The present invention relates to a method for producing one or more Monascus-like pigment composition from Penicillium species comprising: a) providing a cultivation medium comprising a high concentration of C-and N-sources and a high C/N molar ratio, b) adjusting pH to about 5 to 8, c) inoculating the cultivation medium with an inoculum of Penicillium to form a cultivation composition; d) cultivating the inoculated cultivation composition of (c); e) separating the one or more produced pigment compositions. The method of the invention may be used for producing Monascus-like pigment compositions for use as colouring agents in food items or non food items. The inventions further relates to Monascus-like pigment composition obtainable by a method of the inventions as well as use of the pigments.