Algal Pigments Market Valuation to Climb to $669.8 Million by 2030
Meticulous Research®, a leading global market research firm, has unveiled 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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Projected Growth: According to Meticulous Research®, the global algal pigments market is set to surpass $669.8 million by 2030, with a strong CAGR of 7.2% from 2023 to 2030. Key drivers of this growth include the rising demand for natural colorants and the expanding use of algal pigments in therapeutic and nutritional applications. Additionally, the increasing consumer preference for clean-label products and the shift away from synthetic colors further fuel market growth. However, high production costs, complex algae cultivation processes, and contamination risks present significant challenges.
Market Segmentation: The algal pigments market is thoroughly segmented by type, form, source, and application.
· By Type:
- Beta-Carotene
- Astaxanthin
- Fucoxanthin
- Phycocyanin
- Phycoerythrin
- Lutein
- Chlorophyll
· By Form:
- Powder
- Liquid
· By Source:
- Microalgae (including spirulina, haematococcus pluvialis, dunaliella salina, chlorella, and others)
- Macroalgae/Seaweed (including red, brown, and green seaweed)
· By Application:
- Food & Beverages
- Aquaculture
- Nutraceuticals
- Pharmaceuticals
- Cosmetics
- Other sectors
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Market Highlights
- Phycocyanin Segment: Expected to register the highest CAGR during the forecast period due to its growing adoption in nutraceutical and nutritional applications, the shift towards natural blue colorants, increased investments in phycocyanin production, and rising consumer awareness of clean-label products.
- Microalgae Source: Projected to dominate the market share in 2023, driven by consumer preference for microalgae-sourced products, health and wellness trends, and the expanding dietary supplements industry.
- Food & Beverages Application: Anticipated to command the largest share in 2023, driven by increasing consumer demand for plant-derived alternatives, strict regulations against synthetic colors, and the nutritional, eco-friendly, and non-toxic properties of algal pigments.
- Regional Analysis: Europe is expected to lead the market in 2023, supported by its robust food and beverages industry, stringent regulations against synthetic colors, and a growing emphasis on health and wellness trends.
Key Market Players: Leading companies in the algal pigments market 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)
- Divi’s Laboratories Limited (India)
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