Market Trends of Lutein Industry
Increased Consumption of Dietary Supplements
The growing incidences of vision impairment and rising myopic population, owing to an increased usage of screens and joining virtual meetings while working from home, is one of the key factors driving the market. High myopia can be attributable to an increased risk of various progressive eye disorders such as cataracts, glaucoma, and age-related macular degeneration. Increasing preference for eye health supplements among older individuals and millennials, who are highly prone to digital eye fatigue and myopia, is further driving the market.
With the increasing internet penetration, the online market for purchasing dietary supplements has seen rapid growth globally in the last 3-4 years. This category has attracted a few vertical specialists like Amazon, Walmart, and Carrefour, which are benefitting from the increasing e-retailing growth and vying for a significant share in the online supplements space. Lutein is a carotenoid with reported anti-inflammatory properties. According to the National Health Institute, a large body of evidence shows that lutein has several beneficial effects, especially on eye health. In particular, lutein is known to improve or even prevent age-related macular disease, which is the leading cause of blindness and vision impairment. An increase in the prevalence of various eye conditions, including Age-related Macular Degeneration (AMD), dry eye syndrome, cataracts, and inflammation, along with the growing recommendation for eye health supplements by ophthalmologists for the prevention and treatment of these disorders, may further drive the market. Many companies are focusing on launching eye health dietary supplements with lutein ingredients. For instance, in June 2021, PharmaLinea focused on catering to the dramatic rise in consumer concerns around eye health with a new range of lutein-based supplements.
Asia-Pacific is the Fastest-growing Market
The Asia-Pacific region is the fastest-growing market for lutein, owing to the overall economic growth, which has led to an increase in urbanization and rapid industrialization and subsequent growth in the consumer markets of China, India, Australia, and Japan. Countries such as India, China, and Japan account for 60% of the Asia Pacific lutein market. India is one of the fastest-growing markets for lutein in the Asia-Pacific region. The changing lifestyle and preferences, increasing awareness regarding the benefits of lutein, the growth of the health-conscious population, higher disposable income, and the growth of the middle-class population are some of the factors driving the lutein market in India.
Owing to the presence of pharmaceutical companies in the region and the growth in the purchasing power of populated countries such as China and India, the market in Asia-Pacific is booming. For instance, Biomed Ingredients, India Glycols Limited, Prakruti Products, and Bio-gen Extracts Private Limited are a few of the major key players in the lutein market in this region. The Asia-Pacific region exhibits the largest medicine supply and the largest pharmaceutical industry, with the abundant availability of raw materials easily accessed by manufacturers of lutein, thus driving the growth of the market.
