Global Lycopene Market
The global lycopene market to be growing at a CAGR of 4.90% in the forecast period of 2022-2029 and is likely to reach the USD 176.11 million by 2029.
Lycopene is a carotenoid pigment that is found in various fruits and vegetables, including tomatoes, watermelons, and papayas. It is known for its antioxidant properties and potential health benefits, such as reducing the risk of certain cancers, cardiovascular diseases, and age-related macular degeneration. As a result, the lycopene market has been growing in recent years, driven by the increasing demand for functional foods and dietary supplements containing lycopene.
The lycopene market can be segmented based on application, source, and form. In terms of application, the market can be divided into food and beverages, dietary supplements, pharmaceuticals, and cosmetics. In the food and beverage industry, lycopene is used as a natural food colorant and a functional ingredient in various products, such as sauces, juices, and snacks. In the dietary supplement industry, lycopene is used as a standalone supplement or as part of a multivitamin formulation. In the pharmaceutical industry, lycopene is being studied for its potential use in the prevention and treatment of various diseases. In the cosmetics industry, lycopene is used in skin care products due to its antioxidant properties and potential anti-aging benefits.
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Covid-19 Impact:
The COVID-19 pandemic has had a mixed impact on the lycopene market. On one hand, there has been an increase in demand for natural and functional ingredients that can help boost the immune system and support overall health. As a result, the demand for lycopene supplements and functional foods has increased, especially in regions such as Asia Pacific and Europe.
On the other hand, the pandemic has also disrupted the global supply chain, which has affected the production and distribution of lycopene products. The closure of manufacturing facilities, transportation restrictions, and reduced workforce have led to supply chain disruptions, resulting in product shortages and increased prices.
The pandemic has also had an impact on the demand for lycopene in the cosmetics industry. With the closure of salons and reduced demand for cosmetic products, the demand for lycopene as an ingredient in cosmetic products has decreased.
Market Segmentation:
The lycopene market can be segmented based on application and source.
- Application: The lycopene market can be segmented based on application into food and beverage, dietary supplements, pharmaceuticals, and cosmetics.
- Food and beverage: Lycopene is used as a natural coloring and flavoring agent in a variety of food products, such as sauces, soups, and beverages. It is also added to functional foods, such as cereals and energy bars, due to its potential health benefits.
- Dietary supplements: Lycopene supplements are used to reduce the risk of certain cancers, cardiovascular diseases, and age-related macular degeneration.
- Pharmaceuticals: Lycopene is being studied for its potential therapeutic applications, such as its anti-inflammatory and anti-cancer properties.
- Cosmetics: Lycopene is used in cosmetic products due to its antioxidant properties and potential anti-aging benefits.
- Source: The lycopene market can be segmented based on source into natural and synthetic.
- Natural: Lycopene is naturally found in fruits and vegetables, with tomatoes being the primary source. Other natural sources of lycopene include watermelon, pink grapefruit, and guava.
- Synthetic: Synthetic lycopene is produced through chemical synthesis or biotechnology.
Overall, the food and beverage industry is the largest application segment for lycopene due to its use as a natural coloring and flavouring agent. The dietary supplements segment is also expected to witness significant growth due to the increasing awareness of the health benefits of lycopene. The natural source segment is expected to dominate the market due to the growing demand for natural and organic products.
By Types
Pharmaceutical Grade
Food Grade
By Applications
Feed Additive
Medicine
Food Colouring
Others
Key Player:
DSM
Kagome
Chr. Hansen
BASF
Dangshan Sinojuice Food Co., Ltd
Jamieson Laboratories
LycoRed
North China Pharmaceutical Group
TomatoRed
General Nutrition Cente
Wellgreen Technology
Regional Analysis
All the regional segmentation has been studied based on recent and future trends, and the market is forecasted throughout the prediction period. The countries covered in the regional analysis of the Global Lycopene market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part of South America.
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