Meticulous Research® has released its latest report on the Algal Pigments Market, titled “Algal Pigments Market—Global Opportunity Analysis and Industry Forecast (2024-2031).” The report forecasts that this market will reach a value of $718 million by 2031, growing at a CAGR of 7.2% from 2024 to 2031.
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Drivers of Market Demand
This growth is primarily driven by the increasing popularity of natural colorants and a shift away from synthetic alternatives. Consumers are becoming more aware of the benefits of algal pigments in nutritional and therapeutic applications, alongside a rising preference for clean-label products.
Barriers to Growth
Despite the promising growth trajectory, several challenges could impede progress, such as the high costs associated with natural colors and the intricate production methods required for algae cultivation. There is also a risk of contamination during the cultivation process, which could affect product quality.
Growth Opportunities in Specific Segments
The market also presents growth opportunities through rising demand for phycocyanin and the utilization of natural astaxanthin in feed for poultry and aquaculture, showcasing a niche area for market players to explore.