(Health-NewsWire.Net, March 25, 2020 ) The lutein market was valued at USD 249.7 Million in 2016 and is projected to reach USD 357.7 Million by 2022, growing at a CAGR of 6.3% from 2017, in terms of value. In terms of volume, the market is projected to reach 2,121.2 tons by 2022.
The increase in demand for lutein as a natural colorant in food and beverage applications, rise in demand for eye health supplements, and the use of lutein in animal feed additives are 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 health supplements that contain lutein. Eye health supplements that contain lutein help preventing/curing eye diseases such as AMD and cataract. However, currently, the manufacturers are increasingly inclined to invest in other end-use applications and hence the market for dietary supplements application is growing at a lower rate when compared to applications such as food and beverages.
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The dietary supplements segment expected to dominate the lutein market through 2022.
In 2016, the dietary supplements segment accounted for the largest share, by application, in the lutein market in terms of value and volume, as lutein is mainly associated with the eye health and is increasingly used as an ingredient in the eye health supplements.
Naturally sourced lutein is projected to be the faster-growing market during the forecast period.
The natural segment is projected to grow at a higher CAGR from 2017 to 2022. Growing awareness about the benefits of naturally obtained lutein and the increasing health conscious population leads to increased spending on high-quality lutein products, subsequently driving the market for naturally sourced lutein.
The emulsions segment is projected to be the fastest-growing segment in the lutein market from 2017 to 2022.
The demand for emulsion form of lutein is increasing around the globe, especially in developing countries such as China, India, and Brazil. Lutein emulsion is generally used in food and beverage applications and is currently used in cosmetics as well. Fortified food emulsion is widely used in the functional food segment wherein carotenoid-protein complex is used to prepare an emulsion. Leading players are gradually expanding their product range by developing lutein emulsion for the food industry. The emulsion segment is hence projected to be the fastest-growing segment in the lutein market from 2017 to 2022.
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Asia Pacific is projected to be the fastest-growing regional market for lutein.
The Asia Pacific region is projected to be the fastest-growing market for lutein over the next five years, owing to increase in 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.
In this region, countries such as India, China, and Japan hold 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 incomes, and growth of the middle-class population are some of the factors driving the growth of lutein the market in India.
This report studies marketing and development strategies, along with the product portfolios of leading companies such as BASF (Germany), Chr. Hansen (Denmark), E.I.D. Parry (India), Kemin (US), OmniActive (India), and Zhejiang Medicine (China). Other significant players include DDW The Color House (US), Döhler (Germany), Lycored (Israel), PIVEG (US), Allied Biotech (Taiwan), and FENCHEM (China).
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