Global Lycopene Market: Rising demand for natural colorants in ready to eat food products and the growing utilization of carotenoids in cosmetic.

Published Date: 11/05/2021

The global Lycopene Market was valued at USD 115 million by 2020 and is estimated to surpass USD 148 Million by 2027 growing at an estimated rate of more than 3.8% during 2020 to 2027 majorly driven by rising demand for natural colorants in ready to eat food products and the growing utilization of carotenoids in cosmetic, food and pharmaceutical industries. Lycopene is a carotenoid and phytonutrient substance which is found in the tomato species known as Solanum lycopersicum, mostly present in Central and South America regions. Lycopene is primarily present in red fruits and vegetables which includes tomatoes, watermelon, papaya, guava, sweet red peppers, mango, carrots, red cabbage, and pink grapefruits. Lycopene is found in high amounts in tomato and tomato-based products as compared with other fruits and vegetables. Lycopene is an essential compound which is responsible for the red color in these foods. Lycopene is an essential antioxidant for human body which helps in protecting from degenerative diseases.

Lycopene also helps in prevention of DNA damage in the cells along with helping them to function better in the body. Lycopene present in the blood and fatty tissues in the body reduces the risk of cancer, heart disease and age-related macular degeneration. Lycopene is useful in protection against stomach, colon, and lung and skin cancer. Lycopene helps in reducing the risk of arteriosclerosis and protects skin from UV damage exposure. Lycopene is mostly used in creams and lotions for anti-aging.

Lycopene possess several positive health effects on immune and cardiovascular systems and it’s also used to treat several diseases such as human papilloma virus infection, asthma, gingivitis etc.

By Nature: Among the type segments, the organic lycopene segment is expected to grow at a significant rate in the global lycopene market, due to increasing awareness and demand for organic food and natural products, as organic-based lycopene products have anti-cancer properties that protect against degenerative diseases, and organic lycopene is made by using natural solvents and natural raw materials.

By Form: Among the form segments, the liquid form segment is anticipated to account for moderate share in terms of revenue in the target market. The powdered form of lycopene is expected to gain popularity in the years to come and support growth of the powder form segment.

By End-use Application: Among the segments based on scope of applications, the food end-use segment is expected to account for the highest revenue share, owing to its applications such as food coloring agents. The pharmaceutical application segment is projected to register the notable revenue growth rate in the global lycopene market over the 10-year period. In addition, lycopene acts as an anti-oxidant that can be used for treatment of carcinogenic disorders. Lycopene is also used in development of drugs that are used in treatment of cancer and cardiovascular diseases.

The Europe market is projected to register the highest CAGR in the global lycopene market over the forecast period, owing to increasing number of prostate cancer patients in countries in the region. The Europe market is expected to be followed by the North America market in terms of revenue share, due to growing adoption of lycopene as ingredient in the meat industry, along with inclining demand for healthy and natural colorants. Factors driving growth of the North America market include favorable reimbursement policies by governments in countries in the region, and well-developed healthcare infrastructure. The Asia Pacific market is projected to register moderate growth rate in the global lycopene market, due to increasing awareness regarding organic products and widespread usage of cosmetics by individuals across the globe. The LA and MEA markets are anticipated to grow at a moderately steady growth rate in the 10-year period (2019 - 2028). This is due to steadily growing food and pharmaceuticals industries in both the regional markets and high consumption of meat products in Middle East market.

Some of the key players in Lycopene market include BASF SE, Bayer AG, NBTY, Kagome, DSM Company, Hoffmann-La Roche Ltd, General Nutrition Cente, Wellgreen Technology, and LycoRed.