The North America Lutein Market would witness market growth of 5.7% CAGR during the forecast period (2023-2030).In the year 2019, the North America market's volume surged to 1,015.3 tonnes, showcasing a growth of 2.9% (2019-2022).
During the forecast period, the market is anticipated to grow as a result of government initiatives to increase knowledge of eye-related disorders, their treatment, and strategies to prevent them. Another market driver is the application of canthaxanthin and astaxanthin in salmonid and crustacean aquaculture due to their numerous culinary and therapeutic uses. Increased incidence of diseases like diabetes, cancer, and cardiovascular disease (CVD) are important reasons that are anticipated to drive the market ahead.
To increase their nutritional content and support eye health, lutein is added to various functional foods, including cereals, dairy products, bars, and beverages. These foods provide a practical strategy to boost lutein consumption and are meant to be included in a regular diet. The nutraceutical sector takes advantage of consumers' growing interest in preventative healthcare and a growing understanding of the value of eye health. Lutein has grown in popularity as a safe and useful nutrient for preserving good vision because many customers are looking for natural alternatives to support their well-being.
According to the CDC, over one million cataract procedures are conducted annually in the United States, and more than half of people over 80 have cataracts. As the population of the United States ages, cataract is predicted to become a greater health burden, particularly for people with lower socioeconomic status. Byooviz (ranibizumab-nuna), the first biosimilar to Lucentis (ranibizumab injection), has been given approval by the U.S. Food and Drug Administration for the treatment of several eye conditions and diseases, such as neovascular (wet) age-related macular degeneration (AMD), a key element responsible for blindness and loss of vision in Americans 65 and older. This high incidence of AMD and cataracts indicates the significant burden the region is facing and raises the demand for lutein, hence leading to regional market expansion.
The US market dominated the North America Lutein Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $105.4 Million by 2030. The Canada market is poised to grow at a CAGR of 8.1% during (2023 - 2030). Additionally, The Mexico market would register a CAGR of 7.1% during (2023 - 2030).
Based on Form, the market is segmented into Powder & Crystalline, Beadlet, Emulsion, and Oil Suspension. Based on Source, the market is segmented into Synthetic, and Natural. Based on Application, the market is segmented into Dietary Supplements, Beverages, Food, Animal Feed, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Lutein Market is Projected to reach USD 531.6 Million by 2030, at a CAGR of 6.2%
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include BASF SE, Kemin Industries, Inc., E.I.D. Parry Limited (Murugappa Group), Merck KGaA, Piveg, Inc., Synthite Industries Pvt. Ltd., Dohler GmbH, Sabinsa Corporation (Sami-Sabinsa Group Ltd.), Fenchem Biotek Ltd., and India Glycols Limited
By Form
By Source (Volume, Tonnes, USD Thousand, 2019-2030)
By Application (Volume, Tonnes, USD Thousand, 2019-2030)
By Country (Volume, Tonnes, USD Thousand, 2019-2030)
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