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

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According to the research report titled, '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,' the algal pigments market is projected to reach $718.0 million by 2031, at a CAGR of 7.2% during the forecast period 2024-2031. The report provides an in-depth analysis of the global algal pigments market across five major regions, emphasizing the current market trends, market sizes, recent developments, and forecasts till 2031.

Succeeding extensive secondary and primary research and an in-depth analysis of the market scenario, the report conducts the impact analysis of key industry drivers, restraints, opportunities, and trends. The growth of this market is driven by the rising demand for natural colorants, reluctance toward the use of synthetic colors, increased adoption of algal pigments for therapeutic & nutritional purposes, increasing awareness for clean-label products, and growing need to enhance product appeal. Additionally, the growing demand for phycocyanin and the increasing use of natural astaxanthin in poultry and aquaculture feed drives the market growth. However, the high cost of natural colors and the complex production process for algae restrain the growth of the algal pigments market.

The key players operating in the algal pigments market are Bluetec Naturals Co., Ltd (China), E.I.D. - Parry (India) Limited (A Subsidiary Of M/S. Ambadi Investments Limited) (India), DIC Corporation (Japan), Cyanotech Corporation (U.S.), AstaReal Co., Ltd. (Japan), Algatechologies Ltd. (Israel), Zhejiang Binmei Biotechnology Co., Ltd (China), Algae Health Sciences (U.S.), Sochim International S.p.A. (Italy), Givaudan SA (Switzerland), Merck KGaA (Germany), Sensient Technologies Corporation (U.S.), Tianjin Norland Biotech Co., Ltd (China), Shaivaa Algaetech LLP (India), and Divi's Laboratories Limited (India).

Based on type, the algal pigments market is segmented into beta-carotene, astaxanthin, fucoxanthin, phycocyanin, phycoerythrin, lutein, chlorophyll, and other types. In 2024, the beta-carotene segment is expected to account for the largest share of the algal pigments market. This segment's large market share is attributed to the numerous benefits of beta-carotene, increasing demand for natural ingredients in the dietary supplement and food industries, extensive use of beta-carotene in food and beverages, cosmetics, and animal feed, and rising demand for dietary supplements due to beta-carotene's antioxidant properties and its role in enhancing immunity.

Based on form, the algal pigments market is segmented into powder and liquid. In 2024, the powder segment is expected to account for the larger share of the algal pigments market. This segment's large market share is attributed to its ease of measurement, handling, and mixing into formulations. Additionally, its longer shelf life and enhanced stability reduce the risk of degradation over time.

Based on source, the algal pigments market is segmented into microalgae (spirulina, haematococcus pluvialis, dunaliella salina, chlorella, and other microalgae), macroalgae/seaweed (red seaweed, brown seaweed, and green seaweed). In 2024, the microalgae segment is expected to account for the largest share of the algal pigments market. The large market share of this segment is attributed to the growing preference for microalgae-sourced products, heightened consumer interest in health and wellness trends, the expanding dietary supplement industry, rising demand for natural food colors, and the increasing growth of the nutraceuticals sector.

Based on application, the algal pigments market is segmented into nutraceuticals, food & beverages, aquaculture, pharmaceuticals, cosmetics, and other applications. In 2024, the nutraceuticals segment is expected to account for the largest share of the algal pigments market. The large market share of this segment is attributed to the growing health consciousness among consumers, the increasing prevalence of chronic diseases, an aging population, and the rising demand for natural ingredients in dietary supplements. Moreover, this segment is expected to register the highest CAGR during the forecast period.

An in-depth geographic analysis of the industry provides detailed qualitative and quantitative insights into the five major regions (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa) and the coverage of major countries in each region. Europe is expected to account for the largest share of the algal pigments market in 2024. Europe's major market share is attributed to several key factors, including the extensive food and beverage industry, stringent regulations prohibiting synthetic colors, high demand for natural colorants across multiple end-use sectors, increasing health and wellness trends, a substantial number of algal pigment manufacturers, and growing governmental emphasis on the algae industry.

Key Questions Answered in the Report-

What is the current revenue generated by the algal pigments market globally?

At what rate is the global algal pigments demand projected to grow for the next 5-7 years?

