The instant disclosure relates to the field of algal cultivation and production of high value biochemical products thereof. Particularly, the present disclosure relates to a cultivation method comprising the application of red light/far-red light in life cycle management of green microalgae, particularly Haematococcus, including induction of intense vegetative growth, and enhancement of productivity. The present method is simple, commercially scalable and cost-effective, achieves enhanced productivity, and requires shorter time duration, amongst other advantages.