USD 122.5 million by 2030.
- The South Korea market is expected to grow at a CAGR of 19.5% 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 35.3 million |
| Market revenue in 2030 | USD 122.5 million |
| Growth rate | 19.5% (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, South Korea accounted for 1.5% 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 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 |
|---|
South Korea 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 54.67% in 2023. Horizon Databook has segmented the South Korea astaxanthin market based on natural, synthetic covering the revenue growth of each sub-segment from 2018 to 2030.
South Korea was the first Asian country to farm salmon in 2017. The government is undertaking initiatives to increase the size of its aquaculture industry. In addition, the government is planning to open support centers in different countries so that fisheries can export to potential markets, further boosting the aquaculture industry.
Moreover, due to high profitability and growth, new entrants are looking to enter the market. For instance, in November 2020, Atacama Bio Natural Products S.A. announced the launch of its astaxanthin supplement in South Korea in partnership with Heamin Co., a local company.
In South Korea, dietary supplements including astaxanthin and carotenoids fall under the category of Health Functional Foods (HFF), which are governed by the Ministry of Food and Drug Safety (MFDS) under the HFF Act to assure safety.
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea astaxanthin market , including forecasts for subscribers. This country databook contains high-level insights into South Korea astaxanthin market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea astaxanthin market size, by source, 2018-2030 (US$M)
South Korea Astaxanthin Market Outlook Share, 2023 & 2030 (US$M)
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