Eye health ingredients market to register substantial gains from the animal health sector, U.S. to be one of the most prominent revenue contributors over 2017-2024
Eye Health Ingredients Market, of late, has been gaining renewed traction, with the increasing consumer awareness toward vision sustenance, subject to the growing number of age-related eye diseases. The rising prevalence of diseases such as diabetic retinopathy, AMD (Age-related Macular Degeneration), cataracts, and glaucoma has also been fueling the growth of this industry. As per estimates, AMD disorders have ultimately resulted in eye cancer in more than 50% of the cases in the United States. Worldwide, there has been an increasing spending in AMD treatment, which is likely to widen the horizon of eye health ingredients industry in the years ahead. Concurrently, supportive regulations promoting nutritional dietary supplements along with a diversified product portfolio has further favored the market expansion.
U.S. Eye Health Ingredients Market Size, By Ingredient, 2016 & 2024 ($ Mn)
Global eye health ingredients industry is characterized by the run-of-the-mill yet effective strategies such as novel product development, mergers & acquisitions, and geographical expansion. For instance, in 2015, DSM and Kemin, two key players of eye health ingredients market, had collaborated and launched two new products named FloraGLO Lutein and OPTISHARP Zeaxanthin, which helped improve their profit margins and enhanced their position in the business.
The remarkable growth of the ophthalmic industry in the U.S. will be a major driving force that will contribute toward the expansion of the regional eye health ingredients market. As per estimates, blindness and low vision are observed in more than 3.2 million people in North America. This number is expected to exceed USD 6 million by 2024. On these grounds, the manufacturing scale of eye health ingredients across this sector is remarkably high, which will propel eye health ingredients market over the years ahead. Reliable statistics state that on a global scale, the U.S. accounted for more than 45% of the eye supplement production in 2015, which is significantly higher than most of the other regions including Australia, Asia, and Europe.
According to the estimates provided by the AMD Alliance International, around 26 to 32 million people all over the world have been currently suffering from AMD. It has been predicted that the numbers are likely to triple by 2024, subject to the decreasing levels of pigment in the macula, which will increase the risk of AMD. This is likely to propel eye health ingredients market from age-related macular degeneration over 2017-2024.
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The rising cases of vision problems such as glaucoma, cataracts, and macular degeneration among people has positively influenced the product demand for human eye health treatment. Pertaining to this factor, human consumption dominated the eye health ingredients market in 2016, and is forecast to grow significantly over the next few years. In addition, consumers are motivated by the lower costs of supplements as opposed to the rising costs of eye surgeries. Subject to the patient’s choice of avoiding unnecessary and prolonged hospital visits, eye health ingredients industry from human patient base will observe a substantial growth over 2017-2024.
The rising incidences of poor animal eye health and consumer inclination toward providing the best medical care for their pets will spur eye health ingredients market from animal consumption, which is slated to experience a CAGR of 7% over 2017-2024.
Prominent products that form a part of the global eye health ingredients industry include beta carotene, vitamin A, lutein, zeaxanthin, and bilberry extracts. Of these, it has been observed that zeaxanthin and lutein are the most popular and commonly-used ingredients, since they are renowned to protect the eyes from dangerous high-energy light waves such as the UV rays. While they are naturally found in many food sources, for commercial usage, they are combined with antioxidant vitamins such as vitamins A, B (B6 and B12), C, and E and incorporated in supplementary food products. Pertaining to their usage in numerous supplements and infant formula products, eye health ingredients market size from lutein is expected to grow at a rate of 6.5% over 2017-2024.
Bilberry extracts, another popular eye health product, possesses properties that may help maintain blood sugar levels and improve retinal health. On these grounds, eye health ingredients industry from bilberry extracts will cross a valuation of USD 25 million by 2024. Besides, the surging demand for effective treatment methodologies for ophthalmologic disorders will spur the business growth.
Vision enhancing ingredients are found abundantly in natural sources such as kale, broccoli, and spinach. Pertaining to the shifting consumer preferences toward naturally sourced products owing to their awareness regarding the side-effects of synthetic ingredients will stimulate eye health ingredients market from natural sources. This paradigm shift in consumer inclination is especially observed cross North America and Europe, which will lead eye health ingredients industry from natural sources to observe a CAGR of 6% over 2017-2024.
Speaking along similar lines, Europe eye health ingredients market will witness tremendous gains of more than 5.5% over 2017-2024. This growth can be attributed to the increased consumer expenditure on healthcare and medication. The rising geriatric population, especially in the countries of Russia, Germany, and UK will lead Europe eye health ingredients industry size to surpass 530 kilo tons by 2024.
Eye health ingredients are available in numerous forms such as powders, liquids, soft gels, and tablets & capsules. As opposed to the liquid and powder forms, it has been surveyed that capsules & tablets and soft gels have a higher demand. This is evidenced by the fact that soft gels and capsules & tablets cumulatively accounted for more than 40% of the eye health ingredients market share in 2016. The number is expected to grow significantly over the coming years, possibly due to the reduced abdominal health issues and easy consumption that accompanies these supplement forms. As per estimates, eye health ingredients industry from powder form is slated to observe gains of more than 6.5% over 2017-2024. This growth can be credited to the growing technological advancements pertaining to the development of novel eye health products and the rise in the consumption of pharmaceutical drugs.
Global eye health ingredients market is moderately fragmented and involves the participation of numerous biggies, such as Allied Biotech Corporation, BASF, MacuShield, Swanson, FMC Corporation, Amway, Solgar, DSM, Alcon, Bausch & Lomb, and Efamol. Industry players have been striving to develop unique products at affordable costs to increase their consumer base and expand their presence across global eye health ingredients market.
Author Name : Saipriya Iyer