The lycopene market is estimated to be valued at USD 126 million in 2020 and is projected to reach USD 161 million by 2025, at a CAGR of 5.0% during the forecast period. The increasing number of benefits offered by lycopene in preventive healthcare and its rising applications in an array of industries across the globe is projected to exponentially grow the lycopene market in the coming years.
Lycopene is a carotenoid that gives some fruits and vegetables their red color. Lycopene is majorly present in tomato species known as Solanum lycopersicum, mostly found in Central and South American regions. It is a carotenoid and a phytonutrient substance, and is an essential antioxidant for the human body, which helps in protecting from degenerative diseases. Further, lycopene studies are associated with the prevention of diseases and conditions, including hypothesis, a number of cancers (prostate cancer, digestive tract cancer, bladder cancer, skin cancer, breast cancer, gastric cancer, and cervical cancer), cardiovascular diseases, osteoporosis & other bone disorder, male infertility, hypertension, and other human diseases; it is used in the treatment of various diseases such as human papilloma virus (HPV) infection, asthma, gingivitis, and cataracts, which has resulted in the significant expansion of the lycopene market over the last few years.
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Lycopene can be sourced from synthetic as well as natural sources, and based on the source, the price and application of lycopene vary. The properties of lycopene are, however, independent of its source. The growing health concerns due to the consumption of synthetic ingredients have been restraining its adoption. Hence, the manufacturers have been shifting their product offering from synthetic sources to naturally extracted ingredients, and this trend has been witnessed to be true in the lycopene market as well.
Traditionally, the application of lycopene was limited to its use as a coloring agent. However, multiple clinical studies have proved its antioxidant and anti-inflammatory properties, and hence, the application of lycopene has broadened in multiple application industries. As a result, the application of lycopene has been growing as a health ingredient in the dietary supplement and functional food industries.
The lycopene market is growing exponentially in the Asia Pacific region, owing to the established manufacturers and the organized food industry in the region. Although the lycopene market was dominated by Europe, the market in Asia Pacific is projected to witness the highest growth rate due to its large population base and changing food consumption trends in emerging economies. Developing countries such as China, India, Indonesia, and Thailand have shown rapid growth in the dietary supplement and food industries. Also, the application of lycopene in the personal care & cosmetic industry is witnessing growth in these countries due to rising temperature and climatic condition issues, causing the market to grow exponentially.
Lycopene Market by Source (Synthetic and Natural), Application (Dietary Supplements, Food, Pharmaceuticals, and Personal Care Products), Form (Beadlets, Oil Suspension, Emulsifiers, and Powder), Property, and Region - Global Forecast to 2025
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