The Lycopene Global Market size is estimated to reach $174 Million by 2025, growing at a CAGR of 5.3% during the forecast period 2020-2025. Lycopene is a carotenoid and phytonutrient substance which is found in the tomato species known as Solanum lycopersicum However, Lycopene is an essential compound which is responsible for the red color in these foods. The increasing number of benefits offered by lycopene in preventive healthcare and its rising applications in various industries across the globe is driving market growth during the forecast period 2020-2025.
Lycopene Global Market Segment Analysis – By Source Type
Based on Source Type, Lycopene Global Market is segmented into Natural Lycopene and Synthetic Lycopene. The Synthetic Lycopene segment holds the largest share in terms of revenue in 2019. This is owing to number factors including lower cost of production, simpler processing and its easy and wide applications in various industries. The Natural Lycopene segment is set to be the fastest growing CAGR 5.8% during the forecast period 2020-2025. This is owing to the changing consumer trends towards healthier lifestyle and, the growing concerns about natural-based cosmetics and beauty among individuals across the globe.
Lycopene Global Market Segment Analysis – By Formulation Type
Based on Formulation type, Lycopene Global Market is segmented into Powder, Emulsion, Oil Suspension, and Beadlets. The Beadlets segment held the largest share in 2019. This is owing to highest content of lycopene concentrate and growing producers of beadleats lycopene manufacturers all over the world. However, The Oil Suspension segment is set to be the fastest growing CAGR during the forecast period 2020-2025. This is owing to the use of lycopene suspension oil owing to its properties of colorants and health benefits are expected to fuel the segment growth during the forecast period 2020-2025.
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Lycopene Global Market Segment Analysis – By Geography
Based on Geography, The Lycopene Global Market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. Europe region dominated the Lycopene Global Market in 2019 with a share of 34.3%. This is owing to the growing adoption of lyopene as ingredient in the meat industry, along with rising demand for healthy and natural colorants in the region. However Asia Pacific is set to be the fastest growing CAGR during the forecast period 2020-2025. This is owing to the rapidly increasing population, growing cosmetic and pharmaceutical industries, food and beverages, changing lifestyle of consumers, rising income, rise in consumer awareness and favorable government policies in counties such as India and China.
Lycopene Global Market Drivers
Increasing demand for organic-based lycopene products which contains anti-cancer properties that protects against degenerative diseases
The major driving factors of Lycopene global market are increasing demand for organic-based lycopene products which contains anti-cancer properties that protects against degenerative diseases such as dermatitis, cataract, cardiovascular diseases, diabetes, rheumatoid arthritis, pulmonary emphysema, Parkinson’s and Alzheimer’s diseases, cancer. This is owing to its high antioxidant power, organic Lycopene natural Anti-aging properties which is effectively contrast the cutaneous aging processes used as health supplement directly and without further addition of preservative to modify its composition. However, these factors of properties organic based lycopene are driving the demand for Lycopene global market.
Lycopene Global Market Challenges
The spreading of corona virus across the globe is a major challenge for the global Lycopene market. The vegetable (Tomatoes) and fruits also inhabited. However, pharmaceutical and cosmetic industry has highly affected to the lycopene market during the spread of covid-19. Furthermore, the production lycopene capsules are also down owing to the lack of water and other sources industries. Thus, the lyopene market is expected to influence the market moderate after the covid19 pandemic.
Lycopene Global Market Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Lycopene Global Market. Key companies of this Lycopene Global Market are Vidya Hearbs, DSM, Allied Biotech Corporation, Dohler Group, Kagome, Plamed Green Science Group, DDW the Color House, Plamed Green Science Group, Well Green Technology o. Ltd, Jamieson, and Human Sunshine Biotech o Ltd among others.
In March 2019, DDW, Inc. has acquired the DuPont Natural Colors business, which was part of DuPont’s Nutrition and Biosciences division. However, DDW acquisition will expand the brand’s global reach while adding technical and manufacturing capabilities in several core naturally sourced colors.
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B. Lycopene Market
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