Global Algal Pigments Market

Algal Pigments Market Size, Share, Growth Analysis, By Type(beta carotene, astaxanthin, fucoxanthin, phycocyanin), By Application(food & beverages, cosmetic & personal care, nutraceuticals, aquaculture), By Form(powder and liquid), By Region - Industry Forecast 2024-2031


Report ID: SQMIG30A2008 | Region: Global | Published Date: February, 2024
Pages: 211 |Tables: 96 |Figures: 76

Algal Pigments Market Insights

Global Algal Pigments Market size was valued at USD 1.02 billion in 2019 and is poised to grow from USD 1.07 billion in 2023 to USD 1.56 billion by 2031, growing at a CAGR of 5.4% in the forecast period (2024-2031).

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.

Market Snapshot - 2024-2031

Global Market Size

USD 1.02 billion

Largest Segment

Food & beverages

Fastest Growth

Food & beverages

Growth Rate

5.4% CAGR

Global Algal Pigments Market ($ Bn)
Country Share for Europe Region (%)

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Algal Pigments Market Segmental Analysis

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.

Global Algal Pigments Market By Application, 2023 (%)

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Algal Pigments Market Regional Insights

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.

Global Algal Pigments Market By Region, 2024-2031
  • Largest
  • Fastest

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Algal Pigments Market Dynamics

Algal Pigments Market Drivers

Its Rapid Adoption as Natural Dye to Boost Market Growth

  • This 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 to use clean label products is boosting the demand for natural dyes. These factors are driving the demand for algal pigments in the global market.

Algal Pigments Market Restraints

Deadly Toxins to Hinder Market Growth during Forecast Period

  • Some red algae produce lethal toxins. Some green filamentous compose grass-green scum in ponds. Some diatoms cause diseases. The diatoms make domoic acid, a toxin that was concentrated in mussels. Likewise, Some Dinoflagellates produce neurotoxins that cause fish to stop breathing. Dinoflagellates who appertinent into the genus  Alexandrium produce saxitoxins it causes paralytic shellfish poisoning. Also, Gambierdiscus toxicus causes ciguatera. Some water molds cause diseases of fish and terrestrial plants. Also, they cause diseases for vegetables and fruits. These factors will hinder its market growth.

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Algal Pigments Market Competitive Landscape

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 

  • Cyanotech Corporation
  • BASF SE

  • Chr. Hansen Holding A/S

  • Algatech LTD

  • DIC Corporation

  • Döhler Group

  • Sensient Technologies Corporation

  • E.I.D. - Parry (India) Limited

  • Givaudan S.A.

  • Kemin Industries, Inc.

  • FMC Corporation

  • Naturex SA

  • Kalsec Inc.

  • Royal DSM N.V.

  • Far East Flora Holding Pte Ltd

  • Phycocyanin Technologies LLC

  • Algix, LLC

  • Heliae Development, LLC

  • AlgaeCan Biotech Ltd.

  • Tianjin Norland Biotech Co., Ltd.

Algal Pigments Market Recent Developments

  • In 2022- the dry form segment is estimated to account for the largest share of the global algae products market for cosmetics due to its higher shelf life and convenience in storage.

Algal Pigments Key Market Trends

  • 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.

Algal Pigments Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

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.

Report Metric Details
Market size value in 2023 USD 1.02 billion
Market size value in 2031 USD 1.56 billion
Growth Rate 5.4%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • beta carotene, astaxanthin, fucoxanthin, phycocyanin, phycoerythrin, lutein, chlorophyll, and Others
  • Application
    • food & beverages, cosmetic & personal care, nutraceuticals, aquaculture, animal feed, and others
  • Form
    • powder and liquid
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)
Companies covered
  • Cyanotech Corporation
  • BASF SE

  • Chr. Hansen Holding A/S

  • Algatech LTD

  • DIC Corporation

  • Döhler Group

  • Sensient Technologies Corporation

  • E.I.D. - Parry (India) Limited

  • Givaudan S.A.

  • Kemin Industries, Inc.

  • FMC Corporation

  • Naturex SA

  • Kalsec Inc.

  • Royal DSM N.V.

  • Far East Flora Holding Pte Ltd

  • Phycocyanin Technologies LLC

  • Algix, LLC

  • Heliae Development, LLC

  • AlgaeCan Biotech Ltd.

  • Tianjin Norland Biotech Co., Ltd.

Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

Historical Year 2019

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Algal Pigments Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Algal Pigments Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the 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 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.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Algal Pigments Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Algal Pigments Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Algal Pigments Market size was valued at USD 1.02 billion in 2019 and is poised to grow from USD 1.07 billion in 2023 to USD 1.56 billion by 2031, growing at a CAGR of 5.4% in the forecast period (2024-2031).

The 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. 'Cyanotech Corporation', ' BASF SE ', ' Chr. Hansen Holding A/S ', ' Algatech LTD ', ' DIC Corporation ', ' Döhler Group ', ' Sensient Technologies Corporation ', ' E.I.D. - Parry (India) Limited ', ' Givaudan S.A. ', ' Kemin Industries, Inc. ', ' FMC Corporation ', ' Naturex SA ', ' Kalsec Inc. ', ' Royal DSM N.V. ', ' Far East Flora Holding Pte Ltd ', ' Phycocyanin Technologies LLC ', ' Algix, LLC ', ' Heliae Development, LLC ', ' AlgaeCan Biotech Ltd. ', ' Tianjin Norland Biotech Co., Ltd. '

This 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 to use clean label products is boosting the demand for natural dyes. These factors are driving the demand for algal pigments in the market.

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.

Europe region is estimated to command the largest share of the 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.

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Global Algal Pigments Market

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