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

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.