Lutein Market size, share & Forecast to 2024
Dietary supplements demand may generate significant growth at over 6% up to 2024. Lutein is an antioxidant carotenoid which is responsible for yellow colors of fruits and vegetables. Healthy nutritional intake may help provide good eye sight. Inadequate consumption may deplete eye sight with age. Dietary supplements include minerals, vitamin and fatty acid help consumers stay healthy and prevent from harmful diseases. Increasing health concerns due to rise in medical costs may drive product demand. APAC accounted for 32% of total market share in 2015.
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Global lutein market size in human nutrition industry is set to witness gains of over 5.3% by 2024. Rising eye diseases such as cataracts, glaucoma, age related macular degeneration (AMD) and diabetic retinopathy may affect industry growth. Chronic eye disorder AMD accounted for about 54% of blindness cases in the U.S. Supplements protect from detrimental effects of computer display light exposure.
Xanthophylls are oxygenated carotenoid in human food supply. Key xanthophylls include zeaxanthin and cryptoxanthin which are found in human plasma. Consumption of these products led to reduction in health concerns such as cancer, cardiovascular disease, cataract and AMD. Canthaxanthin and astaxanthin usage in aquaculture for salmonid and crustacean should drive lutein market size in food and pharmaceutical applications.
According to analysis from IARC Globacan, Europe had highest cancer index over the past few years. The study accounted for more than 25% people are risk of getting cancer before age 75. Beta-carotene prevent cancer growth cell. Global pharmaceutical industry should surpass USD 1 trillion by 2024. APAC, led by India pharmaceutical production growth, may witness over USD 60 billion revenue by 2024. Increase in health diseases such as cardiovascular, cancer and diabetes are key trending drivers which may fuel lutein market growth.
Lutein finds application in dairy and egg products which help maintain health and nutritional diet. Global dairy product may generate over 13.5 million tons of annual demand. Increasing consumer preference towards yoghurt, cheese and ice cream due to growth in functional dairy products expansion in APAC and LATAM may drive industry growth. Increase in dairy consumption due to technology innovation and improvement in production process may favor industry growth.
Increase in consumer health concerns owing to change in food consumption habits may drive lutein market in nutraceutical industry. Nutraceutical ingredients are food which stimulates health benefit, including prevention and treatment of various chronic diseases. Nutraceutical ingredients market may surpass USD 40 billion by 2024. Increasing consumer awareness owing to proper health and maintain balanced diet.
Favorable regulatory standards may drive lutein market size 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.
Strong potential outlook in infant food consumption may drive industry growth. Lutein supplements may cause stomach cramps, hives, rash, breathing problem and facial swelling which have negative side effects on human health. High dosage of product may cause yellowing of the skin. However, it is not currently permitted as nutritive substance in infant formula which may reduce industry profitability and pressurize lutein market price trend.
Key players operating in global lutein market share include Allied Biotech Corporation, BASF, Chr. Hansen, DSM and Kemin. Other prominent companies include Anhui Ruisen, Shaanxi, Tianjin Pharmaland, Microbo and Phyto Nutraceutical.