Zeaxanthin Market: Introduction
A recent study published by Transparency Market Research (TMR) on the zeaxanthin market comprises global industry analysis and opportunity assessment for 2020-2030. Revenue generated from the global zeaxanthin market was valued at ~US$ 95 Mn in 2020, which is estimated to rise at a CAGR of 8.2% to reach ~US$ 210 Mn by 2030.
Zeaxanthin is a group of pigments that occur naturally in vegetal raw materials and have biological functioning. These pigments are widely used in cosmetics, personal care, pharmaceuticals, and nutraceuticals, including the food & beverages industry.
The extraction process of carotenoid is generally done via organic solvents and vegetal oil; however, the supercritical technology is the alternative to the recovery of these compounds, offering many benefits as compared to conventional methods.
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Benefits of Zeaxanthin for Eyes
Eye disorders and diseases are growing as one of the key healthcare burdens for many developed nations and developing countries. The rising incidence of eye ailments among aging population are driving the eye supplements market. The age related macular degeneration condition majorly affects individuals aged over 50 and is responsible for loss of individual central vision.
According to the estimation of the National Health Service, age related macular degeneration is currently affecting more than 0.6 million people only in the U.K. and is predicted to reach 0.7 million by 2020 end. As a preventive measure, various manufacturers with the support of government are conducting awareness campaign about eye health and also promotes various eye health supplements.
For instance, in February 2017, Allergan launched See America public awareness campaign to increase awareness and access to eye examinations. The medical health cost associated with eye care are higher in amounts and can be avoided through supplementation. These eye campaigns and product promotion will bring awareness among consumers for the eye health benefits of zeaxanthin products
There are widespread lutein and zeaxanthin supplements available in market for eye care. The rising awareness of such supplements is increasing the demand for zeaxanthin among consumers aiding the growth of the market.
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Cultural Customization to Target Specific Populations and Ethnic Groups
With the rising access to information and technology, food & beverages companies are looking to capitalize on the consumer food trend as a way to boost income, sales, profit, and market share across the globe. Almost every food and beverage manufacturers are turning toward cultural customization to target a specific population and ethnic group as a way to increase market penetration.
In the food & beverage industry, there are particularly incredible growth opportunities for brands keen to involve consumers in the functionality and design of their products. Moving to the year 2020 and beyond, the trend of cultural customization of products show no sign of slowing down within the food & beverages industry.
With changing consumer preference and increasing health consciousness relating to diets, manufacturers of food and beverage products are targeting specific populations and ethnic groups in order to offer refined customized food products to maximize profits and increase their consumer base. The food fortification with important antioxidant and carotenoids will attract the large number of consumer base as every another person these days is attracted to healthy lifestyle.
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Demand for Zeaxanthin to Rise as Manufacturers Strive to Innovate Products with Natural Ingredients
Manufacturers are using zeaxanthin as a potential alternative to various chemicals in aquaculture and in the food processing industry due to its pigmentation and multi-vitamin property.
Product innovation due to increasing consumer demand for natural ingredients in personal care products such as soaps and toiletries, sun care products, moisturizers, and other skin care products such as face washes, scrubbers, and color cosmetics are increasing the value of cosmetic zeaxanthin.
Manufacturers are focusing on developing high quality organic ingredients, including zeaxanthin, owing to the increased demand for specialized chemical-free ingredients in food, feed, cosmetics, and personal care industries.
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Impact of COVID-19: Zeaxanthin Market
The global pandemic of COVID-19 has led to lockdown in almost all developed countries over the globe, including the U.S., China, the U.K., and many others. The lockdown has forced companies to implement work from home as a new normal, which has caused people being constantly working on laptops, smart phones, and other gadgets. The lockdown has also forced children to stay inside, while continuously watching television and gadgets, which has abruptly increased eye problems among consumers. The demand for zeaxanthin, owing to its eye care properties, is expected to boost by 2021.