Projections Show Algal Pigments Market Set to Surpass $669.8 Million by 2030

Meticulous Research®, a premier global market research firm, recently unveiled its 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."
Download Free Sample Report: utm_content=14-05-2024
According to the latest findings from Meticulous Research®, the global algal pigments market is poised to exceed $669.8 million by 2030, showcasing a robust CAGR of 7.2% from 2023 to 2030. The surge in demand for natural colorants, coupled with the expanding utilization of algal pigments for therapeutic and nutritional applications, has been identified as the primary driver of market growth. Moreover, the increasing consumer preference for clean-label products, alongside a gradual shift away from synthetic colors, further fuels this upward trajectory. However, challenges such as the high production costs of natural colors, intricate algae cultivation processes, and the risk of contamination pose notable constraints to market expansion.
The algal pigments market is meticulously segmented based on type, including betacarotene, astaxanthin, fucoxanthin, phycocyanin, phycoerythrin, lutein, and chlorophyll. Form-wise, the market is categorized into powder and liquid variants, while sources encompass microalgae (such as spirulina, haematococcus pluvialis, dunaliella salina, chlorella, and others) and macroalgae/seaweed (encompassing red, brown, and green seaweed). Application areas span across food & beverages, aquaculture, nutraceuticals, pharmaceuticals, cosmetics, and other sectors. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.