Indian Companies Scale Business in Credible E-pharmacy Apps amidst COVID-19 Outbreak
The zeaxanthin market is estimated to mature at a CAGR of 8.2% during the forecast period. However, e-pharmacies are under scrutiny for operating illegally via healthcare mobile apps. For instance, the Indian Government’s COVID-19 (coronavirus) tracker Aarogya Setu app is under scrutiny for hosting foreign-funded and illegally operating e-pharmacies that are using the portal to advance their business interests in the country. Such unique challenges amidst the COVID-19 pandemic are posing as barriers for companies in the zeaxanthin market. Hence, manufacturers are now increasing efforts to establish their presence in credible e-pharmacy mobile app platforms.
Several foreign-funded and illegally operating e-pharmacies are offering huge discounts to customers, which is potentially threatening the business of neighborhood pharmacy shops in India. Hence, credible manufacturers are listing their products in alternative e-pharmacy apps to scale their business amidst uncertainties surrounding the COVID-19 pandemic.
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Prevention of Eye Diseases Emerges as Key Driver for Market Growth
One of the key applications of zeaxanthin is pharmaceutical products. For instance, the Setu Lutein + Zeaxanthin tablet is being highly publicized in the healthcare sector, owing to its advantages of improving vision among individuals. An alarmingly high prevalence of eye-related diseases among individuals worldwide is one of the major key drivers promoting growth for the zeaxanthin market. Since several health-conscious customers wish to protect their eyes from chronic eye diseases and prevent age-related macular degeneration, these customers have raised a demand for zeaxanthin tablets.
Zeaxanthin’s anti-oxidant properties are highly preferred by customers in order to prevent issues such as cataract and any other damage caused to the eye. Since more number of people spend increasingly high number of hours in front of laptop and mobile screens, companies in the zeaxanthin market are increasing their production capabilities to meet customer demand for tablets.
Dietary Supplement Innovations Attract Investors with Carotenoids Lutein and Zeaxanthin Ingredients
Apart from pharmaceutical products, companies in the zeaxanthin market are tapping into opportunities in dietary supplements in order to broaden their revenue streams. Ongoing developments in the market are predicted to boost the revenue from ~US$ 95 Mn in 2020 to ~US$ 210 Mn by 2030. As such, dietary supplement innovations are vested in promising ingredients such as carotenoids lutein and zeaxanthin to alleviate symptoms of computer vision syndrome and related fatigue.
Companies in the zeaxanthin market are increasing their research efforts to conduct double-blind, placebo-controlled studies to validate the advantages of zeaxanthin in supplements. Specialty ingredients manufacturer Kemin Industries has entered into a partnership with its distributor DSM to offer the combination of lutein and zeaxanthin ingredients as OPTISHARP Zeaxanthin.
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Zeaxanthin Supplements Help Improve Cognitive Performance and Verbal Memory
The combination of lutein and zeaxanthin ingredients has become a recurring trend for innovations in pharmaceutical and dietary supplement products. Manufacturers in the zeaxanthin market are increasing their research in studies, which validate the efficacy of zeaxanthin in improving cognitive functions among individuals. Lutein and zeaxanthin in supplements are found to increase both macula pigment optical density (MPOD) and brain-derived neurotrophic factor (BDNF) that help to improve memory and learning.
Improvements in composite and verbal memory, processing speed and sustained attention play an instrumental role at enhancing a child’s performance in school. Hence, children and college students are emerging as an important target group for companies in the zeaxanthin market who are focusing their attention dietary supplement innovations. As such, companies are increasing their R&D efforts to lend insights into neural and biochemical mechanisms that improve cognitive performance.
Manufacturers Leverage Opportunities in Skin Health Products to Broaden Revenue Streams
Zeaxanthin is gaining popularity as an efficacious carotenoid. Hence, manufacturers in the zeaxanthin market are exploring incremental opportunities in skin and cosmetic products. This trend is prominent in the U.S., since a significant amount of their population is aging and is experiencing skin health concerns. Hence, companies are increasing awareness among individuals to diversify their diet in order to help individuals consume carotenoid pigments in sufficient levels.
Manufacturers in the zeaxanthin market are increasing their production capacities to develop zeaxanthin powder that promotes eye health. For instance, companies are using the patented zeaxanthin ingredient XanMax® to produce pharmaceutical and supplementary products in a variety of forms such as powders, oils, beadlets, and water dispersible fluids. As such, companies are increasing efforts to boost bioavailability in zeaxanthin products available in aqueous forms. The prevention of age-related macular degradation (AMD) is one of the key drivers that bodes well for market growth.
Biosynthesized Tomatoes Delay Progression of AMD in Individuals
Companies in the zeaxanthin market are collaborating with local farm producers to boost the production of orange capsicums and tomatoes. Genetic manipulations of carotenoid biosynthesis are being conducted to develop zeaxanthin-rich tomatoes. Thus, companies should team up with researchers at the Hebrew University of Jerusalem to develop zeaxanthin-rich tomato fruits that help to curb the progression of AMD, which is one of the major causes for blindness. Since zeaxanthin is naturally less available in human diet, manufacturers are using transgenic metabolic engineering to develop zeaxanthin-rich tomatoes.
