Use of lycopene in case of food and beverage products is also gaining grounds, driven by unwavering demand for natural food colorants. The health conscious population have started gravitating toward natural food colorants, which has fostered the popularity of lycopene in the food and beverage industry. Notable benefits of lycopene for skin and hair has also triggered its adoption in case of personal care and cosmetic products. In line with the pervasive trend of health and wellness, people are increasingly preferring to consume supplements comprising of organic lycopene. Food supplements with organic lycopene from reputed manufacturers are being widely accepted by the health-savvy demographic, which is likely to broaden the application scope of Lycopene Market Growth. Moreover, proven abilities of lycopene in treatment of various cancer forms and maintenance of a healthy and functional cardiovascular system is fuelling its penetration in the pharmaceutical and specialty drugs spectrum.
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Lycopene, which is primarily found in tomatoes, is being extensively adopted across multiple applications on the back of its antioxidant capabilities. Wide-spread recognition of lycopene as a nutrient with multiple health benefits have boosted its adoption in pharmaceuticals and nutraceuticals. Multiple findings by diverse research studies favor the integrity of lycopene in terms of nourishing health and wellness, but lack of solid claims leads to unavoidable challenges.
Solanum lycopersicum, a tomato species that is majorly found in the Latin America region, is the primary source for lycopene, a carotenoid and phytonutrient substance. Lycopene is present in red fruits and vegetables such as carrots, watermelon, tomatoes, papaya, sweet red peppers, guava, mango, pink grapefruits and red cabbage, in small amounts. The red color in these fruits is basically due to the presence of lycopene. Lycopene acts as an essential antioxidant for humans and provides protection from degenerative diseases. The prevention of DNA damage to the cells and promoting the functioning of DNA in the body are also among factors responsible for driving the Lycopene Market globally. Several advantages of lycopene have created demand for the substance in the food industry as well as cosmetics industry for anti-aging creams and lotions. Several benefits of lycopene and its sufficient availability has also boosted the global lycopene market.
The presence of lycopene in the blood and fatty tissues reduces the risk of heart disease, cancer and age-related macular degeneration. It protects against colon, stomach, skin and lung cancer. Moreover, it also reduces the probability of arteriosclerosis that protect the skin from harmful UV exposure.
Moreover, natural colorants are attracting a large number of consumers from the ready-to-eat food products industry, along with emerging applications in the beverage, cosmetics and pharmaceutical industries. The large and ever-increasing global demand for ready-to-eat food products, emerging applications of lycopene in non-food sectors and further developing applications are factors driving the global lycopene market.
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Western Europe is estimated to be the leading producer in the lycopene market due to the high production volume of tomatoes, sufficient availability of technology for production, well-established & large healthcare industry and the presence of various developed economies with high awareness regarding health issues among people. Mexico is the largest exporter of tomatoes in the world as the country is not capable of processing or consuming the entire volume of tomatoes produced in the country. The U.S. is one of the top five tomato producers and needs to import a large volume of tomatoes to serve the domestic demand. Moreover, the country exhibits similar trends as the countries of Western Europe. China and India are among the leading global producers of tomatoes and both countries consume almost the entire volume produced. The healthcare and pharmaceutical industry of the Asia Pacific region is continuously growing at a significantly high pace.
Hence, the market in Asia Pacific is rapidly emerging, Latin America has high & untapped potential and the market in North America & Western Europe is large & steady, whereas there is low volume demand for lycopene from the countries of the MEA region.
Global Lycopene Market Key Players
Some of the key players of lycopene market are Koninklijke DSM N.V., Hoffmann-La Roche Ltd., BASF S.E., General Nutrition Center Company, LycoRed Ltd., Jamieson Laboratories Ltd., The Nature’s Bounty Co., Kagome Co., Ltd., Bayer AG, Shaanxi Huike Botanical Development Co. Ltd.
Brief Approach to Research
Our analysis will follow a modeling-based approach and triangulation methodology to estimate data covered in this report. A detailed market understanding and assessment of the applications, types, forms, and end uses of the product segments covered in the study is followed by carrying out a demand-side approach to estimate the sales of target product segments, which is then cross-referenced with a supply-side assessment of value generated over a pre-defined period. The statistics and data are collected at a regional level, consolidated and synthesized at a global level to estimate the overall market sizes.
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