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Algal Pigments Market Size
- Report ID: GMI6365
- Published Date: Aug 2023
- Report Format: PDF
Algal Pigments Market Size
Algal Pigments Market size was valued at USD 323 million in 2022 and is anticipated to grow rapidly at 7.4% CAGR from 2023 to 2032, driven by the increasing focus on sustainability and environmental concerns. For instance, in December 2022, Vollebak, an innovative clothing brand, and Living Ink, a biomaterials company, joined forces to showcase a revolutionary T-shirt that utilizes black dye derived from algae instead of petroleum, creating a milestone in sustainable fashion.
The consumers and industries alike are striving to adopt eco-friendly practices and reduce their carbon footprint by opting for natural alternatives to synthetic pigments. Algal pigments not only provide vibrant and attractive colors but also come with additional benefits such as being rich in antioxidants and other bioactive compounds, making them appealing to health-conscious consumers.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Algal Pigments Market Size in 2022: | USD 323 Million |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 7.4% |
| 2032 Value Projection: | USD 710.9 Million |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 180 |
| Tables, Charts & Figures: | 245 |
| Segments covered: | By Type, By Form, By Source, By Application, By Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The increasing applications of the product across a wide range of applications, including food & beverages, cosmetics, pharmaceuticals, and textiles, along with its eco-friendly nature are pushing the industry growth. Moreover, advancements in extraction and purification techniques have made it easier to isolate and utilize pigments from algae efficiently, further creating a positive market outlook.
Frequently Asked Questions (FAQ) :
Algal Pigments Market Scope
