London, Dec. 20, 2019 (GLOBE NEWSWIRE) -- According to a new market research report, “Algal Pigments Market by Type (Beta Carotene, Astaxanthin, Fucoxanthin, Phycocyanin, Phycoerythrin), Application (Food & Beverages, Nutraceuticals, Aquaculture, Cosmetics, Pharmaceuticals), and Geography - Global Forecast to 2025”, published by Meticulous Research®, the algal pigments market is expected to grow at a CAGR of 4.0% from 2019 to 2025 to reach $452.4 million by 2025.
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Algae is the major photosynthesizer on earth and has great commercial value as a natural colorant in various key end-use industries such as food & beverages, nutraceutical, pharmaceuticals, aquaculture, and cosmetics. Currently, various end-use industries are using synthetic colorants as they provide lasting color pay-off and a wide range of color choices. However, synthetic colorants have harmful effects on the environment and human health. Thus, the increasing awareness about the harmful effects of synthetic colorants and the inclination of society towards the usage of ecofriendly and natural products drives the algae-derived natural colorants market. The success of any pigment production industry depends upon its acceptability in the market, regulatory approval, and the size of the capital investment required for bringing the product to market. The doubt on the successful commercialization of food-grade pigments from microalgae is vanishing because of the biotechnological advancement and low capital investment, thereby supporting the growth of the global algal pigments market.
The growth in this market is mainly attributed to the growing adoption of algal pigments for therapeutic & nutritional purposes; 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 growing need to enhance appearance of the food, cosmetic, and pharmaceutical products. However, factors such as high cost of natural colors, complex production 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 (2017 and 2018), estimated current data (2019), and forecasts for 2025-by type (beta carotene, astaxanthin, fucoxanthin, phycocyanin, phycoerythrin), application (food & beverages, nutraceuticals, aquaculture, cosmetics, and pharmaceuticals). The study also evaluates industry competitors and analyzes the market at a regional and country level.
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Beta carotene is estimated to command the largest share of the overall algal pigments market in 2019. However, phycocyanin is expected to witness rapid growth during the forecast period in the global algal pigments market. The rapid growth in this market is primarily attributed to factors such as growing demand from the 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, 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, the nutraceutical application is expected to witness rapid growth during the forecast period, mainly due to the growing health and wellness trend.
Geographically, the Europe region is estimated to command the largest share of the overall 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 the algae industry. However, Asia-Pacific region is expected to witness significant growth during the forecast period, mainly due to large scale production of algae; 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 for processed food products in emerging and developing countries including India, China, Indonesia, and Thailand.
Some of the key players operating in the 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) among others.
Browse key industry insights spread across 150 pages with 57 market data tables & 21 figures & charts from the market research report: https://www.meticulousresearch.com/product/algal-pigments-market-5059/
Scope of the Report:
Algal Pigments Market by Type
- Beta Carotene
- Astaxanthin
- Fucoxanthin
- Phycocyanin
- Phycoerythrin
- Lutein
- Chlorophyll
Algal Pigments Market by Application
- Food & Beverages
- Nutraceuticals
- Pharmaceuticals
- Aquaculture
- Cosmetics
- Others
Algal Pigments Market by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- Italy
- U.K.
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- India
- Japan
- Rest of Asia-Pacific (RoAPAC)
- Rest of World
- Latin America
- The Middle East and Africa
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