Lutein Vitamin Market Insights
The global Lutein Vitamin Market is projected to grow at a CAGR of 5.81% during the forecast period due to its wide application in various end-use industries. The growth of this market is further projected to be influenced by increasing demand for eye supplements. Growing incidences of diseases including diabetes, heart diseases, obesity, and stroke are also projected to boost the demand for lutein dietary supplements such as fatty acid, minerals, and vitamins.
Lutein regulates photosynthesis in plants by suppressing the overproduction of chlorophyll. It performs as an antioxidant which retains body’s natural ability to fight damage by free radicals. The demand for lutein has increased considerably over the past few years due to its potential role in preventing age-related macular degeneration.
However, the demand for lutein is anticipated to be hampered by the side effects associated with it such as rash, stomach cramps, hives, and facial swelling & breathing problem. Over-consumption of lutein supplements or products might also result in yellowing of skin. The use of lutein is not legalized in infant formula which is likely to reduce the industry profit margin over the coming years.
Lutein Vitamin Market: Application Insights
Based on applications, the Lutein Vitamin Market is segmented into multi-vitamin complexes, food colouring, dairy and egg products, skincare, and culinary among others.
Dairy and egg products application segment is expected to account for a dominant market share over the forecast period. There has been a significant increase in the consumption of functional dairy products such as cheese, yogurt, and ice creams, due to increased health awareness of the consumers. This, in turn, is likely to affect the growth of this segment.
Lutein Vitamin Market: End-Use Insights
The Lutein Vitamin Market is divided into food, pharmaceuticals, animal feed & pet food, cosmetics, nutraceuticals, and dietary supplements among others, based on end-use.
The demand for lutein in pharmaceutical sector is anticipated to witness a considerable growth rate over the coming years. Lutein extracts are widely used to treat age-related macular degeneration (AMD). It is considered as the most common cause of blindness among adults. Increasing incidence of other eye diseases such as cataracts, glaucoma, and diabetic retinopathy is projected to boost the industry growth over the projected period.
Lutein Vitamin Market: Regional Insights
Asia Pacific held the maximum market share in 2016, it is further anticipated to dominate the market over the forecast period.
North America is also projected to grow at a significant CAGR over the coming years due to ophthalmic industry growth in the U.S. The regional growth is further likely to be driven by increasing demand for Lutein in healthcare industry, as lutein infused products are widely used to treat bone, heart, eye, weight, digestion, immune diseases
Lutein Vitamin Market: End-Use Landscape
The end-use landscape includes a list of current and prospective consumers existing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase products from the global Lutein Vitamin Market. The major consumers of the product are GlaxoSmithKline, Novartis, and Merck.
Lutein Vitamin Market: Competitor Analysis
Some of the leading players operating in the Lutein Vitamin Market include Anhui Ruisen, BASF, Chr. Hansen, DSM, Allied Biotech Corporation, KeminKemin, Microbo, Nature’s Bounty, Phyto Nutraceutical, Solaray, Sundown, and Tianjin Pharmaland among others.
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