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

U.S. Astaxanthin Market Size & Trends

The U.S. astaxanthin market size was estimated at USD 766.2 million in 2023 and is expected to grow at a CAGR of 16.6% from 2024 to 2030. Increased demand for astaxanthin is primarily driven by its growing use in numerous industries, such as nutraceuticals, animal feed, aquaculture, pharmaceuticals, cosmetics, and food & beverages. In addition, it is extensively utilized to enhance the color characteristics of fish, such as trout, salmon, and other ornamental fishes.

The U.S. astaxanthin market held a share of 32.8% of the global astaxanthin market revenue in 2023. Astaxanthin is well known for its commanding antioxidant activity. Astaxanthin can generate antioxidant activity, which is many times higher than other carotenoids and extremely effective. This carotenoid is beneficial for aquatic animals as it helps them enhance their survival, stress tolerance, and reproductive capacity. In addition, it is widely used in the animal feed industry, mainly for the coloration of meat and enhancement of animal feed products.

The growing mindfulness about diet and nutrition for a healthy lifestyle and rising inclination towards dietary supplements are factors projected to drive the demand for nutraceuticals & natural antioxidants in the coming years. Constantly increasing awareness about the use of synthetic substances in edible products and the harmful effects caused by the consumption of chemicals are resulting in rising demand for nutraceuticals and other supplements made of natural ingredients.

Source Insights

The natural astaxanthin segment dominated the market and held a revenue share of 57.0% in 2023. Natural astaxanthin provides high efficiency as compared to synthetic astaxanthin. It has an opulent and dark red pigment. Natural astaxanthin is commonly used in aquaculture and animal feed to enhance the color of salmon, shrimp, and krill. It is also used as one of the key ingredients in skin health cosmetics.

It is expected to experience the fastest CAGR of 20.2% from 2024 to 2030. This can be attributed to the growing inclusion of natural astaxanthin in the treatment of multiple complex diseases, such as stroke, Parkinson’s disease, hypercholesterolemia, Alzheimer’s disease, and cancer. Its capacity to reduce inflammation has helped patients suffering from celiac disease and rheumatoid arthritis. In recent times, its ability to improve ophthalmic treatments has also been acknowledged by research and studies.

Product Insights

Based on products, the dried algae meal or biomass segment held the largest revenue share of 25.1% from 2024 to 2030. This is mainly due to the utilization in biomass production of further formulations, such as tablets or capsules, convenient bulk production, minimal downstream processing, and higher use as animal feed. Key players in the market have been launching new products associated with this segment, which is expected to drive segment growth.

The softgel segment is expected to witness a significant CAGR of 17.2% from 2024 to 2030. This growth be attributed to the rising popularity of softgels developed using astaxanthin as one of the key ingredients. The greater stability offered by softgels has made this product a preferred choice. One of the key factors driving demand for softgel is the ease of use.

Application Insights

The aquaculture and animal feed segment accounted for the highest revenue share of 46.4% in 2023 due to its rising usage as a key ingredient in animal feed. Rising consumption of seafood and meat has driven the growth of this segment in recent years. Multiple brands in animal feed production use astaxanthin in their recipes as it helps enhance the health of livestock.

The nutraceuticals segment is expected to experience a noteworthy CAGR of 17.6% from 2024 to 2030. Growth of this segment is primarily driven by increasing acceptance of astaxanthin-based nutritional products coupled with growing awareness about the higher antioxidant characteristics of astaxanthin. The sedentary lifestyle, long hours of work, and rising cases of multiple nutritional deficiencies have been driving the segment's growth.

Key U.S. Astaxanthin Company Insights

Some of the key and emerging companies in the U.S. astaxanthin market include Kuehnle AgroSystems Inc., Cardax, Inc., Cyanotech Corporation, NOAH Inc., BGG WORLD, and others. These companies undertake strategies, such as innovation, technology enhancements, and new product launches, to gain higher market share.

• Kuehnle AgroSystems (KAS), an emerging company in the market located in Honolulu, HI, USA, develops and produces natural products from microalgae utilized in industry applications, such as food, animal feed, and health. One of its key products is astaxanthin produced through dark fermentation. KAS also manufactures skin-care ingredients

• Cardax, Inc., one of the prominent companies in the consumer health industry, develops and markets pharmaceutical therapies, mainly associated with inflammatory treatments with the adoption of astaxanthin. ZanthoSyn is the key product offered by the company, which is a physician-recommended dietary supplement with astaxanthin as a key ingredient

Recent Developments

• In March 2024, Kuehnle AgroSystems (KAS raised an investment of USD 3 million through a Series A2 funding round, which was led by an investment firm S2G Investments

• In April 2024, BGG WORLD, a key market participant in the premium natural ingredients industry, announced the formation of its new global headquarters in Basel, Switzerland. The step is part of the company’s global expansion strategy while it maintains its production and R&D capacities active in China

U.S. Astaxanthin Market Report Scope

U.S. Astaxanthin Market Report Segmentation

This report forecasts revenue growth at a 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 U.S. astaxanthin market report based on source, product, and application:

• 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 & Animal Feed

  • Food

    • Functional Foods & Beverages

    • Other Traditional Food Manufacturing Applications

  • Others