Report ID: SQSG30A2003 | Region: Global | Published Date: January, 2023 | Pages: 165 | Tables: 0 | Figures: 0Global Clinical Nutrition Market
Report ID: SQMIG30A2004 | Region: Global | Published Date: January, 2023 | Pages: 157 | Tables: 96 | Figures: 70
Algal Pigments Market size was valued at USD 4.96 billion in 2021 and is projected to reach USD 9.1 billion by 2028, at a CAGR of 4.8 % during the forecast period (2022-2028).
Algae are the most important photosynthetic factor on earth and have great commercial value as natural colorants in various major end-use industries such as food and beverages, nutraceuticals, pharmaceuticals, aquaculture and cosmetics. Various end-consumer industries now use synthetic dyes. This is because it offers permanent color payoff and a wide range of colors. Synthetic dyes have a negative impact on the environment and human health. Growing awareness of the harmful effects of synthetic dyes and the tendency of society to use more environmentally friendly and natural products are driving the market for natural dyes derived from algae.
The success of the pigment manufacturing industry depends on market acceptance, regulatory approval, and the amount of capital investment required to bring a product to market. Questions about the successful commercialization of food-grade pigments derived from microalgae are fading with advances in biotechnology and low capital investment, supporting the growth of the global algae pigment market. This market growth is primarily due to the increasing adoption of algae pigments for therapeutic and nutritional purposes. However, factors such as high cost of natural colors, complex algae production, and risk of algae contamination are expected to hinder the growth of the global algae pigment market to some extent.
US Algal Pigments Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global Algal Pigments Market is segmented on the basis of type, application, form, and region. By type, the Algal Pigments Market is sub-segmented into beta carotene, astaxanthin, fucoxanthin, phycocyanin, phycoerythrin, lutein, chlorophyll, and Others. By Application, the Algal Pigments Market is categorized into food & beverages, cosmetic & personal care, nutraceuticals, aquaculture, animal feed, and others. By form, the Algal Pigments Market is segmented into powder and liquid. By region, the Algal Pigments Market is segmented into North America, Latin America, Europe, Asia Pacific, and MEA.
Algal Pigments Market Analysis by Type
By product type, Beta-carotene is estimated to account for the largest share of the overall algae pigment market. Phycocyanin is expected to witness rapid growth in the global algae pigment market during the forecast period. The rapid growth of this market is mainly due to factors such as increasing demand from the food and beverage industry where it is used as a natural food coloring increased demand for natural food coloring. Increasing investment from major players expanding the application fields of phycocyanin.
Algal Pigments Market Analysis by Application
By Application, Food and beverage applications are estimated to account for the largest share of the overall algae pigment market. A large share of this segment is mainly due to increasing consumer demand for plant-based alternatives, stringent regulations on the use of synthetic dyes in food, high nutritional value, environmental friendliness, non-toxic algae, etc. This is due to factors such as the properties of the pigment Non-carcinogenic. However, the application of dietary supplements is expected to witness rapid growth during the forecast period, mainly due to rising trends in health and wellness.
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Europe region is estimated to command the largest share of the global algal pigments market, followed by North America. The large share of this region is mainly attributed to factors such as 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 number of algal pigment manufacturers, and growing government focus on algae industry.
Asia-Pacific region is expected to witness a significant growth during the forecast period, mainly due to the presence of several local and regional players in this region, various government initiatives to promote the use of algae, growing consumption of natural food ingredients, and growing demand of processed food products in emerging and developing countries including India, China, Indonesia, and Thailand.
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Algal Pigments Market Drivers
Its Rapid Adoption as Natural Dye to Boost Market Growth
Algal Pigments Market Restraints
Deadly Toxins to Hinder Market Growth during Forecast Period
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The Global Algal Pigments Market Market is highly fragmented with the presence of several small and large market players operating all over the world. Major companies of the market are implementing several business strategies such as new product launches, acquisition & mergers, collaboration, and partnerships for the expansion of their geographical presence and their product portfolio.
Algal Pigments Market Top Players Company Profiles
Algal Pigments Market Recent Developments
Market growth is attributed to the increasing adoption of algae pigments for therapeutic and nutritional purposes. Strict synthetic paint regulations and dangerous health issues associated with the use of synthetic paints are creating resistance to the use of synthetic paints. The trend use clean label products growing demand for natural dyes. There is an increasing need to improve the appearance of food, cosmetics and pharmaceuticals.
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According to our global algal pigments market analysis, The seaweed segment is estimated to account for the largest share of the global algae products market for cosmetics in 2022. The large market share of this segment is attributed to the abundance of seaweed as a raw material due to the huge global production of seaweeds and increasing awareness about the benefits of seaweeds for the skin. The rise in the trend of veganism in various countries since the past few years led to the decrease in the demand for animal based ingredients and products which resulted in a surge in the usage of plant based alternative solutions such as algal pigments. Animal based and synthetic food colouring are being replaced by algal pigment which have shades of blue.
|Market size value in 2021||USD 4.96 billion|
|Market size value in 2028||USD 9.1 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Algal Pigments Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Algal Pigments Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQMIG30A2004