The utilization of renewable biological resources from living organisms to generate food, energy, and materials is a significant driver of bioeconomies. There is a growing awareness among consumers in the utilization of natural products obtained from microorganisms and plant-based materials to deliver novel functional product technologies that can contribute to industrial bioeconomy. Photosynthetic microorganisms, especially microalgae, are beneficial in yielding highly valuable metabolites, including lipids, proteins, pigments, and carbohydrates. Among these bioactive compounds, natural organic pigments such as chlorophyll, carotenoids, phycobiliproteins, astaxanthin, and xanthophyll are gaining importance in several cosmetic, food, and textile industries. This chapter gives an overview of microalgal pigments production and profiles high-value products that are obtained from microalgal pigments. Discussions on the utilization of microalgal pigments as viable ingredients in various product formulations, recent industrial applications of natural pigments, and the future of microalgal pigment-based economy is also discussed.