Meticulous Research®—a leading global market research company, has published a report titled ‘Algal Pigments Market—Global Opportunity Analysis and Industry Forecast (2024-2031)’. According to the report, the Algal Pigments Market is projected to reach $718 million by 2031, registering a CAGR of 7.2% from 2024 to 2031.

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Market Growth Drivers

The market's growth is driven by the increasing demand for natural colorants, resistance to synthetic colors, the rising adoption of algal pigments for therapeutic and nutritional applications, heightened awareness of clean-label products, and the need to enhance product appeal. However, market growth is hindered by the high cost of natural colors, the complexity of algae production, and the risk of contamination during algae cultivation.

On the other hand, rising demand for phycocyanin and the expanding use of natural astaxanthin in poultry and aquaculture feed offer lucrative growth opportunities for market players.

Key Players in the Algal Pigments Market

The algal pigments market features a moderately competitive landscape with global, regional, and local players. Key players include:

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)
Divi's Laboratories Limited (India)
Market Segmentation

The algal pigments market is segmented by type, form, source, application, and geography:

By Type
The beta-carotene segment is expected to dominate, accounting for over 22.3% market share in 2024. This is attributed to beta-carotene's health benefits, growing demand for natural ingredients, its antioxidant properties, and its wide applications in food & beverages, cosmetics, and animal feed.

By Form
The powder segment is anticipated to hold a dominant position in 2024, driven by its practicality, longer shelf life, greater stability, and ease of integration into formulations.

By Source
The microalgae segment is projected to lead in 2024 due to rising interest in microalgae-derived products, health and wellness trends, the growing dietary supplements market, and increased demand for natural food colors.

By Application
The nutraceuticals segment is expected to account for over 38.2% of the market share in 2024, fueled by growing consumer demand for natural ingredients, an aging population, rising health consciousness, and the increasing prevalence of chronic diseases.

By Geography
Europe is poised to dominate with over 32.1% of the market share in 2024, followed by North America and Asia-Pacific. In 2024, Europe’s algal pigments market is estimated to be worth USD 141.7 million. Key factors contributing to this growth include:

A large food and beverage industry
High demand for natural colorants across end-use sectors
Strict regulations banning artificial colors
Growing health and wellness trends
An increasing number of algae-based pigment producers
Government initiatives supporting the algae sector
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