Since tomato is one of the largely produced vegetable worldwide, manufacturers can scale business opportunities by enhancing the production of tomatoes. The antioxidant properties of biosynthesized tomatoes hold promising potentials in benefitting human health. Zeaxanthin helps to improve eye health by protecting the retina from harmful blue light, which is a leading cause of AMD.
Zeaxanthin Market: Overview
- The global value for the zeaxanthin market is forecast to reach ~US$ 95 Mn in 2020, as per a recent study by Transparency Market Research (TMR). According to the report, the market is expected to reach ~US$ 210 Mn by 2030, at a CAGR of 8.2%.
- Zeaxanthin is a carotenoid that is naturally synthesized in some plants such as marigold and bacteria. Zeaxanthin is widely being used as a feed additive in poultry industry and in aquaculture. It plays an important role in improving the color of fish flesh such as salmon, which is more desired by consumers. Among the poultry industry, zeaxanthin is effectively used for enhancing the color of egg yolks.
- Due to various factors, such as motionless lifestyle habits, rising income levels, increasing prevalence of chronic conditions, and growing awareness about health and wellness, there is a shift in the consumption patterns of individuals. Consumers are focusing on eliminating or reducing carbohydrate-rich food products from their daily diets and are increasing the consumption of protein-rich food items. This will have a positive impact on the market.
Zeaxanthin: Market Frontrunners
- Natural zeaxanthin is derived from marigold, cyanobacteria, and others, which, as of 2020, accounts for nearly 60% of the market share. Consumers prefer to use natural products over synthetic, owing to increasing health consciousness, awareness, and ill-effects of synthetic products, especially in Europe and North America.
- Europe accounts for a higher value share of the global zeaxanthin market and is expected to maintain its dominance during the forecast period. The increasing awareness regarding health-benefits associated with zeaxanthin and its derivative-based products is driving the market in Europe.
- The market is expected to witness favorable growth in Asia during the forecast period, since the region has a higher population of millennials who are steered by various health and wellness trends
- Manufacturers are likely to focus on marketing campaigns and promotional activities, as consumers from rural areas are unaware regarding the benefits associated with medical nutrition. Governments also are supporting this cause to strengthen the medical nutrition market in order to promote sustainable services and products. Favorable government initiatives are expected to have a positive impact on the zeaxanthin market as well.
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Zeaxanthin Market: Trends
- Target Aquaculture to Scale up Sales
Aquaculture is an expanding industry that includes cultivation of several marine and freshwater species such as shellfish as well as finfish. Pigmentation is one of the foremost factors that can be attributed to the market acceptability of aquarium fish. Carotenoids, such as zeaxanthin, are responsible for muscle and skin pigmentation in food & ornamental fishes. As compared to the other faunas, fishes are incapable of carotenoids’ de novo synthesis and depend on their diet for the fulfilment of zeaxanthin requirements. Accurately formulated feed products are the key factors for successful ornamental fish culture in a restricted environment, hence, providing a great market opportunity for player offering zeaxanthin.
- Incorporation of Carotenoids in Food to Offer Better Nutrition to Support Market Growth
Carotenoids are abundant in the plant kingdom, not only in green tissues but in storage tissues as well, such as most of the major staples such as wheat and rice, including both provitamin A carotenes and the non-provitamin A xanthophylls. Moreover, studies conducted recently have stated that both groups are essential for good vision and are anti-carcinogenesis. Among the three micronutrients-iron, zinc, and carotenoids (deficiencies of which are major global public health issues currently)—there are important synergies in absorption, transport, and function that strongly indicate substantial benefits to enhancing all three nutrients together.
Germplasm resources are such that it should be possible for breeders to produce by conventional means, cereals with sufficient provitamin A and other essential carotenoids to satisfy the daily requirements of resource-poor people whose diet is severely restricted in other sources of these nutrients. Higher incorporation of carotenoids in food meant for human consumption will aid in the expansion of the market.
Zeaxanthin Market: Strategies
- Manufacturers of zeaxanthin-based products can benefit from increasing the frequency of product launches, so that they can easily connect with consumers and fulfil the growing demand for zeaxanthin products. Conventionally, zeaxanthin is available in powder format; however, new market players are experimenting to produce diverse forms of zeaxanthin and incorporate them into various products such as food, cosmetics, and nutraceuticals to attract a larger consumer base.
- Z skin systems developed oral and topical nutricosmetics products using zeaxanthin. Cosmetic chemist, beauty bloggers, legacy brand leaders, and many others have acknowledged that lifestyle and diet affects skin health. Therefore, it is no surprise that nutricosmetics are arriving in the market with advanced formulations and more sophistication.
Target Region for Zeaxanthin Market
- Europe accounts for the leading share of zeaxanthin market and is projected to grow at a rate of 8.2% throughout 2030. European countries such as Germany, Denmark, and the Netherlands are home to several leading zeaxanthin market manufacturers. The European Committee for Standardization established a technical committee of experts in 2017 to develop regulations and standardization specifically for algae and algae-based products. The committee aims at improving the reliability of algae supply chain to increase consumer trust for algae-based products and enhance the overall market. This is expected to support the growth of the zeaxanthin market, as it is derived in large amount from algae. Key players looking for expanding their production facilities can consider Europe as a key region for future growth.
