Multispectral photoacoustic tomography (sPAT) is a technique within photoacoustic imaging that aims to separate different types of chromophores using multiwavelength measurements. In this study, we conducted sPAT simulations for circular scanning detection setup using the k-wave toolbox, focusing on two dominant absorbers in biological tissue: HbO2 and HbR. A phantom with three different concentrations (100%, 70%, and 30%) were simulated for five pairs of wavelengths (700nm,900nm; 756nm,900nm; 700nm,796nm; 756nm,796nm and 900nm,796nm, respectively). Subsequently, supervised unmixing (Spectral Fitting) and unsupervised unmixing algorithms, namely Principal Component Analysis (PCA), Independent Component Analysis (ICA), and non-negative matrix factorization (NNMF), were applied. The unmixing results were then quantitatively compared with the unmixed results to evaluate their performance in terms of recovering the concentration of the chromophores into the simulation environment. The simulation study indicated that the unsupervised based unmixing algorithm such as ICA performance was superior to others in unmixing them with two wavelengths pair.