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Lycopene Market size to surpass $250 Mn by 2032
- Published Date: April 12, 2023
Lycopene Market size is slated to reach USD 250 million by 2032, according to a new research report by Global Market Insights Inc.
As per the report, increasing demand for lycopene from the dietary supplement industry is a key driver behind industry growth. Lycopene boasts of antidiabetic, anti-inflammatory, and antioxidative effects, which make it highly sought after as an additive to dietary supplements. Dietary intake of the product has also shown protective effects against prostate cancer and heart disease. Considering these health benefits, the availability of dietary supplements containing lycopene in the form of capsules, tablets, and gels has surged since the start of the COVID-19 pandemic.
High preferences for natural ingredients to favor natural source market demand
Based on source, the lycopene market from the natural source segment is expected to cross USD 63 million by 2032, fueled by the rising consumer preference for products containing naturally-sourced ingredients. The preservative and chemical free nature has turned many consumers towards natural lycopene, which commonly occurs in different fruits and vegetables such as apricots, red oranges, tomatoes, and others. Consumption of lycopene is also considered to be more effective when done in the raw form, which has fostered the demand graph for the segment.
Surging usage as health ingredient to spur property segment growth
Based on property, lycopene industry from the health ingredient segment is poised to be worth USD 104 million by 2032. Lycopene is increasingly being used in supplements as a health ingredient due to its ability to mitigate the risk of certain cancer and improve heart health and sun protection. Although it is widely used in supplements, it offers a multitude of health benefits, when consumed in raw forms such as tomatoes, and other pink and red fruits.
Browse key industry insights spread across 350 pages with 493 market data tables and 37 figures & charts from the report, “Lycopene Market Size By Source (Natural, Synthetic), By Property (Health Ingredient, Coloring agent), By Application (Food & beverages, Personal care products, Dietary supplements, Pharmaceuticals), By Formulation (Beadlets, Powder, Oil suspension, emulsion), & Forecast, 2022–2032” in detail along with the table of contents:
Expanding food and beverages sector to shape application segment demand
With respect to application, lycopene market from the food & beverages segment is anticipated to grow at 5.5% CAGR from 2023 to 2032. Lycopene contains essential vitamins and minerals, which promotes its use in various dietary supplements. Owing to its excellent nutrition profile, it is added to nutrient bars, instant soups, breakfast cereals, and other food products. In these food preparations, synthetic lycopene is more commonly used as a coloring agent. Expanding food and beverages industry is likely to proliferate the demand for lycopene in the segment.
Rising demand for healthy food products to strengthen North America industry
North America lycopene market will record a valuation of over USD 70 million by 2032, led by the increasing consumer demand for healthy food items in the region. The healthy eating habits birthed by the COVID-19 pandemic have bolstered the use of dietary supplements in the region, creating novel avenues for market growth. As per NCBI, the total sales of vitamins and supplements grew by 51.2%, reaching nearly 120 million units in March 2020 in the US alone.
Partnerships to define competitive landscape for lycopene industry
Major players involved in the lycopene market include Archer Daniels Midland, BASF SE limited, Divis laboratories, Dohler group, Vidhya herbs, Allied biotech corporation and DDW the colour house. These firms are heavily investing in strategic partnerships to strengthen their industry position. Citing an instance, in November 2022, Royal DSM, a Dutch multinational chemical company, teamed up with LBB Specialties, a US-based specialty chemicals company to expand its market hold as a premium supplier of carotenoids, vitamins, nutraceuticals, and lipids in North America.