(Food-Beverage-News.Com, January 18, 2020 ) 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”.
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.
𝐀𝐥𝐠𝐚𝐥 𝐏𝐢𝐠𝐦𝐞𝐧𝐭𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 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).
Based on type, phycocyanin 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, 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.
𝐀𝐬𝐢𝐚-𝐏𝐚𝐜𝐢𝐟𝐢𝐜: 𝐓𝐡𝐞 𝐟𝐚𝐬𝐭𝐞𝐬𝐭-𝐠𝐫𝐨𝐰𝐢𝐧𝐠 𝐦𝐚𝐫𝐤𝐞𝐭
Europe is estimated to command the largest share of the overall algal pigments market in 2019, followed by North America, Asia-Pacific, Latin America, and the Middle East and Africa. 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, the Asia-Pacific region is expected to witness rapid growth during the forecast period. The rapid growth of this region is mainly attributed to the presence of many local and regional players in this region, growing consumption of natural food ingredients, various government initiatives to promote the use of algae, and growing demand for algal pigments from food and beverages industry.
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