Meticulous Research® – leading global market research company published a research report titled “Algal Pigments Market by Type (Beta Carotene, Astaxanthin, Fucoxanthin, Phycocyanin, Phycoerythrin), Application (Food & Beverages, Nutraceuticals, Aquaculture, Cosmetics, Pharmaceuticals), and Geography – Global Forecast to 2025”.
This report is executed in collaboration with the European Algae Biomass Association (EABA). Combining Meticulous Research®’ market intelligence services with EABA’s broad expertise in the development of research, technology and industrial capacities in the field of algae, the two organizations have leveraged their research capabilities to come up with the most reliable and accurate market assessments in this field.
According to this latest publication from Meticulous Research®, the global Algal Pigments Market is expected to grow at a CAGR of 4.0% from 2019 to 2025 to cross $452.4 million by 2025. This is primarily attributed to factors such as increased adoption of algal pigments to be used in the manufacturing of therapeutic & nutritional products; growing reluctance towards usage of synthetic colors, due to stringent regulations on synthetic colors and hazardous health issues occurred due to usage of synthetic colors; inclination towards usage of clean-label products, growing demand for natural colorants, and need to enhance appearance of the food, cosmetic, and pharmaceutical products. Increasing the extraction of phycocyanin is providing significant opportunities for the algal pigments market. However, the high cost of natural colors, complex production procedures of algae, and risk of algae contamination are expected to hinder the growth of the global algal pigments market to some extent.
The global algal pigments market study presents historical market data in terms of value and volume (2017 and 2018), estimated current data (2019), and forecasts for 2025 – by type (Beta Carotene, Astaxanthin, Fucoxanthin, Phycocyanin, Phycoerythrin) and application (food & beverages, nutraceuticals, pharmaceuticals, aquaculture, cosmetics, others). The study also evaluates industry competitors and analyses the market at a country level.
Based on type, the global algal pigments market is segmented into beta carotene, astaxanthin, lutein, phycocyanin, chlorophyll, and fucoxanthin. Beta carotene is estimated to hold the largest share of the overall algal pigments market in 2019. The large share of this segment is mainly attributed to its growing use as a food coloring agent; pro-vitamin A (retinol) in food and animal feed; additive to cosmetics and multivitamin preparations; and health food product under the antioxidant category in various industries. The most commonly used microalgae for the production of beta carotene are Dunaliella salina, Scenedesmus almeriensis, and Dunaliella bardawil. Moreover, several industrial production plants of beta carotene are in operation around the world, including Australia, Israel, the U.S., India, and China. However, phycocyanin market is expected to witness the fastest growth in the overall algal pigments market. The rapid growth of this market is attributed to factors such as growing demand from food and beverage industry, where it is used as a natural food colorant; rising demand for natural food colorants; growing investment from leading players; and expanding application areas of phycocyanin.
Based on application, the global algal pigments market is segmented into food & beverages, nutraceuticals, pharmaceuticals, aquaculture, cosmetics, and others. Food and beverages industry commanded the largest share of the global algal pigments market in 2019. Food & beverages application is estimated to hold the largest share of the overall algal pigments market in 2019. The large share of this segment is mainly attributed to factors such as increasing consumer demand for plant-derived alternatives, stringent regulations against the use of synthetic colors in food products, and properties of algal pigments such as high nutritive value, eco-friendly nature, non-toxicity, and non-carcinogenicity. However, nutraceutical application is expected to witness rapid growth during the forecast period, mainly due to growing health and wellness trend.
Based on geography, the algal pigments market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Europe region is estimated to command the largest share of the global algal pigments market in 2019, 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.
However, 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.
The key players operating in the global algal pigments market are Earthrise Nutritionals, LLC (U.S.), Cyanotech Corporation (U.S.), Zhejiang Binmei Biotechnology Co., Ltd. (China), Bluetec Naturals Co., Ltd (China), BlueBioTech Int. GmbH (Germany), Algatechologies Ltd. (Israel), E.I.D. - Parry (India) Limited (India), Tianjin Norland Biotech Co., Ltd (China), AlgaeCan Biotech Ltd. (Canada), AstaReal AB (Sweden), Algae Health Sciences (U.S.), Sochim International S.p.A. (Italy), D.D. Williamson & Co., Inc. (U.S.), Chlostanin Nikken Nature Co. Ltd. (China), and BASF Corporation (Germany).
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