What are the historical market sizes and growth rates of the global algal pigments market?

What are the major factors impacting the growth of this market at the regional and country levels? What are the major opportunities for existing players and new entrants in the market?

Which segments, in terms of type, form, source, and application, are expected to create traction for the manufacturers in this market during the forecast period 2024-2031?

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 global algal pigments market?

Who are the major players in the global algal pigments market? What are their specific product offerings in this market?

What are the recent strategic developments in the global algal pigments market? What are the impacts of these strategic developments on the market?

Scope of the Report:

Algal Pigments Market Assessment-by Type

Beta-carotene

Astaxanthin

Fucoxanthin

Phycocyanin

Phycoerythrin

Lutein

Chlorophyll

Other Types

Algal Pigments Market Assessment-by Form

Powder

Liquid

Algal Pigments Market Assessment-by Source

Microalgae

Spirulina

Haematococcus pluvialis

Dunaliella Salina

Chlorella

Other Microalgae

Macroalgae/Seaweed

Red Seaweed

Brown Seaweed

Green Seaweed

Algal Pigments Market Assessment-by Application

Nutraceuticals

Foods and Beverages

Beverages

Bakery Products

Confectionary Products

Other Foods and Beverages

Aquaculture

Pharmaceuticals

Cosmetics

Other Applications

Algal Pigments Market Assessment-by Geography

North America

U.S.

Canada

Europe

France

Germany

U.K.

Italy

Spain

Netherlands

Denmark

Sweden

Rest of Europe (RoE)

Asia-Pacific

China

India

Japan

Australia

Thailand

Rest of Asia-Pacific (RoAPAC)

Latin America

Brazil

Mexico

Rest of Latin America (RoLATAM)

Middle East & Africa

Egypt

Saudi Arabia

South Africa

UAE

Rest of Middle East & Africa (RoMEA)

Product Code: MRFB - 104360

1. Introduction

1.1. Market Definition & Scope
1.2. Market Ecosystem
1.3. Currency
1.4. Key Stakeholders

2. Research Methodology

2.1. Research Approach
2.2. Process of Data Collection and Validation
- 2.2.1. Secondary Research
- 2.2.2. Primary Research/Interviews with Key Opinion Leaders from the Industry
2.3. Market Size and Forecast
- 2.3.1. Market Size Estimation Approach
- 2.3.2. Growth Forecast Approach
2.4. Assumptions for the Study

3. Executive Summary

3.1. Overview
3.2. Segmental Analysis
- 3.2.1. Algal Pigments Market Analysis, by Type
- 3.2.2. Algal Pigments Market Analysis, by Form
- 3.2.3. Algal Pigments Market Analysis, by Source
- 3.2.4. Algal Pigments Market Analysis, by Application
3.3. Algal Pigments Market, by Regional Analysis
3.4. Competitive Landscape & Market Competitors

4. Market Insights

4.1. Overview
4.2. Factors Affecting Market Growth
- 4.2.1. Drivers
  - 4.2.1.1. Rising Demand for Natural Colorants
  - 4.2.1.2. Reluctance Toward the Use of Synthetic Colors
  - 4.2.1.3. Increased Adoption of Algal Pigments for Therapeutic & Nutritional Purposes
  - 4.2.1.4. Increasing Awareness for Clean-label Products
  - 4.2.1.5. Growing Need to Enhance Product Appeal
- 4.2.2. Restraints
  - 4.2.2.1. High Cost of Natural Colors
  - 4.2.2.2. Complex Production Process for Algae
  - 4.2.2.3. Risk of Algae Contamination
- 4.2.3. Opportunities
  - 4.2.3.1. Growing Demand for Phycocyanin
  - 4.2.3.2. Increasing Use of Natural Astaxanthin in Poultry and Aquaculture Feed
4.3. Trend
4.4. Pricing Analysis
- 4.4.1. Beta-carotene
- 4.4.2. Astaxanthin
- 4.4.3. Fucoxanthin
- 4.4.4. Phycocyanin
- 4.4.5. Phycoerythrin
- 4.4.6. Lutein
- 4.4.7. Chlorophyll
- 4.4.8. Other Types
4.5. Value Chain Analysis
4.6. Porters Five Forces Analysis
- 4.6.1. Bargaining Power of Suppliers
- 4.6.2. Bargaining Power of Buyers
- 4.6.3. Threat of Substitutes
- 4.6.4. Threat of New Entrants
- 4.6.5. Degree of Competition
4.7. Product Adoption Trends Across Different Applications

