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The marketability of fish depends on the visual appearance of the fish, so the feed ingredient pigment contributes to the nutritional value and visual appearance of the product. The benefits of a natural pigment derived from microalgae are the ecological benefits, as the culture can fix carbon and release oxygen. The economic aspect is a benefit of synthetic pigments. The Life Cycle Assessment (LCA) method was used to determine the environmental impact of natural and synthetic pigments. The results obtained from the LCA are expressed according to the impact categories defined by the Product Environmental Footprint Category Rules (PEFCR). A sensitivity analysis was also carried out comparing the environmental impacts of electricity generated with hydropower or using a field mix from Norway for the natural pigment. The total single score value for natural pigment is 1.17E+01 mPt and the largest impact is from sodium nitrate and electricity. The sensitivity analysis results for electricity from the country mix is 1.82E+01 mPt. The total single score value for synthetic pigment is 8.24E−01 mPt, with the largest impact from methanol. Synthetic pigments have a lower environmental impact than natural pigments, but a sensitivity analysis shows that the environmental impact can be reduced by choosing an alternative to electricity. It should be noted that the comparison presented represents a general comparison of alternatives, as the input data is derived from a literature review.