USD 117.3 million
Lycopene Market Size, Share, Growth Analysis, By Source(Organic and Synthetic), By Form(Oil Suspension and Powder), By Application(Food & Beverages (F&B), Pharmaceuticals, and Nutraceuticals), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30I2335 |
Region:
Global |
Published Date: March, 2024
Pages:
198
|Tables:
86
|Figures:
76
Lycopene Market Insights
Global Lycopene Market size was valued at USD 117.3 million in 2022 and is poised to grow from USD 124.22 million in 2023 to USD 196.50 million by 2031, growing at a CAGR of 5.9% in the forecast period (2024-2031).
The global lycopene market has experienced steady growth in recent years, driven by increasing consumer awareness of the potential health benefits associated with lycopene consumption. As a natural antioxidant found in tomatoes and various fruits, lycopene has gained attention for its reputed role in promoting heart health and reducing the risk of certain chronic diseases. The food and beverage industry extensively incorporates lycopene into products such as sauces, beverages, and nutritional supplements to cater to health-conscious consumers.
Moreover, the cosmetic and skincare sectors have also shown interest in utilizing lycopene for its potential skin-enhancing properties. Research and development efforts continue to explore innovative extraction techniques and applications, further expanding the market's potential. The trend towards cleaner labeling and demand for natural ingredients underscores lycopene's market presence as consumers seek products aligned with their wellness preferences.
US Lycopene Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Oil suspension
Fastest Growth
Powder
Growth Rate
5.9% CAGR
Global Lycopene Market ($ Bn)
Country Share for North America Region (%)
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Lycopene Market Segmental Analysis
The global lycopene market is segmented into four major segments i.e. by Source, Form, Application and region. Based on Source, it is divided into Organic and Synthetic. Based on Form, it is bifurcated as Oil Suspension and Powder. Based on Application it is segregated into Food & Beverages (F&B), Pharmaceuticals, and Nutraceuticals. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Lycopene Market Analysis by Form
The dominating form of lycopene in the market was typically Oil suspension. This dominance could be attributed to its established presence and widespread use in the food, beverage, and dietary supplement industries. Oil suspensions of lycopene offered several advantages, such as ease of incorporation into various products, enhanced stability, and improved bioavailability. These characteristics made it a preferred choice for manufacturers looking to infuse their products with the health benefits and vibrant red color associated with lycopene.
However, the fastest-growing form currently is likely Powder. This growth can be attributed to several factors, including its versatility in application across a broader range of products, easier transportation and storage, and increased consumer demand for clean-label and natural products. Powdered lycopene also aligns with the trend towards convenience and innovation in food and supplement formulations, making it an attractive choice for manufacturers. As consumers seek more convenient and customizable options, the powder form of lycopene offers flexibility in dosage and incorporation, driving its rapid expansion in the market.
Lycopene Market Analysis by Application
In the lycopene market, Food & Beverages (F&B) currently dominates in terms of application. Lycopene is widely used as a natural food colorant, flavor enhancer, and nutritional supplement in various F&B products. Its incorporation into sauces, beverages, and dietary supplements aligns with consumer preferences for healthier and more natural ingredients, driving its dominance.
However, the Nutraceuticals sector is experiencing the fastest growth. The rising awareness of lycopene's potential health benefits, including its antioxidant properties and its role in supporting heart health and reducing the risk of chronic diseases, has fueled the demand for lycopene-infused nutraceutical products. This trend is further accelerated by the growing health-conscious consumer base seeking natural and functional ingredients in their diets.
Global Lycopene Market by Form
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Lycopene Market Regional Insights
North America continues to dominate the global lycopene market. This dominance can be attributed to the region's high consumer awareness of health and wellness trends, leading to an increased demand for lycopene-infused products in the food, beverage, and dietary supplement industries. Additionally, North America's advanced food processing capabilities and robust research and development activities contribute to its leadership position.
However, in terms of the fastest-growing region, the Asia Pacific is experiencing significant growth in the lycopene market. This rapid expansion is being driven by several factors, including a rising middle-class population, increased disposable income, and a growing focus on preventive healthcare in countries like China and India. Additionally, the abundant availability of lycopene-rich fruits and vegetables in the region's agriculture sector and the incorporation of lycopene into traditional Asian diets further fuel this growth.
Global Lycopene Market by Region
- Largest
- Fastest
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Lycopene Market Dynamics
Lycopene Market Drivers
Growing Health Consciousness and Demand for Natural Ingredients
- The escalating global trend towards healthier lifestyles and the increasing consumer emphasis on natural and functional ingredients are major driving forces in the lycopene market. As individuals seek to proactively manage their health, they are gravitating toward products perceived to have potential health benefits. Lycopene's recognized role as an antioxidant with potential cardiovascular and overall health advantages aligns with these consumer preferences. The demand for products containing lycopene, particularly in the food, beverage, and supplement industries, is spurred by consumers' desire for cleaner label options and a greater focus on incorporating natural compounds into their daily routines.
