New York, NY -- (SBWIRE) -- 11/26/2020 -- Lutein Market Dynamics

According to a recent analysis by Reports and Data, the global Lutein market size, which was valued at USD 292.3 Million in 2019, is expected to surpass USD 473.5 million by 2027, registering a CAGR of 6.4% over the forecast period. Lutein is an antioxidant carotenoid adding the yellow pigment to fruits and vegetables. It is one of the two major carotenoids color pigment in the human eye. It plays the role of a light filter and protects eye tissues from sunlight damage.

Healthy nutritional intake of lutein may help in maintaining good eyesight. On the other hand, inadequate consumption of lutein may deplete eyesight with age. Therefore, lutein is used for preventing eye diseases including Age-related Macular Degeneration (AMD) and cataract.  Rising awareness about health factors among the population is expected to support market growth. Increasing demand for the product as a health supplement and its increasing usage as a natural colorant in food and beverage applications, along with its use as an additive for animal feed, are some factors that drive the demand for the product over the forecast years.

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Lutein Market: Key Players
BASF
Hansen
I.D. Parry
Zhejiang Medicine
DDW The Color House

Lutein Market: Segmentation
For the purpose of this study, Reports and Data has segmented the Lutein market on the basis of form, source, application, production process, and region:

Form (Volume, Kilo Tons; 2017-2027  and Revenue, USD Million; 2017-2027)
Powder & Crystalline
Oil Suspension
Beadlet
Emulsion

Source (Volume, Kilo Tons; 2017-2027 and Revenue, USD Million; 2017-2027)
Natural
Synthetic

Application (Volume, Kilo Tons; 2017-2027 and Revenue, USD Million; 2017-2027)
Food
Bakery & confectionery products
Infant formula & formulated supplementary food products
Dairy products
Others
Beverages
Aerated & carbonated drinks
RTD beverages
Sports & energy drinks
Juice concentrates & fruit juices
Others
Dietary Supplements
Animal Feed
Others

Production Process (Volume, Kilo Tons; 2017-2027  and Revenue, USD Million; 2017-2027)
Chemical synthesis
Extraction from botanical materials
Fermentation
Algae route

Regional Outlook (Volume, Kilo Tons; 2017-2027 and Revenue, USD Million; 2017-2027)
North America
S.
Canada
Europe
Germany
France
UK
Spain
Italy
Rest of the Europe
Asia Pacific
China
India
Japan
Rest of Asia-Pacific
Middle East & Africa
Latin America
Brazil

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The synthetic lutein segment is estimated to hold a considerable market share as well, as the synthetic production of lutein is more economical for the manufacturers. However, the growing cognizance about the advantages of natural lutein and increased health consciousness among the people is leading to increased spending on high-quality products, owing to which the market for natural lutein is projected to grow at a higher CAGR over the next several years.

However, high consumption of lutein can turn the skin yellow and lead to other health complications. Moreover, lutein is not a legalized nutritive ingredient in infant formula which restricts the growth of the industry.

Lutein Market: Regional Outlook

Europe held 36.2% of the lutein industry share in 2019 and is this share projected to grow substantially in the coming years. Presence of key manufacturers including BASF, Chr. Hansen, and Döhler in the region is projected to influence growth. High incidence of cataract and AMD in the region is also likely to drive product demand. The European Society of Retina Specialists estimated that in 2017 AMD affected around 34 million people in the European Union. This included 22 million people in the five most populous European countries namely Germany, France, the UK, Italy and Spain. Furthermore, the number of patients affected by AMD in the region is expected to rise by nearly 25% by 2050, based on population expansion and ageing. This is anticipated to create lucrative growth opportunities for the lutein market.

Asia Pacific lutein market is expected to account for 23.2% of the share in the global lutein market. Developing nations such as China and India are estimated to witness high growth in the industry. Rising prevalence of eye disorders coupled with the growing demand for dietary supplements not to mention the growing pool of geriatric populace is anticipated to stimulate demand.

COVID-19 Impact on Lutein Market:

As the COVID-19 crisis is rising, producers are rapidly changing their activities and purchasing strategies to meet the pandemic's demands that have developed the need for lutein market. A sequence of positive as well as negative shocks will arise over a few months as producers and their vendors adapt to changing customer demands. Many regions look vulnerable at present due to the global situation. For instance, Europe has witnessed a renewed insurgence of coronavirus that has forced the courtiers in the region to enter into another lockdown. This will ultimately affect the lutein market as though there is still demand for the product, supply chains have majorly broken down and production in many cases has been halted for employee safety. One positive aspect of the pandemic is that it has made people more health conscious which will indirectly boost the lutein market as well, an aspect that is expected to help the market gain back its footing once things go back to normal.

Report Highlights:

Detailed overview of the market
Evolving lutein market dynamics
In-depth lutein market classification
Historical, present, and anticipated lutein market size and share in terms of volume and value
Recent lutein market trends and advances
Competitive landscape
Strategies adopted by key players and products portfolio
Segments, sub-segments, and geographic regions exhibiting growth prospects
A neutral and global perspective on lutein market performance

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