The haematococcus pluvialis market is on an upward trajectory, with projections reaching $189.8 million by 2030, according to a new report by Meticulous Research®. This growth is backed by an estimated CAGR of 13.3% in terms of value, while the market volume is set to grow at a CAGR of 14.8%, reaching 1,369.9 tons by the end of the decade.
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The demand for natural astaxanthin is a key factor driving market growth. As more consumers seek out clean-label products, the use of natural food colorants, including astaxanthin, is expected to increase. This shift towards natural ingredients is particularly noticeable in the nutraceutical, cosmetics, and food industries.
However, the high cost of production remains a significant barrier to wider market growth. The complexity involved in producing haematococcus pluvialis presents a challenge for manufacturers, impacting profitability.
Opportunities for growth exist within the aquaculture and poultry sectors, where the use of natural astaxanthin is gaining momentum. This trend aligns with the growing consumer demand for naturally sourced antioxidants in animal feed. Additionally, the increasing popularity of self-grooming products further strengthens the global market for haematococcus pluvialis.
In terms of product categories, astaxanthin ingredients are expected to account for the largest market share in 2023. The rising awareness about nutraceuticals and the government's support for aquaculture are key factors contributing to the growth of this segment.
Nutraceutical applications will dominate the market in 2023, driven by the increasing use of astaxanthin in supplements that target diseases such as diabetes, cancer, cardiovascular issues, and neurodegenerative conditions.
Regionally, North America is set to maintain its lead, followed by Asia-Pacific and Europe. North America's growth is spurred by an increasing demand for natural food supplements, coupled with growing consumer awareness of the adverse effects of synthetic products. Organizations like the Natural Algae Astaxanthin Association (NAXA) play a key role in raising awareness about astaxanthin's benefits.
The haematococcus pluvialis market is competitive due to the presence of numerous global, regional, and local players. Leading companies include E.I.D. - Parry (India) Limited, Cyanotech Corporation, Sun Chlorella Corporation, and Algatechnologies Ltd., among others.
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