The global lycopene market is projected to reach USD 161 million by 2025, recording a CAGR of 5.0% during the forecast period. The market is primarily driven by the increasing number of benefits offered by lycopene in preventive healthcare and its rising applications in an array of industries, globally.
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Rising consumption of lycopene in an array of industries due to its functions as a health ingredient and coloring agent
Lycopene is witnessing a rise in consumption in an array of industries including dietary supplements, food, personal care cosmetics, and pharmaceuticals. It is experiencing this growth due to its properties that mainly includes being a health ingredient, followed by being a coloring agent. The majority of the market share in the global lycopene market was accounted for by the health ingredient property. The coloring agent property has a comparatively smaller share in the global market for lycopene. This is a result of the limited application of lycopene as a coloring agent in the food industry. Also, applications of lycopene as a health ingredient are expanding, which is further expected to boost the growth of lycopene in the global market.
Dietary supplements to record the highest CAGR during the forecast period
The demand for dietary supplements is on the rise in developed and developing countries among the millennial population. Lycopene constitutes to be a key ingredient in the dietary supplements consumed by an individual daily. Also, industry experts foresee the adoption rate for dietary supplements to increase the most in the next five years. Hence, lycopenes key role in the dietary supplement application because of its distinct health benefits is expected to bolster the growth during the forecast period between 2020 and 2025.
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The lycopene market in the Asia Pacific region is projected to grow at the highest CAGR from 2019 to 2025
Factors driving the growth of the Asia Pacific market include the presence of the lycopene manufacturing companies in this region. In addition, the production of tomatoes is the highest among all the regions, globally resulting in lower cost for procuring raw material. Hence, the development of technologies and abundant raw material leading the manufacturers to produce and supply lycopene to an array of industries at a competitive price and gaining an advantage over the competitors in the other regions. Furthermore, the rising awareness on benefits of lycopene in food, dietary supplement, and personal care cosmetic applications is expected to boost the demand for lycopene, also resulting in higher exports from the surplus production of lycopene in this region, which will further boost the market share of this region in the global lycopene market.
Key players operating in this market include Allied Biotech Corporation (China), Lycored (Israel), DSM (Netherlands), Wellgreen Technology Co Ltd (China), Divis Labs (India), San-Ei Gen F.F.I., Inc (Japan), Dangshang Sannuo Limited (China), DDW (US), Dohler (Germany), Farbest Brands (US), Zhejiang NHU CO. Ltd (China), EID Parry (India), Shaanxi Kingsci Biotechnology Co. Ltd (China), Vidya Herbs (India), Xian Pincredit Biotech Co Ltd (China), Hunan Sunshine Bio-Tech Co.Ltd (China), Xian Natural Field Bio-Technology Co.,Ltd (China), Plantnat (China), SV AgroFoods (India), and Plamed Green Science Group (China).
