Global Lutein Market – Growth, Trends, And Forecasts (2018 - 2023)
The global lutein market is expected to register an estimated CAGR of 5.5%, during the forecast period (2018-2023).
In 2016, The United States Patent and Trademark Office has issued patent approval to Kemin Industries for the role of its products, FloraGLO Lutein and ZeaONE Zeaxanthin (distributed by DSM as OPTISHARP Natural), in protecting individuals with three common ocular disorders from blue light or light-induced damage. The approval will allow vitamin and other dietary supplement manufacturers to position their products for blue light protection.
The market is driven by increasing demand of eye supplement due to surge in healthcare, coupled with rising health issues such as diabetes, heart problems, obesity and stroke owing to hectic lifestyles and lack of stable diet. This is expected to boost the lutein dietary supplements market, which includes fatty acid, minerals, and vitamins, during 2018-2023 (the forecast period). However supplements with lutein are sometimes reported to cause side effects symptoms such as hives, rash, stomach cramps, and facial swelling; which somehow restraints the lutein market growth. It is used in listed medicines on the Australian Register of Therapeutic Goods for supply in Australia. In New Zealand, it is permitted to be sold as nutritive supplements under Dietary Supplements Regulations. However, lutein faces challenges in the regulatory approval for its application in infant formula, which reduces the industry growth.
There is huge potential for lutein infused products, particularly in the emerging markets, associated with bone, heart, eye, weight, digestion, immune diseases.
On the basis of application, global lutein market can be segmented into food & beverage, which is further categorized into dietary supplements, food colorings and others; pharmaceuticals, and others. Dietary supplements led the market and is expected to further witness market growth during the forecast period. Growth in dairy consumption, due to the technological innovation and improvement in the production process, may further accelerate the industry growth.
Asia-Pacific is expected to be fastest growing region for lutein market during the forecast period, owing to economic growth which has led to an increase in urbanization and rapid industrialization and subsequent growth in the consumer markets of nations like China, India etc. North America is also expected to witness relatively high growth in the global lutein market, owing to ophthalmic industry growth in the region especially US.Major PLAYERS: ALLIED BIOTECH CORPORATION, ANHUI RUISEN, BASF, CHR. HANSEN, DSM, KEMIN, MICROBO, NATURE’S BOUNTY, PHYTO NUTRACEUTICAL, SOLARAY, SUNDOWN, and TIANJIN PHARMALAND, amongst others.