Lycopene Market Share

Global Lycopene Market Overview

Lycopene Market Size was valued at USD 0.15 Billion in 2022. 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). Growing health awareness and increasing demand from the food industry are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Lycopene Market Trends

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  Growing demand for natural and organic products is driving the market growth

  
  

Consumers are increasingly seeking natural and organic ingredients in their food and dietary supplements, driving the demand for lycopene derived from natural sources like tomatoes. This trend is fueled by a rising awareness of the health benefits associated with natural compounds, and lycopene, as a powerful antioxidant, is gaining popularity for its potential role in promoting heart health, skin protection, and overall well-being. This factor drives the market CAGR.

Additionally, the lycopene market is witnessing a surge in applications within the nutraceutical and cosmeceutical industries. As researchers uncover more health benefits, lycopene is being incorporated into dietary supplements, functional foods, and skincare products. Its antioxidant properties make it a valuable ingredient for promoting skin health and preventing oxidative stress-related issues. This dual application in both health and beauty sectors is contributing to the market's growth.

Ongoing research and development activities are focused on enhancing the stability, bioavailability, and formulation of lycopene. Innovations such as microencapsulation techniques and novel delivery systems are being explored to improve lycopene's effectiveness and absorption. These advancements aim to address challenges related to lycopene's stability in various formulations, ensuring that consumers can harness its health benefits more efficiently. As a result, the market is witnessing a dynamic landscape with continuous efforts to optimize lycopene-based products. For instance, in January 2018, E.I.D. Parry (India) entered into a partnership with Synthite Industries Ltd to synergize the company's marketing strength in its human nutrition segment. Thus, driving the lycopene market revenue.

Lycopene Market Segment Insights

Lycopene Source Insights

The lycopene market segmentation, based on Source includes Synthetic, Natural. The dominating source is Natural. Natural lycopene, derived from sources like tomatoes and watermelons, is preferred due to its perceived health benefits and consumer preference for natural ingredients in various food and healthcare products. Conversely, the fastest-growing category is Synthetic. The demand for synthetic lycopene is rising, driven by its cost-effectiveness, consistent quality, and suitability for various industrial applications.

Figure1: Lycopene Market, by Source,2022&2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Lycopene Application Insights

The lycopene market segmentation, based on Application, includes Dietary supplements, Food & beverages, Personal care products, Pharmaceuticals. The dominating application is Food & Beverages. Lycopene is extensively used in food and beverage products, such as sauces, juices, and supplements, owing to its antioxidant properties and potential health benefits, contributing to its dominance in this category. On the other hand, the fastest-growing category is Personal Care Products. The increasing awareness of lycopene's skincare benefits, including its role as an antioxidant and potential protection against UV radiation, is fueling its incorporation into personal care items like creams and lotions, driving significant growth in this application segment.

Lycopene Form Insights

The lycopene market segmentation, based on Form, includes Beadlets, Oil suspension, Powder, Emulsion. The dominating form is Oil Suspension. Oil suspension is a widely preferred form for lycopene due to its enhanced stability, bioavailability, and ease of incorporation into various food and dietary supplement products, making it the favored choice among manufacturers and contributing to its dominance in this category. Conversely, the fastest-growing category is Emulsion. The growing demand for lycopene in liquid formulations, especially in the form of emulsions, is attributed to its ease of blending into beverages and cosmetic products.

Lycopene Property Insights

The lycopene market segmentation, based on Property, includes Health ingredient coloring agent. The dominating property is Health Ingredient. Lycopene is widely recognized for its health-promoting properties, including antioxidant and anti-inflammatory effects. Its association with various health benefits, such as cardiovascular health and skin protection, positions it as a sought-after health ingredient, contributing to its dominance in this category. Conversely, the fastest-growing category is Coloring Agent. Lycopene's natural red color makes it a popular choice as a coloring agent in food and beverage applications. With the increasing consumer preference for natural and plant-based ingredients, lycopene's role as a natural coloring agent has fueled its rapid growth in this market segment.

Lycopene Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American lycopene market area will dominate this market, owing to robust demand for natural and functional ingredients in the food, nutraceutical, and cosmetic industries aligns with the growing popularity of lycopene will boost market growth in this region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2: LYCOPENE MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe lycopene market accounts for the second-largest market share due to the focus on healthy living and wellness, witnesses a significant demand for natural and functional ingredients in various consumer products. Further, the German lycopene market held the largest market share, and the UK lycopene market was the fastest growing market in the European region

The Asia-Pacific Lycopene Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to rising awareness about health and nutrition, coupled with an increasing focus on preventive healthcare. Moreover, China’s lycopene market held the largest market share, and the Indian lycopene market was the fastest growing market in the Asia-Pacific region.

Lycopene Key Market Players& Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the lycopene market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, lycopeneindustry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the lycopene industry to benefit clients and increase the market sector. In recent years, the lycopene industry has offered some of the most significant advantages to medicine. Major players in the lycopene market, including GNC Holdings, LLC, DSM, Lycored, Jamieson Laboratories, BASF SE, Wellgreen Technology Co., Ltd., Chr. Hansen Holding A/S., and others, are attempting to increase market demand by investing in research and development operations.

E.I.D. Parry is a renowned company based in India with a significant presence in the agriculture and bioproducts sectors. Established in 1788, the company has a rich history and has evolved into a diversified conglomerate. E.I.D. Parry is part of the Murugappa Group, one of India's leading business conglomerates. The company is engaged in various businesses, including sugar, nutraceuticals, and bio-products. With a commitment to sustainability and innovation, E.I.D. Parry continues to contribute to the agricultural and nutritional sectors, playing a crucial role in India's economic development. In September 2018, E.I.D. Parry (India) acquired Alimtec S.A. (Chile), which is a part of Bayer Group (Germany), to strengthen its nutraceutical business.

E.I.D. Parry is a renowned company based in India with a significant presence in the agriculture and bioproducts sectors. Established in 1788, the company has a rich history and has evolved into a diversified conglomerate. E.I.D. Parry is part of the Murugappa Group, one of India's leading business conglomerates. The company is engaged in various businesses, including sugar, nutraceuticals, and bio-products. With a commitment to sustainability and innovation, E.I.D. Parry continues to contribute to the agricultural and nutritional sectors, playing a crucial role in India's economic development. In September 2018, E.I.D. Parry (India) acquired Alimtec S.A. (Chile), which is a part of Bayer Group (Germany), to strengthen its nutraceutical business.

Key Companies in the lycopene market include

• 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

Lycopene Industry Developments

November 2022: Lycopene International acquired LycoRed Ltd., a leading supplier of lycopene ingredients. The acquisition will help Lycopene International expand its product portfolio and reach new markets.

September 2022: Lycored entered into a partnership with DSM Nutritional Products. The partnership will focus on developing new lycopene-based products for the dietary supplement and food and beverage industries.

Lycopene Market Segmentation

Lycopene Source Outlook

• Synthetic


• Natural

Lycopene Application Outlook

• Dietary supplements


• Food & beverages


• Personal care products


• Pharmaceuticals

Lycopene Form Outlook

• Beadlets


• Oil suspension


• Powder


• Emulsion

Lycopene Property Outlook

• Health ingredient


• Coloring agent

Lycopene Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America