According to a new market 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,’ the global algal pigments market is projected to reach $669.8 million by 2030, at a CAGR of 7.2% during the forecast period.

The major factors driving the growth of the global algal pigments market are the rising demand for natural colorants, increased adoption of algal pigments for therapeutic & nutritional purposes, reluctance towards usage of synthetic colors, increasing awareness for clean-label products, and growing need to enhance product appeal. Additionally, the growing demand for phycocyanin provides significant growth opportunities for algal pigment manufacturers in the coming years.

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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).

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, the microalgae segment is slated to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the consumer inclination toward health & wellness trends, the growing dietary supplements industry, the rising demand for natural food colors, increasing vegetarianism, the growing nutraceuticals industry, and the increasing preference for microalgae-sourced products.

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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. However, the cosmetics segment is slated to register the highest CAGR during the forecast period. The fast growth of this segment is mainly driven by the rising demand for natural cosmetics products, increasing awareness among consumers about the adverse effects of synthetic cosmetic products, and increasing applications of algal pigments in the cosmetic industry due to their therapeutic uses and zero to minimal side effects.

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.

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However, Asia-Pacific is slated to register the highest CAGR during the forecast period. The growth of this market is driven by a large number of local and regional players, growing consumption of natural food ingredients, various government initiatives to promote the use of algae, growing demand for algal pigments from the food and beverages industry and increasing consumer preference for natural ingredients.

The algal pigments market has witnessed several product launches, partnerships, agreements, and collaborations in recent years. 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).

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