5. Algal Pigments Market Assessment-by Type

5.1. Overview
5.2. Beta-carotene
5.3. Astaxanthin
5.4. Fucoxanthin
5.5. Phycocyanin
5.6. Phycoerythrin
5.7. Lutein
5.8. Chlorophyll
5.9. Other Types

6. Algal Pigments Market Assessment-by Form

6.1. Overview
6.2. Powder
6.3. Liquid

7. Algal Pigments Market Assessment-by Source

7.1. Overview
7.2. Microalgae
- 7.2.1. Spirulina
- 7.2.2. Haematococcus pluvialis
- 7.2.3. Dunaliella Salina
- 7.2.4. Chlorella
- 7.2.5. Other Microalgae
7.3. Macroalgae/Seaweed
- 7.3.1. Red Seaweed
- 7.3.2. Brown Seaweed
- 7.3.3. Green Seaweed

8. Algal Pigments Market Assessment-by Application

8.1. Overview
8.2. Nutraceuticals
8.3. Food & Beverage
- 8.3.1. Beverages
- 8.3.2. Bakery Products
- 8.3.3. Confectionary Products
- 8.3.4. Other Food & Beverages
8.4. Aquaculture
8.5. Pharmaceuticals
8.6. Cosmetics
8.7. Other Applications

9. Algal Pigments Market Assessment-by Geography

9.1. Overview
9.2. North America
- 9.2.1. U.S.
- 9.2.2. Canada
9.3. Europe
- 9.3.1. France
- 9.3.2. Germany
- 9.3.3. U.K.
- 9.3.4. Italy
- 9.3.5. Spain
- 9.3.6. Netherlands
- 9.3.7. Denmark
- 9.3.8. Sweden
- 9.3.9. Rest of Europe (RoE)
9.4. Asia-Pacific
- 9.4.1. China
- 9.4.2. India
- 9.4.3. Japan
- 9.4.4. Australia
- 9.4.5. Thailand
- 9.4.6. Rest of Asia-Pacific (RoAPAC)
9.5. Latin America
- 9.5.1. Brazil
- 9.5.2. Mexico
- 9.5.3. Rest of Latin America (RoLATAM)
9.6. Middle East & Africa
- 9.6.1. Egypt
- 9.6.2. Saudi Arabia
- 9.6.3. South Africa
- 9.6.4. UAE
- 9.6.5. Rest of Middle East & Africa

10. Competition Analysis

10.1. Overview
10.2. Key Growth Strategies
10.3. Competitive Benchmarking
10.4. Competitive Dashboard
- 10.4.1. Industry Leaders
- 10.4.2. Market Differentiators
- 10.4.3. Vanguards
- 10.4.4. Emerging Companies
10.5. Market Ranking/Positioning Analysis of Key Players, 2023

11. Company Profiles (Company Overview, Financial Overview, Product Portfolio, and Strategic Developments)

11.1. Bluetec Naturals Co., Ltd
11.2. E.I.D. - Parry (India) Limited (A Subsidiary Of M/S. Ambadi Investments Limited)
11.3. Cyanotech Corporation
11.4. AstaReal Co., Ltd.
11.5. Algatechnologies Ltd.
11.6. Zhejiang Binmei Biotechnology Co., Ltd
11.7. Algae Health Sciences
11.8. Sochim International S.p.A.
11.9. Givaudan SA
11.10. DIC Corporation
11.11. Merck KGaA
11.12. Sensient Technologies Corporation
11.13. Tianjin Norland Biotech Co., Ltd
11.14. Shaivaa Algaetechf LLP
11.15. Divi's Laboratories Limited

(Note: SWOT Analysis of Top 5 Companies Will Be Provided)

12. Appendix

12.1. Available Customization
12.2. Related Reports