Dublin, Aug. 17, 2023 (GLOBE NEWSWIRE) -- The "Global Lutein Market by Form (Powder & Crystalline, Oil Suspension, Beadlet, Emulsion), Source (Synthetic, Natural), Application (Dietary Supplements, Animal Feed, Food, Beverages,), Production Process and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The worldwide lutein market showcased a valuation of USD 371 million in 2023 and is poised to ascend to USD 488 million by 2028, recording a commendable Compound Annual Growth Rate (CAGR) of 5.6%.
Increasing consumer awareness about the benefits of lutein has triggered a surge in demand for products featuring this essential nutrient. Recognizing the need for additional sources of lutein beyond regular dietary intake, people are actively seeking products that promote eye, skin, and brain health. This heightened awareness has fostered a remarkable increase in the incorporation of lutein as an ingredient in various health and wellness products.
This report offers an extensive evaluation of the lutein market, delving into market shares, growth tactics, and service portfolios of prominent industry players. Key market contributors, including BASF SE (Germany), India Glycols Limited (India), Kemin Industries, Inc. (US), E.I.D. Parry (India) Limited (India), Divi's Laboratories (India), among others, are analyzed to provide insights into their strategies within the lutein market.
Asia Pacific has positioned itself as a major player in lutein production, particularly in countries like China and India. These nations boast robust agricultural sectors and favorable climates for cultivating lutein-rich sources like marigold flowers. With a robust production base in place, Asia Pacific has solidified its global market leadership position, ensuring a consistent supply of lutein. Notably, the region has witnessed substantial investments in the nutraceutical and dietary supplement sectors.
In response to the escalating demand for lutein and associated products, companies in Asia Pacific are dedicating efforts towards research, product innovation, and strategic marketing initiatives. Significant investments in infrastructure and manufacturing capabilities have further enhanced the region's standing in the market. As Asia Pacific continues to shape the lutein landscape, its dedication to growth through research, innovation, and investment remains evident.
Powder & Crystalline is gaining rapid popularity in the lutein market across the globe.
Powdered and crystalline forms of lutein offer enhanced stability compared to liquid forms. Lutein is sensitive to heat, light, and oxygen, which can degrade its quality. By converting lutein into a powder or crystalline form, it becomes less prone to degradation, ensuring better preservation of its beneficial properties during storage and transportation.
As well as, powdered and crystalline lutein can be easily incorporated into various formulations, including tablets, capsules, softgels, and functional foods. This versatility allows manufacturers to develop a wide range of lutein-containing products, catering to different consumer preferences and dietary needs.
The synthetic segment dominated the market for lutein market in 2022.
Synthetic lutein allows for precise control over the production process, resulting in a consistent and pure product. This level of control can be advantageous for specific applications where standardized lutein content is essential, such as pharmaceuticals or research purposes.
And also Synthetic lutein can offer enhanced stability and a longer shelf life compared to its natural counterpart. This attribute may be important in situations where prolonged storage or specific manufacturing processes are involved.
The dietary supplement by application segment of the global lutein market is projected to have the largest market share.
With the aging population, people are becoming more conscious and aware of age-related problems. Cataracts and age-related macular degeneration (AMD) are the major illnesses faced by aged people which cause visual impairment and acquired blindness. This is due to the lack of intake of sufficient nutrients such as green leafy vegetables and egg yolks.
This concern has boosted the demand for health supplements, thus fueling the growth of the lutein market. Health-conscious consumers rely on alternatives such as vitamin supplements for a balanced diet. People are now more health conscious and hence prefer dietary & health supplements to keep themselves healthy.
They have become aware of the alternative channels to self-diagnose themselves and also take preventive measures to remain healthy. Such practices are significantly increasing the demand for supplements globally, which in turn drives the consumption of lutein.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 242 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $371 Million |
| Forecasted Market Value (USD) by 2028 | $488 Million |
| Compound Annual Growth Rate | 5.6% |
| Regions Covered | Global |
Premium Insights
- Rising Demand for Healthy Functional Foods to Propel Market Growth
- Synthetic Segment and US to Account for Significant Share in 2023
- Dietary Supplements Segment to Account for Largest Share in 2023
- Europe to Account for Largest Share in 2023
Market Dynamics
Drivers
- Increase in Scope of Application
- Growing Demand for Natural and Functional Ingredients
- Rising Demand for Natural Colorants
Restraints
- Harmful Effects of High Doses of Lutein
- Stringent Regulations for Lutein Ingredients
Opportunities
- Expanding Market Opportunities with Versatile Physicochemical Functions
- Awareness Regarding Medical Applications of Lutein
Challenges
- Competition and Product Differentiation in Lutein Industry
- Low Cost-Competitiveness from Asian Countries
- Supply Constraints in Lutein Market: Cultivating Sustainable Growth and Market Stability
Industry Trends
Macro-Economic Factors
- Booming Demand for Lutein Supplements Among Aging Population
Patent Analysis
Value Chain Analysis
- Sourcing of Raw Materials
- Extraction, Purification, and Concentration
- Formulation & Product Development
- Manufacturing, Packaging, and Labeling
- Distribution & Marketing
- Consumer
Company Profiles
Key Players
- BASF SE
- India Glycols Limited
- Kemin Industries, Inc.
- E.I.D. - Parry (India) Limited
- Divi's Laboratories
- Merck KGaA
- Piveg, Inc.
- Omniactive Health Technologies
- Synthite Industries Ltd.
- Zhejiang Medicine Co. Ltd.
- Dohler
- Lycored
- Allied Biotech Corporation
- Sabinsa
- Fenchem
Startups/SMEs
- Panacea Phytoextracts Pvt. Ltd.
- Prakruti Products Pvt. Ltd.
- Olive Lifesciences Pvt Ltd.
- Biomed Ingredients
- Katra Phytochem Pvt Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/9p9jfz
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