Lycopene Market Size Is Projected To Reach USD 0.23 Billion, Enlisting a CAGR Of 5.20% By 2032 | Report by Market Research Future
Apr 15, 2024
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Market Overview
Market Research Future (MRFR) report highlights The lycopene industry is projected to grow from USD 0.15 Billion in 2023 to USD 0.23 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.20% during the forecast period (2023 - 2032).
Lycopene is a carotenoid that is predominantly obtained and extracted from tomatoes. Due to its numerous medical characteristics, the demand for it has risen in the nutraceutical sector. Lycopene possesses a significantly elevated concentration of antioxidants, which aids in combating free radicals within the body. Free radicals induce cellular damage within the body and the intake of lycopene aids in the mitigation of these free radicals. Lycopene is linked to a decrease in heart illnesses and is said to lower the chances of developing diabetes and specific types of cancers, including lung, bone, and prostate cancers. Another benefit of lycopene is its ability to support cardiovascular health.
Current research and development efforts are concentrated on improving the stability, bioavailability, and formulation of lycopene. Researchers are now investigating microencapsulation techniques and innovative delivery systems to enhance the efficacy and absorption of lycopene. These developments are designed to tackle the issues associated with lycopene's stability in different formulations, enabling consumers to utilize its health advantages more effectively.
Consumers are progressively searching for natural and organic components in their food and dietary supplements, which is fueling the need for lycopene obtained from natural sources such as tomatoes. The increasing popularity of lycopene is driven by a growing recognition of the health advantages linked to natural chemicals. Lycopene, known for its intense antioxidant properties, is gaining favor for its ability to enhance heart health, protect the skin, and improve general well-being.
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Market Competitive Landscape:
- GNC Holdings LLC
- DSM
- Lycored
- Jamieson Laboratories
- BASF SE
- Wellgreen Technology Co. Ltd.
- Hansen Holding A/S
- San-Ei Gen F.F.I., Inc.
- Pioneer Enterprise
- Hindustan Mint & Agro Products Pvt. Ltd.
- Brunswick Corporation
Market Segmentation
By Source, the market includes Synthetic and Natural. By Application, the market includes Dietary supplements, Food & beverages, Personal care products, and Pharmaceuticals. By Form, the market includes Beadlets, Oil suspension, Powder, and Emulsion. By Property, the market includes Health ingredients and Coloring agents.
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Regional Insights
The North American lycopene market will have a strong presence in this industry due to the high demand for natural and functional ingredients in the food, nutraceutical, and cosmetic sectors. The increasing popularity of lycopene will enhance market growth in this region. The European lycopene market holds the second-largest market share, primarily driven by the emphasis on healthy living and wellbeing. There is a substantial demand for natural and functional ingredients in a wide range of consumer products. Moreover, the German lycopene market dominated the market share, while the UK lycopene market experienced the highest growth rate among European countries.
The Asia-Pacific area is expected to experience the most significant increase within the projected timeframe due to factors such as the abundance of lycopene, a cost-effective labor force, and rising consumer expenditure. The implementation of sophisticated manufacturing technology has facilitated the region's establishment of a robust domestic and international supply chain. The regional market is seeing expansion due to increasing awareness of the advantages of lycopene in nutritional supplements, food, cosmetics, and personal care applications.
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