Lutein plays a vital role in preventing age-related macular degeneration (AMD) disease. It is mainly extracted from marigold oleoresin; however, the increase in the number of studies conducted on lutein sources are expected to drive the demand for alternative sources.
The lutein market includes players such as BASF (Germany), Chr. Hansen (Denmark), E.I.D. Parry (India), Kemin (US), OnmiActive (India), and Zhejiang Medicine (China). Other significant players include DDW The Color House (US), Döhler (Germany), Lycored (Israel), PIVEG (US), Allied Biotech (Taiwan), and FENCHEM (China).
The global lutein market is projected to reach USD 357.7 Million by 2022, at a CAGR of 6.3% from 2017. The market is projected to reach a volume of 2,121.2 tons by 2022.
The market is concentrated, with key market players adopting investments and strategic alliances, expansions, acquisitions, new product launches, and joint ventures/partnerships/collaborations with other players to strengthen their business, explore new and untapped markets, expand in local areas of emerging markets, and develop a new customer base for long-term client relationships.
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BASF is one of the largest producers of chemicals, plastics, performance products, and crop protection products; it also offers human and animal nutrition products and solutions. It manages its business through six segments, namely, chemicals, performance products, functional solutions, agricultural solutions, oil & gas, and others. The company serves lutein as a dietary supplement for human nutrition. It has a vast distribution network and an effective supply chain to deliver specific ingredients to various application industries.
With more than 150 years of experience in health and performance ingredients, the company has a broad product portfolio consisting of performance ingredients for dietary supplements, food and beverages, and other industries. The company operates globally through its subsidiaries in 80 countries with 376 production sites. It primarily operates in Europe and has an active presence in North America, Asia Pacific, South America, Africa, and the Middle East. BASF focuses on investing in health and performance ingredients and recognizes it as a growing market and has been strengthening its position through both organic and inorganic growth strategies. For example, in May 2014, BASF set up its nutrition and health application center in South America. This expansion includes a state-of-the-art facility and expert resources, which would expand its global network in the pharmaceutical and food industries.
Kemin is a leading bioscience company that provides more than 500 specialty ingredients for the feed, food, health, nutrition, and cosmetic industries. These ingredients enhance the production efficiency and improve the nutrition and quality of food products. Kemin’s lutein brand FloraGLO is one of the oldest brands in the industry.
The company has seven divisions, namely, animal nutrition & health, companion animal health, food technologies, human nutrition & health, personal care, bio-fuels, and crop technologies. The human nutrition & health division comprises the food technologies, nutraceuticals, pharmaceuticals, and personal care segments. The company has manufacturing facilities in several major countries such as Belgium, Brazil, China, India, Italy, Singapore, South Africa, and the US. It has a strong sales network with sales offices in more than 120 countries. It has a global presence in North America, South America, Europe, the Middle East, and Asia Pacific.
Kemin is strengthening its market position in this market by adopting various strategies such as new product launches and expansions. In October 2017, it opened a new analysis laboratory in Brazil, which provides equipment for the development of new products and analytical testing. Likewise, in January 2015, the company introduced a new organic lutein, ORO GLO, for North American egg producers.
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