Lycopene Market Size & Share 2023 to 2032
Market Size by Source (Natural, Synthetic), by Property (Health Ingredient, Coloring agent), by Application (Food & beverages, Personal care products, Dietary supplements, Pharmaceuticals), by Formulation & Global Forecast.
Report ID: GMI5537
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Published Date: April 2023
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Report Format: PDF
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Authors:
Kiran Pulidindi, Kunal Ahuja
Lycopene Market Size
Lycopene Market size valued at USD 145 million in 2022 and is poised to grow at 5.5% CAGR from 2023 to 2032. Driven by the surging demand for lycopene in the food sector.
Lycopene Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
Rapidly expanding food industry has proliferated the demand for lycopene which is utilized as a natural food coloring agent and a key ingredient in numerous processed foods. It finds use across a multitude of food products, including cereal and breakfast products, dairy items, non-alcoholic flavored beverages, and baked products among others. Lycopene is also extensively used as a natural food coloring agent in salad dressings, candies, fruit and vegetable juices, and other products for the health-conscious crowd as well. Lycopene is also known to help prevent the autoxidation of fats and is loaded with vitamins, minerals, and other nutrients, which make it further popular among health-conscious consumer base.
The lycopene market growth is attributed to several world governments making investments towards their food processing industries. In fact, as per India’s Press Information Bureau, export of processed food products in the country increased from USD 8.56 billion in 2020-21 to USD 10.42 billion in 2021-2022.
Fluctuations in lycopene prices may constrain lycopene market outlook
Despite an optimistic growth scenario, the volatile nature of lycopene supply and demand often leads to fluctuations in its prices, which may act as a constrain for the market. Low availability and steep prices of raw materials further add to the overall price of the product, which makes it an out of reach commodity for many end-users. Recent natural calamities such as floods, droughts, and other unprecedented events have affected cultivation of tomatoes, which has skyrocketed the prices of lycopene products. These high costs can turn consumers towards more easily available low-cost substitutes.
Lycopene Market Analysis
In terms of application, lycopene market share from the pharmaceuticals segment is expected to witness 5% CAGR through 2032. Lycopene is a non-pro-vitamin A carotenoid and antioxidant and is found to ameliorate cardiac complications, inflammatory conditions, and neural disorders, making it suitable for pharmaceutical applications. It is used in capsule, tablet, and gel forms in the pharmaceutical sector.
In the pharmaceutical sector, Lycopen Gold Capsule, which is a multivitamin capsule for the prevention of radical damage, toxins, and pollutants, is one of the most prominent lycopene products. The capsule helps the digestive system absorb nutrients more rapidly. It also helps boost immunity while ensuring the body’s overall well-being.
The lycopene market from synthetic source segment will reach USD 185 million by 2032, led by their low production cost in comparison to their natural counterparts. The affordability makes synthetic lycopene easily available across several industries. It serves as a viable alternative to naturally occurring lycopene for use in many dietary supplements. It is added to breakfast cereals, infant formula, meal replacements, and other products. The US FDA has recognized synthetic lycopene and its crystallized extracts to be safe for use in various food products.
Asia Pacific lycopene market is anticipated to exhibit a CAGR of 6% between 2023 and 2032, on account of the region’s expanding nutraceuticals industry. As per India’s Ministry of Food Processing Industries, the country’s nutraceutical market is set to hit a valuation of nearly USD 18 billion by 2025. Regional expansion can also be attributed to growing health awareness in the region which has bolstered the number of consumers of lycopene supplements. A growing number of people across the region are increasingly consuming lycopene supplements for the material’s potential health benefits, which includes reducing the risk of heart disease and cancer.
Lycopene Market Share
Some of the leading companies involved in the lycopene market are:
These companies are heavily investing in capacity expansion efforts to extend their global footprint. Citing an instance, in February 2023, Archer-Daniels-Midland Company, an American multinational food processing company, announced the opening of a new production unit in Valencia, Spain to cater to the increasing demand for postbiotics, probiotics, and other products that support well-being.
The new facility will help the company strengthen its position in the growing markets for postbiotics and probiotics in Europe, the U.S., and the Asia Pacific.
Impact of the COVID-19 pandemic
The COVID-19 pandemic had a negative impact on lycopene industry on account of supply chain disruptions. The pandemic also hindered the operations of the global food and beverages sector, which is a major end-user of lycopene. However, elevated consumption of lycopene-based dietary supplements as an immunity booster during the pandemic created new revenue streams for the marker. In fact, in France alone, sales of lycopene-infused vitamins increased by more than 40-60% in March 2020 as compared to the same period in 2019.
The lycopene market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilotons & revenue in USD Million from 2018 to 2032, for the following segments:
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Market, By Source
Market, By Property
Market, By Application
Market, By Formulation
The above information has been provided for the following regions and countries:
Research methodology, data sources & validation process
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