The food and pharmaceutical industries are searching for natural colour alternatives as required by consumers. Over the last decades, fungi have emerged as producers of natural pigments. In this paper, five filamentous fungi; Penicillium multicolour, P. canescens, P. herquie, Talaromyces verruculosus and Fusarium solani isolated from soil and producing orange, green, yellow, red and brown pigments, respectively, when cultured on a mixture of green waste and whey were tested. The culture media with varying pH (4.0, 7.0 and 9.0) were incubated at 25 °C for 14 days under submerged and solid-state fermentation conditions. Optimal conditions for pigment production were recorded at pH 7.0 and 9.0 while lower biomass and pigment intensities were observed at pH 4.0. The mycelial biomass and pigment intensities were significantly higher for solid-state fermentation (0.06–2.50 g/L and 3.78–4.00 AU) compared to submerged fermentation (0.220–0.470 g/L and 0.295–3.466 AU). The pigment intensities were corroborated by lower L* values with increasing pH. The λmax values for the pigments were all in the UV region. Finally, this study demonstrated the feasibility of pigment production using green waste:whey cocktails (3:2). For higher biomass and intense pigment production, solid-state fermentation may be a possible strategy for scaling up in manufacturing industries.