Algal Pigments Market to Surpass $669.8 Million by 2030

Redding California, February 23, 2024- Meticulous Research®, a prominent global market research company, has released a comprehensive 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.' Published in [Month, Year], the report forecasts a robust growth trajectory, estimating the global algal pigments market to reach an impressive $669.8 million by 2030, with a notable CAGR of 7.2% from 2023 to 2030.

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Driving this growth are key factors such as the escalating demand for natural colorants, a surge in the adoption of algal pigments for therapeutic and nutritional purposes, a shift away from synthetic colors, heightened awareness about clean-label products, and an increasing need to enhance product appeal. However, challenges such as the high cost of natural colors, the intricate production process for algae, and the risk of algae contamination are anticipated to temper the market's growth.

The algal pigments market is intricately 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 report also conducts a thorough analysis of industry competitors and evaluates the market at regional and country levels.

The phycocyanin segment, categorized under the type, is poised to register the highest CAGR during the forecast period. This rapid growth is attributed to increasing adoption in nutraceutical and nutritional applications, reluctance toward synthetic colors, a surge in demand for natural blue colorants, substantial venture investments in phycocyanin production, its high potential in pharmaceutical applications, and growing consumer awareness regarding clean-label products.

In 2023, the microalgae segment is expected to dominate the algal pigments market in terms of source. The increasing preference for microalgae-sourced products, consumer inclination toward health and wellness trends, the burgeoning dietary supplements industry, rising demand for natural food colors, growing vegetarianism, and the expanding nutraceuticals industry contribute to the significant market share of this segment.

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The food & beverages segment, under application, is projected to hold the largest market share in 2023. Factors such as increasing consumer demand for plant-derived alternatives, stringent regulations against synthetic colors in food products, and the advantageous properties of algal pigments, including high nutritive value, eco-friendliness, non-toxicity, and non-carcinogenicity, drive the dominance of this segment.

In terms of geography, Europe is expected to lead the algal pigments market in 2023. The region's substantial share is attributed to its vast food and beverages industry, strict regulations against synthetic colors, growing health and wellness trends, high demand for natural colorants across various end-use industries, the presence of numerous algal pigment manufacturers, and government focus on the algae industry.

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Key players operating in the global 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), and Divi's Laboratories Limited (India).

Mr. Khushal Bombe
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This release was published on openPR.