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

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.