Lycopene Market

Lycopene Market Outlook (2022-2032)

The global lycopene market currently accounts for a valuation of US$ 141.9 million and is expected to reach US$ 232.3 million by the end of 2032. Global demand for lycopene is predicted to increase at a CAGR of 5% from 2022 to 2032.

Growing demand for organic lycopene products with anti-cancer capabilities that guard against degenerative diseases is a major factor expected to drive the market growth over the coming years.

Report Attributes	Details
Lycopene Market Size (2022E)	US$ 141.9 Million
Forecasted Market Value (2032F)	US$ 232.3 Million
Global Market Growth Rate (2022-2032)	5% CAGR
North America Market Share (2022)	18.2%
Europe Market Share (2022)	24.3%
Key Companies Profiled	DSM BASF Kagome LycoRed Wellgreen Technology Koninklijke DSM N.V. Hoffmann-La roche Ltd. General nutrition Center Company Jamieson Laboratories Ltd. The nature's bounty Co. Bayer AG San-Ei Gen Licofarma S.r.l. Royal DSM N.V.

Demand Analysis of Lycopene (2017-2021) Vs. Market Outlook (2022-2032)

According to Fact.MR, a market research and competitive intelligence provider, worldwide demand for lycopene is projected to rise at a CAGR of 5% from 2022 to 2032.

Lycopene is found abundantly in vegetables and red fruits, including watermelon, tomatoes, apricots, pink guavas, papayas, grapefruit, asparagus, red cabbage, mangoes, and carrots. Lycopene is an antioxidant, which protects the human body from damage caused by compounds called free radicals.

Lycopene is known for preventing diseases including hypothesis, cancer (prostate cancer, digestive tract cancer, bladder cancer, skin cancer, breast cancer, and cervical cancer), cardiovascular diseases, osteoporosis and other bone disorders, male infertility, hypertension, and other human diseases. The global lycopene market is likely to boost over the forecast period due to its significant use in the pharmaceutical and food industry. Lycopene also offers benefits in the cosmetic industry.

Leading cosmetic brand L'Oréal Paris uses lycopene in most of its products. Lycopene protects against skin-damaging oxidation. Furthermore, lycopene also shows other benefits including skin elasticity, skin moisturization, skin texture, superficial skin structure, and others. Lycopene can prevent or slow down reactions within eye cells that are caused by macular degeneration.

However, excess consumption of lycopene shows some minor side effects on humans including diarrhea, nausea, vomiting, and stomach problems. Lycopene has tremendous opportunities in several end-use industries, and with the right R&D, the market is likely to boost over the coming years.

Which Market Trend is Influencing Sales of Lycopene?

“Rising Utilization of Lycopene owing to its Qualities Boosting Market Revenue”

Lycopene is a dietary source of carotenoid antioxidants and has attracted significant interest in recent years as a prominent phytochemical with a beneficial role in human health. Lycopene, which offers various end-use benefits and acts as a nourishing and moisturizing agent, is the most effective antioxidant available on the market.

Further, it also helps to increase the softness of the skin apart from having excellent wound healing properties. Manufacturers and researchers have a lot of opportunities to use lycopene in various products considering its end-use benefits.

Utilization of lycopene is increasing as a result of its qualities, which primarily include being a coloring operator and a healthy ingredient. A majority of the business in the global lycopene market was related to the wellness ingredient property. In the global market for lycopene, the coloring operator property has a nearly lower offer.

This is a result of lycopene's limited use as a coloring specialist in the food industry. Additionally, lycopene is increasingly being used as a health-promoting element, which is predicted to support its growth in the global market.

How are New Market Participants Carving Out a Place in the Lycopene Industry?

“New Brands Concentrating on Developing Advanced Versions of Lycopene through R&D”

New market companies are focusing on research activities to create food supplements, anti-cancer medications, and cosmetics. Given the lesser risk associated with development, research and development programs highly depend on the organic form of lycopene.

Aspiring market players are primarily converging on developing advanced versions of lycopene mainly for increasing its use across industries.

• A start-up founded in Singapore, Phuture, produces meat from plants. The company’s product resembles the texture and flavor of the meat with an improved nutritional profile by finding alternatives within the plant world and mixing them with various plant proteins, healthy fats, natural food colors, and natural flavors. It is high in carbohydrates due to the inclusion of non-GMO soy, chickpea, pea, and rice proteins. The natural reddish color is provided by lycopene, a GMO-free natural chemical found in tomatoes.

What is the Regional Outlook of the Lycopene Market?

“Growing Usage of Lycopene in Plant-based Meat Industry & Rising Need of Lycopene in Cosmetic Goods”

Europe holds for 24.3% share of the global lycopene market owing to the growing usage of lycopene in the plant-based meat industry and the rising demand for green food supplements.

Europe currently dominates the lycopene market due to the rising incidence of prostate cancer, the prominent presence of key manufacturers, and growing knowledge of the medicinal benefits associated with lycopene.

North America accounts for 18.2% share of the global lycopene market. The rising need for sunscreen due to dermatological conditions and the widespread use of lycopene in cosmetic goods are driving the market growth in the region.

Additionally, the increased demand for lycopene is anticipated to increase as more people become aware of its benefits in a variety of applications. This will increase exports of excess lycopene, which is expected to increase market share in the region over the forecast period.

Which Lycopene End Use is Gaining Huge Market Attention?

“Lycopene More Preferred in Cosmetics Due to Anti-aging Benefits”

Based on end use, the lycopene market is segmented into food, pharmaceuticals, and cosmetics. The use of lycopene in the cosmetic industry is expected to rise at a significant CAGR over the forecast period.

In the cosmetic industry, lycopene can be used in creams, lotions, gels, hair care, suncare products (sun protection, after-sun & self-tanning), skincare (cleansing, body care, baby care), oral care, and others. Lycopene’s anti-aging benefit is a major driving factor for increasing its demand in the cosmetic industry.

What is the Competitive Landscape of the Lycopene Market?

Lycopene manufacturers can create and provide novel solutions to a variety of industries at a reasonable price due to the development of technology and the availability of abundant raw materials.

Key growth drivers in the lycopene market are technological advancements that facilitate better production, an expanded product line, high quality and packaging, integrated and coordinated maintenance, and revenue analysis.

For instance :

• The ordinary coloring business from DuPont's Nutrition and Biosciences division was acquired by D.D.W. (U.S.) The Color House to expand its global reach and introduce assembling and specialized qualities in new standard colors.

Key Segments Covered in Lycopene Industry Research

• Lycopene Market by Nature :

  • Natural Lycopene
  • Organic Lycopene

• Lycopene Market by Form :

  • Powder Lycopene
  • Lycopene Capsules
  • Lycopene Syrup

• Lycopene Market by Packaging :

  • Bottles
  • Bulk
  • Tetra Packaging

• Lycopene Market by End Use :

  • Food
  • Pharmaceuticals
  • Cosmetics
  • Others

• Lycopene Market by Region :

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa