Algal Pigments Market Set to Hit $669.8 Million by 2030
Author : Pallavi Garudkar | Published On : 23 May 2024
Meticulous Research®, a premier global market research firm, has released a new report titled "Algal Pigments Market by Type (Beta-Carotene, Astaxanthin, Phycocyanin, Phycoerythrin, Chlorophyll), Form (Powder), Source (Microalgae, Macroalgae), Application (Food & Beverages, Aquaculture, Nutraceuticals, Pharmaceuticals, Cosmetics) - Forecast to 2030."
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According to the latest findings from Meticulous Research®, the global algal pigments market is poised to exceed $669.8 million by 2030, showcasing a robust CAGR of 7.2% from 2023 to 2030. The surge in demand for natural colorants, coupled with the expanding utilization of algal pigments for therapeutic and nutritional applications, has been identified as the primary driver of market growth. Moreover, the increasing consumer preference for clean-label products, alongside a gradual shift away from synthetic colors, further fuels this upward trajectory. However, challenges such as the high production costs of natural colors, intricate algae cultivation processes, and the risk of contamination pose notable constraints to market expansion.
The algal pigments market is meticulously segmented based on type, including betacarotene, astaxanthin, fucoxanthin, phycocyanin, phycoerythrin, lutein, and chlorophyll. Form-wise, the market is categorized into powder and liquid variants, while sources encompass microalgae (such as spirulina, haematococcus pluvialis, dunaliella salina, chlorella, and others) and macroalgae/seaweed (encompassing red, brown, and green seaweed). Application areas span across food & beverages, aquaculture, nutraceuticals, pharmaceuticals, cosmetics, and other sectors. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The report further delves into competitive landscapes and conducts thorough analyses at regional and country levels.
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Among the various segments, the phycocyanin sector is anticipated to register the highest CAGR during the forecast period. This growth is underpinned by factors such as the rising adoption of phycocyanin in nutraceutical and nutritional applications, a shift towards natural blue colorants, increasing venture investments in phycocyanin production, and heightened consumer awareness regarding clean-label products.
In terms of sourcing, microalgae are projected to dominate the market share in 2023, driven by factors including consumer preference for microalgae-sourced products, burgeoning health and wellness trends, and the expanding dietary supplements industry.
Application-wise, the food & beverages segment is anticipated to command the largest share in 2023, attributed to increasing consumer demand for plant-derived alternatives, stringent regulations against synthetic colors, and the nutritional value, eco-friendliness, and non-toxicity of algal pigments.
Regionally, Europe is expected to lead the market in 2023, propelled by its thriving food and beverages industry, stringent regulations against synthetic colors, and a growing emphasis on health and wellness trends.
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Key players in the algal pigments market landscape include Bluetec Naturals Co., Ltd (China), E.I.D. - Parry (India) Limited (India), Cyanotech Corporation (U.S.), AstaReal Group (Japan), Algatechologies Ltd. (Israel), Zhejiang Binmei Biotechnology Co., Ltd. (China), Algae Health Sciences (U.S.), Sochim International S.p.A. (Italy), D.D. Williamson & Co., Inc. (U.S.), Chlostanin Nikken Nature Co. Ltd. (China), DIC Corporation (Japan), Merck KGaA (Germany), Sensient Technologies Corporation (U.S.), Tianjin Norland Biotech Co., Ltd (China), AstaReal Group (Japan), Shaivaa Algaetech LLP (India), and Divi's Laboratories Limited (India).
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