Latin America Astaxanthin Market

Latin America Astaxanthin Market Size (2024 to 2032)

Latin America Astaxanthin Market Size was worth USD 0.11 billion in 2024 and estimated to be growing at a CAGR of 16.59%, to reach USD 0.36 billion by 2032.

Astaxanthin is a keto-carotenoid which is colourful, liquid soluble pigment. It is found in many natural sources such as salmon, trout, microalgae, yeast, krill, shrimp, crayfish and crustaceans among others. While Astaxanthin is a naturally available component of diet, it is also used as a food supplement. It is generally used for animal, human and aquaculture consumption. It is widely available in red-coloured aquatic foods. The primary source of Astaxanthin in aquatic food sources is algae. In species like shell fish, it is concentrated in the shells while it is also available in flesh at lower concentrations. However, most of the commercially available Astaxanthin is produced synthetically.

Market Drivers

The driving factors of Latin America Astaxanthin market are adoption of advanced technologies during various stages of the production of Astaxanthin such as cultivation, extraction, microalgae harvesting, extraction and drying, growing geriatric population and rising demand for cosmetic products like antioxidant creams and anti-ageing creams among others. Astaxanthin has been found in many studies to be skin-friendly as it offers various advantages. Because of this, it is being used extensively by cosmeceutical manufacturers and wellness spa owners.

Segmental Analysis

Latin America Astaxanthin Market By Source

• Plants
• Yeast & microbes
• Marine
• Petroleum segments

Latin America Astaxanthin Market By Form

• Dry
•  Liquid segments

Latin America Astaxanthin Market By Application

• Supplements
• Animal feed
• Cosmetics
• Food

Latin America Astaxanthin Market By Method of Production

• Fermentation
• Microalgae cultivation
• Extraction
• Chemical synthesis

In the Astaxanthin market, petroleum segment has the largest market by share and microalgae is expected to be the fastest growing segment.

Latin America Astaxanthin Market By Region

• Brazil
• Mexico
• Argentina
• Chile
• Rest of Latin America

Factors such as rising geriatric population and adoption of various technologies during production are expected to drive the market growth in the region.

Key Players in the Market

Major Key Players in the Latin America Astaxanthin Market are Koninklijke DSM N.V. (Netherlands), BASF SE (Germany), Cyanotech Corporation (U.S.), Otsuka Pharmaceutical Co., Ltd. (Japan), Valensa International (U.S.), Fuji Chemical Industries Co., Ltd. (Japan), Divis Laboratories (India), Beijing Ginko Group (China), Igene Biotechnology, Inc. (U.S.), Piveg, Inc. (U.S.), Fenchem Biotek Ltd. (U.S.), Algatechnologies (Israel), Cardax, Inc. (U.S.), Supreme Biotechnologies (U.S.)