Shrimp, a valuable component of the seafood industry. Approximately 40 % of the shrimp is edible, and the remaining 60 % accounts for the processing discards as shrimp shell waste. Moreover, shrimp shell waste can be judiciously utilized in fish feed instead of discarding or dumping which creates environmental pollution. Shrimp industry waste need to be included in aquafeed not only as a protein source with a balanced amino acid profile, lipid-rich in ω-3 fatty acids, minerals but also as a rich source of carotenoids (especially astaxanthin) to enhance and augment overall growth, increase muscle, skin coloration, and to boost the health status of fish as well due to its antioxidant property. The present study evaluated and produced a relevant farmers’ advisory on utilizing a synergistic combination of shrimp shell meal derived natural astaxanthin with its commercial variant at different combination levels for achieving overall high physiological and colorimetric performances in S. aequifasciatus, both during its growth phase and during its maturation phases. The results obtained from our study have shown a significant improvement on nutrient utilization, digestive and metabolic enzyme activities, antioxidative status, hematobiochemical parameters, overall skin coloration and steroid hormone and histological profiling of matured gonads in discus fed with shrimp shell meal derived natural and synthetic astaxanthin combination diet in comparison with diet using synthetic astaxanthin only.