Algal Pigments Market Research Report: By Type (Chlorophylls, Carotenoids, Phycoerythrin, Phycocyanin), By Application (Food and Beverage, Cosmetics and Personal Care, Pharmaceuticals, Nutraceuticals, Industrial), By Source (Spirulina, Chlorella, Dunaliella, Haematococcus Pluvialis, Other Sources), By Form (Powder, Liquid, Extract, Capsules, Tablets) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032.

Global Algal Pigments Market Overview

Algal Pigments Market Size was estimated at 3.64 (USD Billion) in 2022. The Algal Pigments Industry is expected to grow from 3.99(USD Billion) in 2023 to 9.22 (USD Billion) by 2032. The Algal Pigments Market CAGR (growth rate) is expected to be around 9.75% during the forecast period (2024 - 2032).

Key Algal Pigments Market Trends Highlighted

Market expansion is driven by growing trend towards natural food colors from algal pigments, increasing awareness regarding beneficial effects of algae, and increasing use of algae for the pharmaceutical and cosmetic applications. This expansion is facilitated with the formulation of new ways of extraction and purification that would enhance the productivity and lower the production cost of algal pigments. Furthermore, the diversification in the order of profiles on offer also provides growth opportunities for the firm economic developments due to rising usage of microalgae as a natural pigment, emergence of new techniques for algae color extraction and purification and rise in consumption of super foods and nutraceuticals centered on algae have been the recent developments in the algae pigment markets. The market too is in the process of moving to interlocking and cleaner approach where the environmental load is reduced, and the resource efficiency is increased.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Algal Pigments Market Drivers

Increasing Demand for Natural Colorants in Food and Beverage Industry

The food and beverage industry are witnessing a growing demand for natural colorants as consumers become more health-conscious and prefer products with clean labels. Algal pigments, derived from microalgae, offer a wide range of natural colors, including blue, green, red, and yellow. These pigments are gaining popularity as they provide vibrant and stable colors without the use of synthetic dyes. The increasing adoption of algal pigments in various food and beverage applications, such as confectionery, dairy products, and beverages, is driving the growth of the  Algal Pigments Market Industry. Algal pigments offer several advantages over synthetic dyes, including their natural origin, non-toxicity, and antioxidant properties. As consumers become increasingly aware of the potential health risks associated with synthetic dyes, the demand for natural alternatives, such as algal pigments, is expected to continue to grow. Furthermore, the stringent regulations imposed by various regulatory bodies on the use of synthetic dyes in food and beverages is furthering the adoption of algal pigments. The Asia-Pacific region is expected to witness significant growth in the algal pigments market due to the increasing demand for natural colorants in the food and beverage industry. The rising disposable income and growing health consciousness among consumers in this region are key factors contributing to the growth of the market. Additionally, government initiatives promoting the use of natural ingredients in food and beverage products are further supporting the adoption of algal pigments. Overall, the increasing demand for natural colorants in the food and beverage industry is a major driver for the growth of the  Algal Pigments Market Industry. As consumers become more health-conscious and prefer products with clean labels, the adoption of algal pigments is expected to continue to grow, leading to a promising outlook for the market.

Expansion of Nutraceutical and Cosmetic Applications

The nutraceutical and cosmetic industries are increasingly recognizing the potential of algal pigments as natural ingredients with various health and beauty benefits. Algal pigments possess antioxidant, anti-inflammatory, and antimicrobial properties, making them valuable additions to nutraceutical products and cosmetics. In the nutraceutical industry, algal pigments are incorporated into dietary supplements and functional foods to enhance their nutritional value and provide additional health benefits.For instance, astaxanthin, a red algal pigment, has gained popularity as a potent antioxidant with potential benefits for skin health, eye health, and immune function. Similarly, in the cosmetics industry, algal pigments are used in skincare and makeup products for their colorant and antioxidant properties. They provide natural and vibrant colors to cosmetics while also offering skin-benefiting effects. For example, spirulina, a blue-green alga, is used in skincare products for its moisturizing and anti-aging properties.

