The ‘Lutein Market by Form, Source, Application, Production Process and Region - Global Forecast to 2022’ report has just been added to Research and Markets offering.
According to the report, the lutein market is estimated at US$263.8 Million in 2017 and is projected to reach US$357.7 Million by 2022, with a CAGR of 6.3%. In terms of volume, the market is projected to reach 2,121.2 tonnes by 2022.
The lutein market has been largely driven by the growing demand for lutein in the dietary supplements market. Companies are currently focusing on the application of lutein in food and beverages, as well as personal care products.
Europe dominated the lutein market in 2016 and is projected to grow at a moderate CAGR from 2017 to 2022, in terms of both value and volume. The presence of leading lutein manufacturers who operate on a global level and the stringent norms related to the use of synthetic ingredients laid down by the EU drive the demand for naturally source lutein in the region. Thus, the use of lutein for human consumption has recently started to develop due to the increasing awareness of the advantages of carotenoid consumption. This increased use of lutein in pharmaceuticals, animal feed, medicine, and human food drives the growth of the lutein market in Europe.
The lutein market is concentrated, with leading companies driving market growth. The report provides qualitative analysis of the prominent market players and their preferred development strategies. Key players such as BASF (Germany), Chr. Hansen (Denmark), DDW the Colour House (US), E.I.D. Parry (India), Fenchem (China), Kemin (US), OmniActive (India), and Zhejiang Medicine (China) are covered in this report.
These leading players have adopted various strategies such as expansions, acquisitions, new product launches, and joint ventures/partnerships to explore new and untapped markets, expanding in local areas of emerging markets, and developing a new customer base for long-term client relationships. This has not only enabled the key players to expand their geographical reach but has also reinforced their market position by gaining a larger share in terms of revenue and product portfolios.
Small-scale players have also adopted these strategies to expand their businesses globally by investing in the establishment of manufacturing facilities and technical service centres in various regions. This inorganic growth strategy enables them to improve their technical expertise through intensive R&D infrastructure offered by bigger players.
The report has also provided a SWOT analysis of the industry. The following is a brief outline of the analysis.
Increase in Scope of Application
Preventive Healthcare and Nutraceuticals
Rise in Demand for Natural Colorants
Growth in Pork, Poultry, and Aquaculture Industries
Harmful Effects of High Doses of Lutein
Stringent Regulatory and Approval Norms
Lack of R&D Activities in African and Middle Eastern Countries
Growth in New Application Areas
Awareness About the Medicinal Applications of Lutein
Maturity of the Dietary Supplement Application
Low Cost-Competitiveness From Asian Countries