NEW YORK, April 25, 2019 (GLOBE NEWSWIRE) -- The global lutein market is likely to reach USD 396.4 million by 2024, growing at a CAGR of 5.2 % over the next seven years. Increasing use of lutein across diverse applications is projected to augment market demand over the forecast period. Also, rise in the number of eye diseases across the globe, and increasing adoption of dietary supplements to fill nutritional gap are likely to drive the market growth.
Lutein is a yellow colored naturally occurring carotenoid in plants, which is not manufactured by the animal kingdom. This carotenoid is found particularly in dark-green leafy vegetables, and in egg yolks. Lutein protects eyes from disease of macular degeneration. The ability to slow macular degeneration has led to introduction of various lutein supplements, which is projected to drive the market growth over the forecast period.
Key findings from the report:
- The global lutein market is expected to reach USD 396.4 million by 2024 at a CAGR of 5.2% during 2018-2024
- Based on source, natural segment is expected to grow at a higher CAGR over the forecast period
- Europe dominated the global market in 2017, and is expected to grow at the steady CAGR over the forecast period
- Some of the key companies operating in the industry include Kemin; BASF; Chr. Hansen; Allied Biotech Corporation; Zhejiang Medicine; Dohler; Lycored; Omniactive Health Technologies; E.I.D. Parry; and DDW, The Color House; among others
Vast applications of lutein driving market growth
Lutein is widely used in applications such as food products, personal care, pharmaceutical formulations, and feed additives; among others. Food & beverage applications of lutein include dairy products, bakery & confectionary products, carbonated drinks, fruit juices, and infant formula, among others. In food and supplement manufacturing, lutein is primarily being used as a colorant due to its yellow-red color. Moreover, use of lutein in pharmaceutical applications for prevention of cancer, skin disorders, diabetes, and coronary heart diseases, is expected to propel the market demand over the forecast period.
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Lutein market - Regional insight
Europe dominated the global market in 2017, and is expected to grow at the steady CAGR over the forecast period. The growth can be primarily attributed to the presence of several key players in the region. Asia-Pacific lutein market is projected to grow at a significant CAGR during the forecast period. Increasing health consciousness, and awareness regarding the benefits of dietary supplements coupled with rising disposable income in the region is projected to augment the market growth.
The report segments lutein market on the basis of application, source, and region.
By Application
- Food & beverages
- Pharmaceuticals
- Dietary supplements
- Others
By Source
- Natural
- Synthetic
By Region
- North America
- Europe
- Asia-Pacific
- Central and South America (CSA)
- Middle East & Africa (MEA)
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