Growing Adoption in Aquaculture and Animal Feed Industries

The demand for algal pigments is also being driven by the aquaculture and animal feed industries. In aquaculture, they are used in feeding fish and shrimp to enhance their coloration and make them more attractive to customers. Astaxanthin is highly popular in this regard as it is used in aquaculture to make salmon and trout look red. In the animals feed industry, the pigments are used in poultry and livestock feeds to improve their nutrition and pigmentation of animal products.For example, they are used in poultry feed as a way of improving the yolk color of eggs as well as the general health of the chicken.

Algal Pigments Market Segment Insights

Algal Pigments Market Type Insights

Based on type, the algal pigments market is classified into chlorophylls, carotenoids, phycoerythrin, and phycocyanin. Among these, the largest revenue share was held by chlorophylls in 2023, and it is expected to continue dominating the market throughout the forecast period. Chlorophylls are essential for photosynthesis, which is the process of conversion of light energy into chemical energy. They are closely linked with the green color of plants and algae. Green plants have higher chlorophyll content; therefore, they exhibit a green color.Moreover, these pigments are crucial for the growth and development of plants and algae. The second-largest market is attributed to the carotenoids segment. They are the pigments responsible for the yellow, orange, and red colors of plants and algae. Similar to chlorophylls, they play a significant role in photosynthesis and protect plants and algae from damage caused by ultraviolet radiation. Yellow and orange-red-colored algae and plants generally have high carotenoid content. These are the natural pigments that provide the blue color to phycocyanin and the red color to phycoerythrin.They are predominantly found in cyanobacteria and red algae. They are used as natural food colorants because they have antioxidant and anti-inflammatory properties. They are in-demand in the food and beverage industry, and this trend is set to continue in the future. This market is set to experience considerable growth in the future. The key market drivers include the surging recognition of the health benefits of algal pigments among the population and the increasing number of applications in the F, nutraceutical, and cosmetic industries. It is expected to maintain an impressive rate of growth in the forthcoming years due to the rapidly growing demand for natural and sustainable products.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Algal Pigments Market Application Insights

The Algal Pigments Market is segmented by Application into Food and Beverage, Cosmetics and Personal Care, Pharmaceuticals, Nutraceuticals, and Industrial. The Food and Beverage Application segment is expected to be the richest segment leader in 2023 with the upsurge in the usage of natural colorants in the Food industry. Cosmetics and Personal Care application is expected to gain significant traction on the back of increased use of natural and organic rue extracts in cosmetic and personal care products. Pharmaceuticals segment is expected to exhibit steady growth due to surge in the usage of algal pigments in the development of new drugs and therapies.Nutraceuticals is also expected to see increased market traction due to surge in demand for natural supplements and functional foods. Industrial Applications are also poised to grow due to the increased usage of algal pigments in various industrial end uses such as textiles, plastics, and paints.

Algal Pigments Market Source Insights

The Algal Pigments Market revenue is expected to grow significantly in the coming years, driven by increasing demand from the food and beverage industry. The market is segmented into various sources, including Spirulina, Chlorella, Dunaliella, Haematococcus Pluvialis, and Other Sources. Among these, Spirulina and Chlorella are the leading sources of algal pigments, accounting for a major share of the  Algal Pigments Market revenue in 2023. Spirulina is a blue-green algae that is rich in protein, vitamins, and minerals. It is used as a natural food coloring agent and is also added to dietary supplements.Chlorella is another type of green algae that is rich in chlorophyll and other nutrients. It is used as a food supplement and is also added to cosmetics and personal care products. Other sources of algal pigments include Dunaliella, Haematococcus Pluvialis, and various other microalgae. These sources are used to produce a variety of algal pigments, including astaxanthin, beta-carotene, and phycocyanin. The growth of the market is attributed to the increasing demand for natural and sustainable food ingredients, the rising popularity of plant-based diets, and the growing awareness of the health benefits of algal pigments.

Algal Pigments Market Form Insights

The Algal Pigments Market is segmented based on the form into powder, liquid, extract, capsules, and tablets. Among these, the powder form held the largest market share, accounting for more than 55% of the  market in 2023. The growth of the powder segment can be attributed to its ease of handling, storage, and transportation, making it a preferred choice for industrial applications. The liquid form is expected to witness the highest growth rate over the forecast period, owing to its increasing use in food and beverage applications. Capsules and tablets are gaining traction due to their convenience and precise dosage, primarily in the dietary supplement industry.

