Redding, California - September 17, 2024
Algal Pigments Market to Reach $718.0 Million by 2031
Algal Pigments Market Size, Share, Forecast, & Trends Analysis by Type (Beta-Carotene, Astaxanthin, Phycocyanin), Form (Powder), Source (Microalgae, Macroalgae), Application (Food & Beverages, Nutraceuticals, Pharmaceuticals)—Global Forecast to 2031
Meticulous Research®—a leading global market research company, published a research report titled ‘Algal Pigments Market—Global Opportunity Analysis and Industry Forecast (2024-2031)’. According to this latest publication from Meticulous Research®, the Algal Pigments market is expected to reach $718 million by 2031, at a CAGR of 7.2% from 2024 to 2031.
The growth of the algal pigments market is fueled by increasing demand for natural colorants, resistance to synthetic colors, greater adoption of algal pigments for therapeutic and nutritional uses, awareness of clean-label products, and the rising need to improve product appeal. However, this growth is constrained by the significant cost of natural colors, the complex production process for algae, and the potential for contamination of algae during cultivation.
Furthermore, the rising demand for phycocyanin and the expanding use of natural astaxanthin in poultry and aquaculture feed present substantial growth opportunities for market players.
Key Players:
The algal pigments market is characterized by a moderately competitive scenario due to the presence of many large- and small-sized global, regional, and local players. The key players operating in the algal pigments market are DIC Corporation (Japan), Givaudan SA (Switzerland), Cyanotech Corporation (U.S.), Bluetec Naturals Co., Ltd (China), E.I.D. - Parry (India) Limited (A Subsidiary Of M/S. Ambadi Investments Limited) (India), AstaReal Co., Ltd. (Japan), Algatechologies Ltd. (Israel), Zhejiang Binmei Biotechnology Co., Ltd (China), Algae Health Sciences (U.S.), Sochim International S.p.A. (Italy), Merck KGaA (Germany), Sensient Technologies Corporation (U.S.), Tianjin Norland Biotech Co., Ltd (China), Shaivaa Algaetech LLP (India), and Divi's Laboratories Limited (India).
The algal pigments market is segmented by type (beta-carotene, astaxanthin, fucoxanthin, phycocyanin, phycoerythrin, lutein, chlorophyll, other types), form (powder, liquid), source (microalgae {spirulina, haematococcus pluvialis, dunaliella salina, chlorella, and other microalgae}, macroalgae/seaweed {red seaweed, brown seaweed, and green seaweed}), application (nutraceuticals, food & beverages {Beverages, Bakery Products, Confectionary Products, and Other Food & Beverages}, aquaculture, pharmaceuticals, cosmetics, and other applications), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The report evaluates industry competitors and analyzes the market at the regional and country levels.
By type, the beta-carotene segment is anticipated to hold the dominant position, with over 22.3% of the market share in 2024. This dominant market share is primarily attributed to the numerous health benefits of beta-carotene, the rising demand for natural ingredients in the food and supplement industries, the growing need for dietary supplements due to beta-carotene’s antioxidant properties and immune system-boosting effects, and its broad application across food and beverages, cosmetics, and animal feed.
By form, the powder segment is anticipated to hold the dominant position, with a large share of the algal pigments market in 2024. This segment's large market share is due to its practicality, which simplifies handling, measurement, and integration into formulations. It also provides a longer shelf life, greater stability, and reduced risk of deterioration over time. These advantages have led to its increased use across a broader range of products, including food and beverages, cosmetics, pharmaceuticals, and animal feed.
By source, the microalgae segment is anticipated to hold the dominant position, with a large share of the algal pigments market in 2024. This segment's significant growth is driven by rising interest in microalgae-sourced products, consumer trends toward health and wellness, the expanding global dietary supplements market, increased demand for natural food colors, a rise in vegetarianism, and the growing nutraceuticals industry.
By application, the nutraceuticals segment is anticipated to hold the dominant position, with over 38.2% of the market share in 2024. This segment’s substantial market share is primarily driven by the growing demand for natural ingredients in dietary supplements, the aging population, increasing health consciousness among consumers, and the rising prevalence of chronic diseases.
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S., Canada), Europe (France, Germany, U.K., Italy, Spain, Netherlands, Denmark, Sweden, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, Thailand, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa (Egypt, Saudi Arabia, South Africa, UAE, and Rest of Middle East & Africa).
By geography, Europe is anticipated to hold the dominant position, with over 32.1% of the market share in 2024, followed by North America and Asia-Pacific. Europe's algal pigments market is estimated to be worth USD 141.7 million in 2024. The substantial share of this regional market can be attributed to several factors, including a large food and beverage industry, high demand for natural colorants across various end-use sectors, strict regulations banning artificial colors, growing health and wellness trends, numerous producers of algae-based pigments, and increasing government focus on the algae sector.
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Key Questions Answered in the Report-
- What is the value of revenue generated by the sale of algal pigments?
- At what rate is the global demand for algal pigments projected to grow for the next five to seven years?
- What is the historical market size and growth rate for the algal pigments market?
- What are the major factors impacting the growth of this market at global and regional levels?
- What are the major opportunities for existing players and new entrants in the market?
- Which type, form, source, and application segments create major traction for the manufacturers in this market?
- What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the algal pigments market?
- Who are the major players in the algal pigments market? What are their specific product offerings in this market?
- What recent developments have taken place in the algal pigments market? What impact have these strategic developments created on the market?
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