Lycopene Market

Lycopene Market by Source (Natural and Synthetic), Form (Powder, Granules, Suspension, and Others), End-User (Pharmaceutical and Nutraceutical Companies, Food and Beverages Industry, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World) is expected to grow at a steady CAGR forecast till 2032 owing to the growing demand for natural supplements and rising use of lycopene in food industry.

The lycopene market is estimated to grow at a CAGR of 5.32% during the forecast period from 2025 to 2032. The demand for lycopene is primarily being driven by the growing demand for natural supplements. Rising awareness about the health benefits of lycopene and increasing R&D activities and collaboration among key players are the key factors responsible for contributing to the positive growth of the lycopene market during the forecast period from 2025 to 2032. 

Lycopene Market Dynamics:

The growing demand for natural supplements is contributing to the growth of the lycopene market due to the rise in health consciousness and various benefits associated with natural supplements and traditional medicines such as vitamins and minerals. Lycopene is recognized for its antioxidant properties that interact with free radicals in the body, potentially reducing the risk of chronic diseases like cardiovascular disease and some cancers. Due to these health benefits, people are adopting these supplements.

According to an article published by the World Health Organization (WHO) in March 2022, it was estimated that 80% of people were using traditional medicines such as Ayurveda and herbal medicines in 2022 across the globe. Thus, the tendency of people towards the use of herbal and natural medicines is expected to propel the market growth in the upcoming years.

There has been a growing use of lycopene in food preparations such as dairy products, non-alcoholic beverages, cereal and cereal products, bread, and baked items. Lycopene is used as a coloring and flavoring agent in food items and provides yellow to red color in food products. Food and beverage companies are increasingly selecting natural coloring and flavoring agents like lycopene to meet the growing consumer demand for healthier and more transparent food options.

However, the limited bioavailability of natural lycopene, and the fluctuations in raw material prices and supply chain, among others are some of the key constraints that may limit the growth of the lycopene market.

Lycopene Market Segment Analysis:

Lycopene Market by Source (Natural and Synthetic), Form (Powder, Granules, Suspension, and Others), End-User (Pharmaceutical and Nutraceutical Companies, Food and Beverages Industry, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the source segment of the lycopene market, the natural category is estimated to amass a significant revenue share in the lycopene market in 2024. This can be attributed to the various benefits associated with natural lycopene. Natural lycopene is easily available and cost-effective as it can be obtained from natural foods such as tomatoes, watermelons, etc. Natural lycopene is effective in skin protection against damage by free radicals, and it improves heart health and prevents cancers. 

In the food industry, lycopene is mainly used as a coloring agent. However, apart from its function as a coloring agent, lycopene also functions as a powerful antioxidant. By inhibiting oxidation, particularly in foods containing fats and oils, lycopene helps prevent their oxidation which results in enhanced shelf-life. This free radical scavenging property plays a crucial role in maintaining the shelf life of a variety of food products.

In September 2021, Divi's Nutraceuticals launched CaroNat, a naturally sourced food ingredient derived from concentrated carrot juice, used to impart dark yellow to orange coloration in a wide range of foods and beverages. This contains beta-carotene, a natural pigment that not only imparts vibrant color but also offers nutritional benefits.

Further, there has been a growing demand for natural lycopene due to the health benefits of coloring properties in the food industry. Therefore, the various benefits and applications of natural lycopene in food products in the natural category will contribute to the growth of the segment, thereby driving the growth of the lycopene market during the forecast period.

North America is expected to dominate the overall Lycopene market:

North America is expected to account for the largest market share in the lycopene market in 2024, out of all regions. This is due to the growing consumer awareness of natural food supplements. The rising healthcare spending is also a key factor driving the growth of the lycopene market in North America.

The growing healthcare spending due to the increasing healthcare awareness and shift towards natural supplements is expected to contribute to the growth of the market in the region. For instance, according to data provided by the Centers for Medicare & Medicaid Services (CMS) in December 2023, the total healthcare spending increased by 4.1%, compared to the previous year, and it reached USD 4.4 trillion or USD 13,493 per capita in the United States in 2022.

Therefore, the rising healthcare spending is contributing to the growth of the North American lycopene market. 

Lycopene Market Key Players:

Some of the key market players operating in the lycopene market include BASF SE, DSM, ESTRELLAS LIFE SCIENCES PRIVATE LIMITED, Lycored, E.I.D. - Parry (India) Limited, Allied Biotech Corporation, Jamieson Vitamins, Divi's Laboratories Limited, ADM, ExcelVite, Bayer AG, Wellgreen Technology Co., Ltd., Licofarma S.r.l., Chr. Hansen A/S, AromataGroup S.r.l., International Flavors & Fragrances Inc., Sensient Colors LLC, Cyanotech Corporation, Kemin Industries, Inc., VALENSA INTERNATIONAL, and others.

Recent Developmental Activities in the Lycopene Market:

• In November 2022, DSM announced that it entered into a partnership with LBB Specialties for product development and distribution in North America. Through this partnership, DSM enhanced its product development capabilities, product portfolio, and market penetration. 

Key Takeaways from the Lycopene Market Report Study

• Market size analysis for current Lycopene Market size (2024), and market forecast for 8 years (2025 to 2032)
• Top key product/technology developments, mergers, acquisitions, partnerships, and joint ventures happened over the last 3 years.
• Key companies dominating the global Lycopene market.
• Various opportunities available for the other competitors in the Lycopene Market space.
• What are the top-performing segments in 2024? How these segments will perform in 2032?
• Which are the top-performing regions and countries in the current Lycopene market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for Lycopene market growth in the coming future?

Target audience Who can benefited from this lycopene market report study

• Lycopene product providers
• Research organizations and consulting companies 
• Lycopene-related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and Traders dealing in Lycopene
• Various end-users who want to know more about the Lycopene Market and the latest technological developments in the Lycopene Market.  

Frequently Asked Questions for the Lycopene market:

1. What is Lycopene?

• Lycopene is a naturally occurring pigment and antioxidant found in fruits and vegetables such as tomatoes, watermelons, and pink grapefruit. It belongs to the group of organic pigments known as carotenoids.

2. What is the market for Lycopene?

• The lycopene market is estimated to grow at a CAGR of 5.32% during the forecast period from 2025 to 2032.

3. What are the drivers for the global Lycopene market?

• The lycopene market is expected to witness significant growth, primarily driven by the growing demand for natural supplements. Rising awareness about the health benefits of lycopene and increasing R&D activities and collaboration among key players are the key factors responsible for contributing to the positive growth of the lycopene market during the forecast period from 2025 to 2032.

4. Who are the key players operating in the global Lycopene market?

• Some of the key market players operating in the lycopene market include BASF SE, DSM, ESTRELLAS LIFE SCIENCES PRIVATE LIMITED, Lycored, E.I.D. - Parry (India) Limited, Allied Biotech Corporation, Jamieson Vitamins, Divi's Laboratories Limited, ADM, ExcelVite, Bayer AG, Wellgreen Technology Co., Ltd., Licofarma S.r.l., Chr. Hansen A/S, AromataGroup S.r.l., International Flavors & Fragrances Inc., Sensient Colors LLC, Cyanotech Corporation, Kemin Industries, Inc., VALENSA INTERNATIONAL, and others.

5. Which region has the highest share in the global Lycopene market?

• North America is expected to account for the largest market share in the lycopene market in 2024, out of all regions. This is due to the growing consumer awareness of natural food supplements. The rising healthcare spending is also a key factor driving the growth of the lycopene market in North America.