Lutein and Zeaxanthin Market to Reach $627,779.55 Thousand, Globally, by 2031 at 4.9% CAGR: Allied Market Research

Increase in number of skin cancer cases due to UV radiation has led to an increased demand for lutein and zeaxanthin-containing skin care products, which has driven the global lutein and zeaxanthin market.

PORTLAND, Ore., Feb. 13, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Lutein and Zeaxanthin Market by Type (Lutein, Zeaxanthin), by Application (Supplements, Cosmetics, Pharmaceuticals, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031."According to the report, the global lutein and zeaxanthin industry was estimated at $397,606.1 thousand in 2021, and is anticipated to hit $627,779.55 thousand by 2031, registering a CAGR of 4.9% from 2022 to 2031.

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Drivers, restraints, and opportunities:

Increase in number of skin cancer cases due to UV radiation has led to an increased demand for lutein and zeaxanthin-containing skin care products, which has driven the global lutein and zeaxanthin market. On the other hand, certain factors such as stringent rules and regulations associated with nutraceuticals impede the growth to some extent. However, growing interest of the key players in the pharmaceutical industry toward nutraceuticals products has paved the way for lucrative opportunities for the key players in the industry.

Covid-19 scenario:

• Patient visits to hospitals experienced a decline due to the threat of getting the Covid-19 infection, which gave way to the shift of people toward preventive therapies including intake of supplements.
• This surge in demand for nutraceuticals and health supplements led to increasing usage of lutein and zeaxanthin for preventing eye disorders and maintaining skin health, which impacted the global lutein and zeaxanthin market positively.

The lutein segment to dominate by 2031:

By type, the lutein segment accounted for more than four-fifths of the global lutein and zeaxanthin market revenue, and is expected to lead the trail by 2031. This is owing to several advantages and applications of lutein in the treatment of various diseases. The zeaxanthin segment, on the other hand, would cite the fastest CAGR of 7.9% from 2022 to 2031. This is due to the applications of zeaxanthin in the prevention of skin and eye disorders.

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The supplements segment to rule the roost:

By application, the supplements segment held the major share in 2021, contributing to more than two-fifths of the global lutein and zeaxanthin market revenue. The same segment would also portray the fastest CAGR of 5.6% throughout the forecast period. Increase in the adoption of lutein and zeaxanthin supplements by the population in developed countries fuels the segment growth.

Europe garnered the major share in 2021:

By region, Europe contributed to around two-fifths of the global lutein and zeaxanthin market share in 2021, and is projected to retain its dominance by 2031. Rising government initiatives, well-developed healthcare infrastructure, and increasing awareness about innovations in the healthcare sector drive the market growth. The market across Asia-Pacific, simultaneously, would showcase the fastest CAGR of 6.3% throughout the forecast period. This is due to the investments by the public and private market players in this field.

Key players in the industry:

• IOSA
• BASF SE
• Divi's Laboratories Limited, Inc.
• Allied Biotech Corporation
• Kemin Industries, Inc.
• Zhengzhou Meiya Chemical Products Co., Ltd
• Kalsec Inc.
• Jarrow Formulas
• Lycored
• OmniActive Health Technologies

The report analyzes these key players in the global lutein and zeaxanthin market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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