Algal Pigments Market Regional Insights

The Algal Pigments Market is segmented into North America, Europe, APAC, South America, and MEA. North America held the largest market share in 2023 and is expected to continue its dominance throughout the forecast period. The region's growth is attributed to the increasing demand for algal pigments in the food and beverage industry, as well as the presence of major manufacturers in the region. Europe is expected to be the second-largest market for algal pigments, followed by APAC. APAC is expected to witness the fastest growth rate during the forecast period, due to the growing demand for algal pigments in the region's rapidly developing economies.South America and MEA are expected to contribute a relatively smaller share to the  algal pigments market. However, these regions are expected to witness steady growth over the forecast period.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Algal Pigments Market Key Players and Competitive Insights

Algal Pigments Market major players work diligently to gain a leading position in the industry. These companies invest in R to offer innovations and expand product portfolios. Algal Pigments Market Companies expand their business beyond the borders and establish alliances with other market players and distributors to enhance sales results. The market itself is quite competitive as participants have to offer new products, lower manufacturing costs, and improve customer services to acquire an increased market share. Moreover, organic results play a significant role in launching mergers and acquisitions that foster market expansion. The growth of the Algal Pigments Market is primarily driven by the effect of the overall industry, including regulatory changes and environmental requirements that shape the production and application of algal pigments.

Cyanotech Corporation. Cyanotech is a leading market player operating in the field of cultivation and production of a wide range of algal pigments such as phycocyanins, beta-carotenoids, and astaxanthins. The company is ly active and offers its products to numerous industries, namely food and beverage, nutraceuticals, and cosmetics. The company focuses on CD products and claims to be a fully sustainable market player certified for environmental stewardship.

Dohler. Secondly, Dohler is another remarkable player in the industry of Algal Pigments Market. As well, the company is ly active with a broad product portfolio of natural colors, including algal pigments and their subtypes such as phycocyanins and astaxanthins. Dohler is active in more than 130 countries, regularly offering personalized solutions to customers. The company has an exceptionally strong R team that develops new products and technologies to serve the industry with innovations.

Key Companies in the Algal Pigments Market Include

• Polaris


• Cyanotech


• Sanctband


• Parry Nutraceuticals


• Wakunaga Pharmaceutical


• Blue Ocean Biotech


• Earthrise Nutritionals


• Xiamen Ingredient


• Taiyo Kagaku


• The Phytonutrient Company


• Nutraland


• Gelymar


• DIC


• Healthforce Nutritionals

Algal Pigments Market Industry Developments

The  algal pigments market is projected to grow from USD 3.99 billion in 2023 to USD 9.22 billion by 2032, exhibiting a CAGR of 9.75% during the forecast period. Rising demand for natural colorants in the food and beverage industry, increasing awareness of the health benefits of algae, and growing applications in the pharmaceutical and cosmetic industries are driving market growth.Key recent developments in the market include: In February 2023, DIC Corporation announced the acquisition of Algaia, a French company specializing in microalgae production, to expand its portfolio of natural colorants. In January 2023, Gelymar, a Spanish company specializing in algae cultivation, secured €12 million in funding to scale up its production capacity and expand its product offerings. In December 2022, Corbion, a Dutch company, launched a new range of algal pigments, AlgaColors, derived from microalgae, targeting the food and beverage industry.

Algal Pigments Market Segmentation Insights

Algal Pigments Market Type Outlook

• Chlorophylls


• Carotenoids


• Phycoerythrin


• Phycocyanin

Algal Pigments Market Application Outlook

• Food and Beverage


• Cosmetics and Personal Care


• Pharmaceuticals


• Nutraceuticals


• Industrial

Algal Pigments Market Source Outlook

• Spirulina


• Chlorella


• Dunaliella


• Haematococcus Pluvialis


• Other Sources

Algal Pigments Market Form Outlook

• Powder


• Liquid


• Extract


• Capsules


• Tablets

Algal Pigments Market Regional Outlook

• North America


• Europe


• South America


• Asia Pacific


• Middle East and Africa