Growing industrialization has led to hectic consumer lifestyles. With people increasingly exposed to toxic pollutants, eye health ingredients market will grow exponentially over the forthcoming years. Pollutant exposure can have severely adverse effects on eyesight, which has led to people becoming increasingly aware of the importance of preventing eye-related disorders. This has necessitated the maintenance of the “20/20” eyesight, which will consequently boost eye health ingredients industry size. Increasing number of eye related disorders in the aging population will also influence the product demand favorably. According to Global Market Insights, Inc., “Worldwide eye health ingredients market having had a revenue of USD 180 million in 2016, will surpass a revenue collection of USD 290 million by 2024.”
Natural eye health ingredients market will register an annual growth rate of more than 6% over the years ahead. Consumers across North America and Europe are giving preference to naturally sourced products, which will fuel the product demand. The increase in consumer awareness regarding eye disorders will positively influence natural eye health ingredients market.
U.S. Eye Health Ingredients Market Size, By Ingredient, 2016 & 2024 ($ Mn)
Europe eye health ingredients market is slated to witness a huge demand of more than 530 tons by 2024. Consumers across the region have been spending heavily on medicines and other healthcare requirements. In addition, the availability of a sophisticated healthcare infrastructure will fuel the regional eye health ingredients industry. U.S. eye health ingredients market will surpass a revenue collection of USD 60 million by 2024. The growth can be attributed to the surging use of the product across the ophthalmic sector, which is expanding across this region.
Synthetic eye health ingredients industry is also expected to collect considerable revenue by the end of 2024, pertaining to the reduced product cost. The product consists of highly beneficial ingredients such as vitamin B and vitamin C. Pertaining to its numerous benefits, consumer inclination toward these products have considerably increased, thereby augmenting synthetic eye health ingredients market.
An escalated patient base susceptible to eye disorders will primarily fuel eye health ingredients market from human health application. The surging prevalence of vision problems such as glaucoma, cataracts, and macular degeneration will stimulate the product requirement, thereby propelling the overall eye health ingredients market. Lately, people have been giving preference to OTC supplements to avoid the expensive surgeries.
Lutein eye health ingredient market is poised to generate a notable revenue with an annual growth rate of more than 6.5% over the coming seven years, owing to its superior effectiveness with a smaller dosage. Lutein is prominently used to manufacture infant formula products along with supplementary food.
The rising prominence of pet health market will fuel the demand for eye health ingredients for animals, as the frequency of eye-related disorders in animals is on a rise. Pertaining to the large-scale requirement of natural and synthetic ingredients to treat vision problems in animals, eye health ingredients market from animal applications market will generate considerable revenue with an annual growth rate of more than 7% over the coming seven years.
These ingredients are available in the form of powders, capsules, gels, and liquids. Power-based eye health ingredients market will record an annual growth rate of more than 6.5% over the years ahead. Rising consumption of pharmaceutical drugs will increase the product demand significantly. Surging technological developments and growing investments in R&D to improve the product portfolio will stimulate the industry growth. The other forms of these ingredients, i.e., tablets, capsules, and soft gels, collectively accounted for more than 40% of the overall share in 2016.
Most of the industry giants are investing heavily to develop modern technologies for the development of innovative products. To carry out the treatment on macular degeneration and dry eye, the requirement of zeaxanthin and lutein is growing across the globe which will influence the market share noticeably. The notable players in eye health ingredients market are FMC Corporation, DSM, BASF, and Allied Biotech Corporation. MacuShield®, Amway, Bausch & Lomb, Alcon, Solgar Inc., Efamol, and Swanson.
Zeaxanthin based supplements are highly beneficial to human health as they are not naturally present in the human body. Zeaxanthin eye health ingredients industry will collect considerable revenue by the end of 2024, owing to the extensive use of the product for medical applications and supplementary foods pertaining to its beneficial characteristics such as low concentration and high efficiency. U.S. and Japan are the prominent producers of zeaxanthin.
Asia Pacific eye health ingredients industry size will register an annual growth rate of 6.5% over 2016-2024. Lately, the population across this region is focused maintaining health standards, which will fuel the product demand noticeably. Increasing per capita income will also influence the industry growth. India, Japan, and China will the prominent revenue contributors.
New product development, regional business expansion, and mergers & acquisitions are the growth strategies adopted by the market players to maximize their profit margins. Manufacturers have also been investing noticeably in technological developments to sustain their business position.