Algal Pigments Market: Type, and Application

Author : Riya M | Published On : 03 Apr 2024

Meticulous Research®—a leading global market research company, published a research 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 this latest publication from Meticulous Research®, the global algal pigments market is projected to reach $669.8 million by 2030, at a CAGR of 7.2% from 2023 to 2030. The growth of the algal pigments market is mainly attributed to rising demand for natural colorants, increased adoption of algal pigments for therapeutic & nutritional purposes, reluctance towards usage of synthetic colors, increasing awareness about clean-label products, and growing need to enhance product appeal. However, the high cost of natural colors, the complex production process for algae, and the risk of algae contamination are expected to restrain the growth of this market to a notable extent.


The algal pigments market is segmented by type (beta-carotene, astaxanthin, fucoxanthin, phycocyanin, phycoerythrin, lutein, and chlorophyll), form (powder, liquid), source (microalgae (spirulina, haematococcus pluvialis, dunaliella salina, chlorella, and other microalgae), macroalgae/seaweed (red seaweed, brown seaweed, and green seaweed)), application (food & beverages, aquaculture, nutraceuticals, pharmaceuticals, cosmetics, and other applications), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the market at regional and country levels.


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Based on type, the phycocyanin segment is slated to register the highest CAGR during the forecast period. The rapid growth of this segment is driven by the increasing adoption of phycocyanin for nutraceutical & nutritional applications, the reluctance toward the use of synthetic colors, the rising demand for natural blue colorants, and increasing venture investments in phycocyanin production, the high potential of phycocyanin in pharmaceutical applications, and the increasing consumer awareness regarding clean-label products.


Based on source, in 2023, the microalgae segment is expected to account for the larger share of the global algal pigments market. The large market share of this segment is attributed to the increasing preference for microalgae-sourced products, the consumer inclination toward health & wellness trends, the growing dietary supplements industry, the rising demand for natural food colors, increasing vegetarianism, and the growing nutraceuticals industry.


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Based on application, in 2023, the food & beverages segment is expected to account for the largest share of the algal pigments market. The large market share of this segment is attributed to factors such as the increasing consumer demand for plant-derived alternatives, stringent regulations against the use of synthetic colors in food products, and properties of algal pigments such as high nutritive value, eco-friendly nature, non-toxicity, and non-carcinogenicity.


Based on geography, in 2023, Europe is expected to account for the largest share of the algal pigments market. The large market share of this region is attributed to the huge food and beverages industry; strict regulations against the use of synthetic colors; growing health and wellness trends; large demand for natural colorants from various end-use industries; the presence of a number of algal pigment manufacturers; and growing government focus on algae industry.


The key players operating in the algal pigments market are 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).