Lutein market is estimated to reach USD 263.8 million by 2017. It is projected to reach USD 357.7 million by 2022, growing at a CAGR of 6.3% from 2017, in terms of value.
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The key players in the Lutein Market include – BASF (Germany), Chr. Hansen (Denmark), E.I.D. Parry (India), Kemin (US), and Omni Active (India).
Other significant players include DDW The Color House (US), Döhler (Germany), Lycored (Israel), PIVEG (US), Allied Biotech (Taiwan), and FENCHEM (China).
Asia Pacific region is projected to be the fastest-growing market for lutein, owing to the overall economic growth which has led to an increase in urbanization and rapid industrialization and subsequent growth in the consumer markets of China, India, Australia, and Japan.
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In this region, countries such as India, China, and Japan account for a major share of more than 60% of the Asia Pacific lutein market. India is one of the fastest growing markets for lutein in the Asia Pacific region.
The changing lifestyle and preferences, increasing awareness regarding the benefits of lutein, the growth of the health-conscious population, higher disposable income, and growth of the middle-class population are some of the factors driving the lutein market in India.
- Associations and industry bodies
- Commercial research & development (R&D) institutions
- Lutein manufacturers and suppliers
- Raw material suppliers and distributors
- Traders, distributors, and retailers
- Carotenoid/natural color industry players
- Industry experts
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The growing number of studies on lutein sources is expected to drive the demand for this ingredient in various consumer markets. Lutein plays a vital role in preventing age-related macular degeneration (AMD) disease.
The lutein market, over the past few years, has been largely driven by the growing demand for lutein for eye health supplements. The high demand for lutein can be attributed to its ability to treat age-related eye disorders such as cataracts and macular degeneration.
The aging population and heightened interest in preventive health have led to increased sales of vitamins, minerals, and nutritional & herbal supplements. However, currently, manufacturers are more inclined to invest in other end-use applications; the market for food and beverages segment is gaining popularity for lutein application.
However, harmful effects of high doses of lutein and lack of R&D activities in African and Middle Eastern countries restraint the lutein market.
In 2016, the dietary supplements segment accounted for the largest share, by application, in the lutein market in terms of value and volume. Dietary supplements is an important segment of the lutein market as it reduces the risk of age-related macular diseases (AMD) and cataract as well as the progression of the disease.
The growth in the segment can be attributed to the growing consumption of eye dietary supplements with the growing awareness about the beneficial effects of nutraceutical lutein.
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The lutein market is segmented on the basis of form, application, source, production process, and key regions. On the basis of form, the lutein market is segmented into powder & crystalline, bead let, oil suspension, and emulsion.
On the basis of application, the market is segmented into food, beverages, dietary supplements, animal feed, others(pharmaceuticals and personal care products).The food segment is further sub-segmented into bakery and confectionery products, infant formula & formulated supplementary food products, dairy products, and others (soups & soup mixes, sauces, jams, and salad dressings). The beverages segment is further sub-segmented into aerated & carbonated drinks, RTD beverages, sports and energy drinks, juice concentrates and fruit juices, and others (squashes, syrups, smoothies, shakes, and bottled water).
On the basis of source, the market is segmented into natural and synthetic. The production process segment comprises chemical synthesis, extraction from botanical materials, fermentation, and algae route.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, South America, and the Rest of the World (RoW). The report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, competitive leadership mapping, recent developments, and key market strategies.
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