Lycopene Market Restraints
Regulatory Hurdles and Labeling Requirements
- One major restraint in the lycopene market is the complex regulatory landscape and stringent labeling requirements. Different regions and countries often have varying regulations regarding the use of lycopene in food and dietary supplements, which can create challenges for manufacturers looking to expand their product offerings globally. Complying with these regulations necessitates meticulous product testing and documentation, potentially increasing production costs and time-to-market for lycopene-based products. This can hinder market growth, especially for smaller companies with limited resources for navigating regulatory complexities.
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Lycopene Market Competitive Landscape
The competitive landscape of the global lycopene market is characterized by a diverse range of players vying for market share. These companies are engaged in activities such as research and development to enhance extraction methods and applications, strategic partnerships to expand distribution networks, and innovative marketing campaigns to capitalize on the increasing consumer interest in natural antioxidants and health-enhancing ingredients.
As the market continues to evolve, players are focusing on product differentiation through quality, sustainability, and value-added offerings. The competition is driving advancements in lycopene extraction technologies, product formulations, and the development of novel lycopene-based products across various industries, from food and beverages to cosmetics and pharmaceuticals.
Lycopene Market Top Player’s Company Profiles
- BASF SE (Germany)
- Lycored (Israel)
- Allied Biotech Corporation (Taiwan)
- AromataGroup (Italy)
- DSM (Netherlands)
- Wellgreen Technology Co., Ltd. (China)
- DöhlerGroup (Germany)
- Farbest Brands (US)
- Kalsec Inc. (US)
- Divi's Laboratories Limited (India)
- Naturex (France)
- Guangzhou Leader Bio-Technology Co., Ltd. (China)
- Shaanxi Huatai Bio-Fine Chemical Co., Ltd. (China)
- Xi'an Tianxingjian Natural Bio-Products Co., Ltd. (China)
- Zhejiang NHU Co., Ltd. (China)
- San-Ei Gen F.F.I., Inc. (Japan)
- NBTY, Inc. (US)
- Indena S.p.A. (Italy)
- Vidya Herbs Pvt. Ltd. (India)
- Valensa International (US)
Lycopene Market Recent Developments
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In February, OZiva, India's chief certified clean and plant-based holistic wellbeing brand, launched its most recent groundbreaking item: OZiva Bioactive Gluta Fizzy. This special definition offers a multi-targeted solution, supporting repairing skin cell damage, evening out the complexion, lessening pigmentation, and at last advancing brilliant, even-toned, and smooth skin.
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In January 2024, an article examined how taking "tanning pills" advanced on TikTok could adjust your complexion. While traditional tanning pills contain canthaxanthin, which isn't FDA-approved for this utilization, recent videos on TikTok have proposed involving lycopene and astaxanthin supplements for a "natural" shine like tanning pills. In any case, these supplements might have medical advantages irrelevant to tanning, and taking them past the suggested portion and recurrence would be important to keep up with the ideal skin pigment.
Lycopene Key Market Trends
- Growing Demand for Natural and Functional Ingredients: The global lycopene market is witnessing a major trend driven by the increasing consumer preference for natural and functional ingredients in food, cosmetics, and dietary supplements. Lycopene, a powerful antioxidant found in tomatoes and other red fruits, is gaining popularity for its potential health benefits, including its role in supporting heart health and reducing the risk of certain diseases. As consumers become more health-conscious, the demand for lycopene as a natural colorant and nutritional supplement is on the rise, fostering innovation in product formulations and driving market growth.
Lycopene Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to global Lycopene market analysis, the global lycopene market is currently characterized by a significant trend centered around the escalating consumer inclination toward natural and functional ingredients. This trend stems from a broader shift in consumer preferences, as individuals seek out healthier choices across various sectors such as food, cosmetics, and dietary supplements.
Lycopene, an antioxidant prominently present in red fruits and tomatoes, has garnered substantial attention due to its potential health advantages, particularly its association with promoting heart health and lowering the risk of certain ailments.
This growing awareness of lycopene's benefits has led to an increased demand for the compound as a natural coloring agent and a nutritional supplement. Consequently, this trend is not only prompting advancements in product innovation but also driving overall expansion within the lycopene market as manufacturers respond to the evolving demands of health-conscious consumers.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 117.3 million |
| Market size value in 2031 | USD 196.50 million |
| Growth Rate | 5.9% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Lycopene Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Lycopene Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Lycopene Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Lycopene Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Lycopene Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Lycopene Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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