Global Zeaxanthin Market

Zeaxanthin Market Growth and Forecast (2023-2028):

Zeaxanthin Market size was at USD 0.11 billion in 2023 and is likely to develop to an extent of USD 0.17 billion by 2028 with a CAGR of 8.19%.

Zeaxanthin Market Overview:

Zeaxanthin is a pigment found in plants and is responsible for the color of fruits and vegetables, these pigments are often considered carotenoids and are often found in eye care formulas. Zeaxanthin is one of the most abundant carotenoids, the main sources of zeaxanthin are spinach, kale, peas, sweet corn, among others. Due to the apparent benefits for eye and cardiovascular health, most nutraceutical companies actively add zeaxanthin in their multivitamin formulations. Other companies have specifically targeted the eye health segment and offer products exclusively for the eyes like Ocuvite, a special eye vitamin from Bausch & Lomb Incorporated (providers of eye health products).

Recent Developments in Zeaxanthin Market:

• Z Skin Systems has developed oral and topical nutricosmetics using zeaxanthin. Cosmetic chemists, beauty bloggers, legacy brand leaders, and many more have recognized that lifestyle and diet affect skin health. Therefore, it is not surprising that nutricosmetics are coming to the market with advanced and more sophisticated formulations.

• Kemin and DSM launched the Optisharp Natural brand of zeaxanthin. Kemin and DSM are extending their long-term association with lutein to offer more effective zeaxanthin. Optisharp Natural, made with Kemin Industries' brand name Zeaxanthin, provides significant benefits for skin, cognitive, and eye health. Under the agreement, DSM will act as the exclusive global distributor of zeaxanthin for human nutrition for Kemin Industries, and Kemin will act as DSM's exclusive supplier of natural zeaxanthin crystalline material.

• Royal DSM, a renowned company for life sciences and materials, signed a deal with P&R Group (Italy) to procure Vitatene S.A.U., a company operating from León (Spain) and a manufacturer of natural carotenoids.

REPORT COVERAGE:

Zeaxanthin Market Drivers and Restraints:

Rapid advances in science and technology, rising health care costs, changes in food laws affecting product labeling and claims, and an aging population are some of the factors contributing to the growth of the global zeaxanthin market.

Consumers are also interested in information on various functional foods and food ingredients in finished products. Food for health is an important part of an overall healthy lifestyle, which includes a balanced diet and physical activity, and one of the main factors fueling the growth of this market is the interest in achieving well-being. Through food, this trend towards well-being is strong in the markets from the United States and Western Europe. Zeaxanthin products are finding huge demand as they are considered as powerful antioxidants that can offer protection against oxidative stress and finding usage in treatments of cardiovascular disease, cataracts, macular degeneration, and photosensitivity. Zeaxanthin is often recommended in age-related macular degeneration and manufacturers are launching supplements targeting this population group. The nutricosmetics market has also seen a rebound with manufacturers looking to subsequent product launches to gain market share and brand equity. For example, ZSS Skincare, an American manufacturer of skincare products, has launched several products that contain zeaxanthins. ZSS has also partnered with GNC, a trading company focused on the retail of health and nutrition products. With this partnership, the company focuses on promoting large-scale sales of zeaxanthin products. Strict product approval and regulation standards hamper the zeaxanthin market growth. Also, the lack of consumer awareness of Zeaxanthin also slows the worldwide market boom.

Zeaxanthin Market Segmentation:

The global zeaxanthin market is segmented according to applications such as

• food and beverages

• cosmetics

• dietary supplements

Zeaxanthin is used primarily as a nutrient and its applications are not limited to functional benefits for eye care only. Cosmetic manufacturers have also used carotenoids in nutricosmetic formulations that are nutritional supplements intended to support the function and structure of the skin. Manufacturers of finished products have a customized need for different ingredients in different forms and manufacturers of raw materials supply these ingredients according to the need and demand for them. Depending on the product, the global zeaxanthin market is majorly segmented into natural and synthetic.

Impact of COVID-19 on Zeaxanthin Market:

The zeaxanthin market is supposed to mature at a CAGR of 8.2% during the foreseen period. However, online pharmacies are under scrutiny as they operate illegally through mobile health apps. For instance, Aarogya Setu, the coronavirus tracking application developed by the Indian government has been under scrutiny as it hosts a few illegally operating, foreign-funded e-pharmacies that are planning to spread their business in the country. These unique challenges amid the COVID-19 pandemic are hampering businesses in the market for zeaxanthin. Therefore, manufacturers are redoubling their efforts to establish their presence on credible mobile application platforms for e-pharmacies. Several illegally operated and foreign funded e-pharmacies offer deep discounts to customers, which can threaten the neighbourhood pharmacy business in India. Therefore, credible manufacturers are listing their products in alternative e-pharmacy applications to scale their businesses amid the uncertainties surrounding the coronavirus pandemic.

Zeaxanthin Market Regional Analysis:

• North America 

• Europe

• The Asia Pacific

• Latin America

• Middle East and Africa

Europe accounts for the majority of the zeaxanthin market and is likely to grow at a rate of 8.2% throughout 2030. European countries such as Germany, Denmark, and the Netherlands are home to several of the major manufacturers of zeaxanthin business. The European Committee for Standardization established a technical committee of experts in 2017 to develop regulations and standardization specifically for algae and seaweed products. The committee aims to improve the reliability of the seaweed supply chain to increase consumer confidence in seaweed products and improve the market as a whole. This is estimated to support the growth of the zeaxanthin market, as it is derived in large quantities from algae. Major players wishing to expand their production facilities can see Europe as a key region for future growth.

Zeaxanthin Market Key Players

1. LycoRed Ltd

2. Kemin Industries Inc

3. Pharma Base S.A

4. Kailu Ever Brilliance Biotechnology Co. Ltd

5. Cardax, Inc

6. Fenchem Biotek Ltd

7. Piveg, Inc

8. Kalsec Inc

9. Cayman Chemical Company

10. Hansen Holding A/S

11. Sabinsa Corporation

12. Kingherbs Limited

13. BASF S.E.

14. DSM N.V