(MENAFN- PR Newswire) NEW YORK, Sept. 1, 2023 /PRNewswire/ -- The lutein market size is estimated to grow by USD 120.77 million from 2022 to 2027. The market's growth momentum will be progressing at a CAGR of
6%.
The ageing population driving spending on lutein-based dietary supplements is notably driving the lutein market growth.
The demand for Lutein-based dietary supplements, is primarily driven by the global increase in the elderly population. As individuals age, health conditions and ailments like impaired vision, joint discomfort, and bone weakness become prevalent. Nonetheless, maintaining a sufficient intake of dietary supplements containing essential vitamins and minerals such as Lutein can significantly delay the onset of these conditions by several months to a year, making it a pivotal factor influencing the sales of nutritional supplements within this demographic.
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![Technavio has announced its latest market research report titled Global Lutein Market 2023-2027]( "Technavio has announced its latest market research report titled Global Lutein Market 2023-2027")
Technavio has announced its latest market research report titled Global Lutein Market 2023-2027
Lutein market – Company Analysis
Company Landscape - The global lutein market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer lutein in the market are ADAMA Ltd., Allied Biotech Corp., BASF SE, Bio Med Ingredients, Chr Hansen Holding AS, Dohler GmbH, EID Parry India Ltd., FENCHEM, IIndustrial Organica, Katra Phytochem Pvt. Ltd., Kensing LLC, Koninklijke DSM NV, Natural Grocers by Vitamin Cottage Inc., Nestle SA, Nutraceutical Corp., Nutramarc Sports Nutrition and Co., OmniActive Health Technologies, Piveg Inc., Synthite Industries Pvt. Ltd., and Zhejiang Medicine Co. Ltd. and others.
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Company Offerings -
ADAMA Ltd. -
The company offers Lutein vitamin tablets under its subsidiary Lycored. Allied Biotech Corp. -
The company offers Lutene Lutein, which can be used for foods and beverages. BASF SE -
The company offers naturally sourced lutein Xangold extracted and purified from marigold flowers. For details on the vendor and its offerings –
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Lutein Market - Segmentation Assessment
Segment Overview
Technavio has segmented the market based on
application (Dietary supplements, Food and beverages, Pharmaceuticals, and Others) and geography (Europe, North America, APAC, South America, and Middle East and Africa).
The
dietary supplements segment
is estimated to witness significant growth during the forecast period.
In 2022, the dietary supplements category commanded the largest share of the global lutein market. Consumers seek to bolster their health and safeguard against variailments by incorporating vitamins, minerals, and fatty acids through dietary supplements. Lutein, as a successful supplement, plays a crucial role in maintaining optimal eye health and preventing age-related eye disorders such as macular degeneration, cataracts, and visual impairment. Notably, the increased awareness among consumers regarding the importance of preventive healthcare, coupled with a growing elderly population and heightened consciousness about the advantages of maintaining overall well-being, is anticipated to contribute significantly to the expansion of the dietary supplements segment within the global lutein market throughout the forecast period.
Geography Overview
By geography, the global lutein market is segmented into Europe, North America, APAC, South America, and the Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global lutein market.
Europe
is estimated to
contribute
35%
to the growth of the global market during
the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
In 2022, Europe emerged as the leading regional segment within the global lutein market, and this trend is projected to persist throughout the forecast period.
Furthermore, Europe benefits from a robust presence of numermanufacturers and a sizeable consumer base, collectively contributing to the growth of the market. Noteworthy countries within the European lutein market include Germany, the UK, and France. The region's increasing ageing population and the rising consumer preference for packaged food products also play a significant role in driving the demand for lutein, thereby bolstering the growth of the food and beverage industry in the region.
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Lutein Market
– Market Dynamics
Key Trends
The increasing adoption of health and wellness food is an emerging market trend.
Health and wellness food products are meticulously designed to offer consumers both health and functional advantages. They distinguish themselves from traditional food and beverage items and encompass varicategories such as functional foods, nutraceuticals, and specialized dietary food and beverages. With the growing awareness of health-related matters among consumers, the global market for healthy and natural foods and beverages is projected to witness a consistent rise throughout the forecast period. In recent years, the quality of ingredients used in food and beverages has garnered heightened attention from consumers. The demand for organic, natural, and functional food and beverage products has surged, contributing to the sustained growth of the lutein market. Lutein finds widespread application in enhancing the nutritional content of food, beverages, and supplements. Therefore, the increasing adoption of health and wellness foods is poised to provide robust support to the expansion of the lutein market during the forecast period.
Driver, Trend and challenges are the factor of market dynamics that states about consequences & sustainability of the businesses, find some insights from a
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What are the key data covered in this Lutein Market report?
CAGR of the market during the forecast period Detailed information on factors that will drive the growth of the lutein market between
2023 and 2027 Precise estimation
of the lutein market
size and its contribution to the market in foon the parent market Accurate predictions about upcoming trends and changes in consumer behaviour Growth of the lutein market across Europe, North America, APAC, South America, and the Middle East and Africa A thorough analysis of the market's competitive landscape and detailed information about companies
Comprehensive analysis of factors that will challenge the growth of lutein market companies
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| Lutein Market Scope |
| Report Coverage | Details |
| Historic period | 2017-2021 |
| Forecast period | 2023-2027 |
| Growth momentum & CAGR | Accelerate at a CAGR of 6% |
| Market growth 2023-2027 | USD 120.77 million |
| Market structure | Fragmented |
| YoY growth 2022-2023
(%) | 5.36 |
| Regional analysis | Europe, North America, APAC, South America, and Middle East and Africa |
| Performing market contribution | Europe at 35% |
| Key countries | US, China, Germany, France, and UK |
| Competitive landscape | Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
| Key companies profiled | ADAMA Ltd., Allied Biotech Corp., BASF SE, Bio Med Ingredients, Chr Hansen Holding AS, Dohler GmbH, EID Parry India Ltd., FENCHEM, IIndustrial Organica, Katra Phytochem Pvt. Ltd., Kensing LLC, Koninklijke DSM NV, Natural Grocers by Vitamin Cottage Inc., Nestle SA, Nutraceutical Corp., Nutramarc Sports Nutrition and Co., OmniActive Health Technologies, Piveg Inc., Synthite Industries Pvt. Ltd., and Zhejiang Medicine Co. Ltd. |
| Market dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
| Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Geography
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
About
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Technavio Research
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