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Algal Pigments Market Trends

Report ID: GMI6365
Published Date: Aug 2023
Report Format: PDF

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Algal Pigments Market Trends

The growing emphasis on circular economy and waste utilization is fueling the demand for algal pigments. As sustainability becomes a key focus for consumers and businesses, there is a rising interest in leveraging algae-based by-products and waste streams to extract valuable pigments. This not only minimizes environmental impact by reducing waste but also presents cost-effective opportunities for pigment production.

Additionally, the increasing collaboration between research institutions and private companies is fostering innovation in algal pigment applications, leading to the development of novel products across diverse sectors. Taking fashion for instance, companies such as Living Ink, Algaeing, and Mounid are leading the way in material innovation for fashion by offering carbon-negative, quick-to-produce alternatives to hazardous, petroleum-based inks, dyes, and textiles. With a renewed commitment to sustainable practices and continuous advancements in technology, the algal pigments industry is poised for growth over the forecast period.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size of algal pigments was reached USD 348 million in 2022 and is anticipated to grow rapidly at 7.4% CAGR over 2023-2032, driven by the increasing focus on sustainability and environmental concerns.

The powder algal pigments market share was 60% in 2022, due to its versatility and ease of use. Algal pigments in powder form offer extended shelf life and improved stability.

North America market accounted for more that USD 115 million in 2022, owing to the presence of key players in the region, along with ongoing R&D activities.

BASF SE, Chr. Hansen Holding A/S, Cyanotech Corporation, DDW The Color House, DIC Corporation, E.I.D. - Parry (India) Limited, Naturex S.A. (Part of Givaudan), Sensient Technologies Corporation, FMC Corporation, and Döhler GmbH.