Lycopene Market

The global lycopene market was valued at $107.2 million in 2020 and is projected to reach $187.3 million by 2030, exhibiting a compound annual growth rate (CAGR) of 5.2% from 2023 to 2030. In 2020, the powder segment dominated the lycopene market and is anticipated to maintain its leadership throughout the forecast period.

Lycopene, a type of carotenoid primarily extracted from tomatoes, possesses numerous medicinal properties that have boosted its demand in the nutraceutical industry. Notably, lycopene is rich in antioxidants, which play a crucial role in combatting harmful free radicals within the body. These free radicals can inflict damage to cells, and lycopene consumption contributes to their reduction. Additionally, lycopene has been associated with a decreased risk of heart-related diseases and is believed to lower the chances of developing certain types of cancers, such as lung, bone, and prostate cancers.

It also contributes to maintaining cardiovascular health. Although lycopene is naturally found in fruits and vegetables, its consumption in the form of nutraceutical supplements has risen due to the increased intake of fast food and the adoption of unhealthy lifestyles. As research worldwide continues to unveil the health benefits of lycopene, its demand within the nutraceutical industry is expected to rise.

Furthermore, the global demand for animal feed is set to increase with the growing global population, driven by a surge in meat consumption. The Food and Agriculture Organization (FAO) reports that supplementing livestock and poultry feed with natural extracts containing bioactive components from fruits and plants has yielded positive results. These additives enhance feed efficiency, antioxidant levels, nutrient digestion, animal health, and growth performance.

The livestock industry's primary concern lies in preventing epidemiological diseases that mainly affect immune systems and digestion. Lycopene enhances antioxidant capacity, boosts immune function, and regulates lipid metabolism in poultry. Moreover, lycopene-supplemented diets have been shown to reduce cholesterol content in broiler meat. Given these advantageous antioxidant properties, the demand for lycopene is expected to surge within the animal feed market.

Segment Overview

The global lycopene market is divided into segments based on its form, nature, application, and region. Regarding form, the market is categorized into powder and other forms. In terms of nature, it is segmented into natural and synthetic lycopene. The applications of lycopene include food and beverage, nutraceuticals and pharmaceuticals, as well as cosmetics and personal care products. The market is also analyzed across four major regions: North America, Europe, Asia-Pacific, and LAMEA.

By Form

In terms of form, the lycopene market is segmented into powder and other forms. The powder segment holds the majority of the market share due to its versatility in various applications and is expected to exhibit the highest compound annual growth rate (CAGR) during the forecast period.

By Nature

Regarding nature, the lycopene market is divided into natural lycopene and synthetic lycopene. Natural lycopene has gained increasing popularity in recent years, driven by rising demand across various applications. Additionally, growing consumer awareness of the potential side effects associated with synthetic alternatives has shifted preferences toward natural lycopene, regarded as a safe option for consumption.

By Application

Lycopene finds applications in the food and beverage industry as a coloring agent for drinks, confectionery, and various food products. While the food and beverage segment leads in terms of market share, the nutraceuticals and pharmaceuticals segment is expected to experience the highest CAGR during the forecast period.

The report primarily focuses on the growth prospects, limitations, and opportunities within the global lycopene market. It employs Porter's five forces analysis to assess the impact of factors such as competitive rivalry, supplier bargaining power, threat of substitutes, entry of new competitors, and buyer bargaining power in the lycopene market.

Major players profiled in the lycopene market analysis include Allied Biotech Corporation, Archer-Daniels-Midland Company, AromataGroup SRL, BASF SE, Divis Laboratories Ltd., Doehler Group SE, ExcelVite, Givaudan International SA, Kalsec Inc., and Koninklijke DSM N.V. Other notable players examined in the report are Chr Hasen A/S, DDW The Color House, International Flavors & Fragrances Inc., Sensient Technologies Corporation, Cyanotech Corporation, and Kemin Industries, Inc.

Impact of COVID-19

• The lycopene industry experienced slight negative effects from the pandemic, primarily due to disruptions in supply chains.
• COVID-19 opened up new growth prospects for the supplement market. Consequently, the utilization of lycopene in the nutraceutical industry is expected to gain significant momentum in the coming years.
• However, as consumer behavior evolves, there is an anticipated increase in demand for natural, clean label, and premium quality products.

Key Benefits for Stakeholders

• The report offers a comprehensive analysis of current and emerging trends and opportunities within the lycopene market.
• It provides detailed qualitative and quantitative assessments of current trends and future predictions, aiding in the evaluation of existing opportunities in the lycopene market.
• The report includes lycopene market forecasts along with information pertaining to key drivers, constraints, and opportunities.
• Market analysis is conducted by tracking key product positioning and monitoring the top competitors within the market framework.
• Extensive qualitative insights are provided regarding potential and niche segments or regions exhibiting favorable growth.

Lycopene Market Segments

By Form

• Powder
• Others

By Nature

• Natural
• Synthetic

By Application

• Food and Beverage
• Nutraceuticals and pharmaceuticals
• Cosmetics and Personal Care

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • ASEAN
  • Australia
  • South Korea
  • Rest of Asia-Pacific
• LAMEA
  • Brazil
  • Argentina
  • Saudi Arabia
  • South Africa
  • Rest of LAMEA