The algal pigments market is set for robust expansion, projected to reach $718 million within the next few years. This growth is attributed to a heightened demand for natural colorants, consumer preference for synthetic-free options, and the extensive application of algal pigments across the food, therapeutic, and nutritional sectors.
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Drivers of Growth in Natural Colorants: Increasing consumer awareness of the potential risks linked to synthetic additives has led to a shift towards natural products. Algal pigments provide a sustainable alternative, enhancing product appeal with clean-label benefits. The natural colorants trend, influenced by health-conscious consumers, boosts demand for algal pigments in a variety of products.
Key Market Challenges: While demand grows, challenges persist. The production of natural colorants is costly, and cultivating algae involves complex processes. Moreover, there is a risk of contamination during algae cultivation, posing a threat to consistent supply. These factors necessitate advancements in cultivation techniques to address production limitations and improve scalability.