Europe Astaxanthin Market Size, Share & Trends Analysis Report By Product (Oil, Softgel, Liquid), By Source (Natural, Synthetic), By Application (Aquaculture & Animal Feed, Nutraceuticals), By Country, And Segment Forecasts, 2024 - 2030

Europe Astaxanthin Market Size & Trends

The Europe astaxanthin market size was anticipated at USD 750.8 million in 2023 and it is expected to grow at a CAGR of 17.7% from 2024 to 2030. The growing use of natural astaxanthin in a variety of industries such as aquaculture, nutraceuticals, skin health cosmetics, food & beverages, and animal feed. Astaxanthin is extensively used as a key ingredient in the development of products related to supplements, livestock feed, and pharmaceuticals.

The Europe astaxanthin market held a share of 32.1 % of the global astaxanthin market revenue in 2023.

Astaxanthin is one of the potent antioxidants equipped with the capacity to generate anti-inflammatory activity. Astaxanthin has a molecular structure of a unique nature that empowers it to stay both inside and outside of the cell membrane. This carotenoid is useful for aquatic animals is it helps them improve their stress tolerance and survival, performance, and reproductive capacity. Considering these benefits, astaxanthin is extensively included in animal feed production. Astaxanthin also plays a key role in the reduction of the oxidative stress produced by hyperglycemia and also enhances serum insulin and glucose levels.

An increase in awareness about nutrition for fitness and well-being and the rising adoption of dietary supplements in personal nutrition routines are factors expected to fuel the demand for nutraceuticals & natural antioxidants. Persistently growing mindfulness about the utilization of synthetic items in the making of edible products and the damaging impacts triggered by the ingestion of chemicals is leading to a rise in demand for nutraceuticals and other health supplements.

Source Insights

The natural astaxanthin segment dominated the market and held a revenue share of 56.9% in 2023. Astaxanthin, an antioxidant with the highest oxygen radical absorbance capacity (ORAC), provides enhanced results and higher efficiency in its natural form than its synthetic version. Known for its dark and opulent red pigment, the natural astaxanthin is regularly used in improving the color of seafood offerings, such as shrimp, krill, and salmon.

It is expected to experience the fastest CAGR of 21.3% from 2024 to 2030. Owing to its ability to enhance skin health. It is extensively included as one of the key ingredients in the formulation of numerous cosmetic products The projected growth can be attributed to the increasing inclusion of natural astaxanthin in the treatments associated with several intricate illnesses, such as Alzheimer’s, Parkinson’s, hypercholesterolemia, cancer, and stroke.

Product Insights

Based on products, the dried algae meal or biomass segment dominated the market and held a revenue share of 25.5% from 2024 to 2030. The largest share can be attributed to the applications in biomass production of alternate preparations, such as capsules and tablets, useful bulk production, least downstream processing, and greater utilization as animal feed are some key factors driving the segment’s growth.

Key players in the industry have been introducing novel products belonging to the segment, which is anticipated to propel the segment growth in the coming years. The softgel segment is expected to witness a significant CAGR of 18.2% from 2024 to 2030. The segment growth is primarily driven by growing demand for astaxanthin-based softgels. The enhanced stability presented by softgels has turned this product into a desired choice. In addition, ease of use is adding to the growing demand for astaxanthin-based softgels.

Application Insights

The aquaculture and animal feed segment held the dominant revenue share of 46.2% in 2023. Astaxanthin is included as one of the vital ingredients in animal feed production. Growing consumption of meat and seafood has fueled the growth of this segment in the past few years. Many companies in animal feed making prefer using astaxanthin in their formulations as it assists in nurturing the well-being of livestock.

The nutraceuticals segment is anticipated to experience a remarkable CAGR of 18.6% from 2024 to 2030. The growth of this segment is principally compelled by the growing recognition of astaxanthin-based nutritional products. In addition, budding mindfulness about the extraordinary antioxidant activity of astaxanthin is generating greater demand for it. Deskbound lifestyles, extended work hours, and different kinds of nutritional deficiencies have been propelling demand for nutraceuticals in the region.

Country Insights

Germany Astaxanthin Market Trends

The Germany astaxanthin market dominated the Europe regional market and accounted for the largest revenue share of 20.5% in 2023. This can be attributed to factors, such as the growing inclusion of astaxanthin in antiaging cosmetic product development and increasing demand for nutraceuticals and other immunity enhancement products. In addition, the presence of key market participants, such as Sea & Sun Organic GmbH, Fraunhofer IGB, and BGG WORLD, has been fueling the growth of the market growth in Germany.

UK Astaxanthin Market Trends

The astaxanthin market in the UKis expected to experience a CAGR of 19.0% from 2024 to 2030 driven by growing awareness about the benefits of nutritional supplements and immunity boosters. The rise in geriatric population is also driving the demand for astaxanthin-based products.

Key Europe Astaxanthin Company Insights

Some of the prominent organizations in the Europe astaxanthin market include Algalíf Iceland hf., ALGAMO, BASF SE, DSM (dsm-firmenich), Sea & Sun Organic, The Synergy Company, BGG WORLD, and others. To meet the growing product demand, key companies undertake strategies, such as innovation, effective distribution, partnerships, collaborations, and technological enhancements.

• BASF SE, a multinational organization operating in the chemical industry, is headquartered in Ludwigshafen, Germany, and offers products & services, such as chemicals, materials, nutrition & care, agriculture solutions, surface technologies, and industrial solutions

• ALGAMO, a Czech biotechnological establishment, specializes in areas of algae cultivation. Active substances offered are used in numerous industries, such as pharmaceuticals, cosmetics, and food supplements

Recent Developments

• In March 2024, BGG WORLD announced the formation of its new global headquarters in Switzerland. The step is one of the key developments in the company's global expansion plans

• In January 2024, AstaReal, one of the early entrants in the natural astaxanthin for human consumption market, introduced a rebranded, revised version of its product Astaxin for buyers in Sweden and Norway

Europe Astaxanthin Market Report Scope

Europe Astaxanthin Market Segmentation

This report forecasts revenue growth at the region and country level and provides an analysis of the latest trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the Europe astaxanthin market report based on source, product, application, and country:

• Source Outlook (Revenue, USD Million, 2018 - 2030)

  • Natural

    • Yeast

    • Krill/Shrimp

    • Microalgae

    • Others

  • Synthetic

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Dried Algae Meal or Biomass

  • Oil

  • Softgel

  • Liquid

  • Others

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Nutraceuticals

  • Cosmetics

  • Aquaculture and Animal Feed

  • Food

    • Functional Foods & Beverages

    • Other Traditional Food Manufacturing Applications

  • Others

• Country Outlook (Revenue, USD Million, 2018 - 2030)

  • Germany

  • France

  • Italy

  • UK

  • Spain

  • Russia

  • Sweden

  • Denmark