DUBLIN–(BUSINESS WIRE)–The “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” report has been added to ResearchAndMarkets.com’s offering.
The lycopene market is estimated to be valued at USD 126 million in 2020 and is projected to grow at a CAGR of 5.0%, recording a value of USD 161 million by 2025.
The increasing number of benefits offered by lycopene in preventive healthcare and its rising applications in various industries across the globe are driving the lycopene market. The rising application in dietary supplements and food products, resulting in the prevention of human health-related diseases is leading to an increased demand for lycopene. However, its variety of functionalities in industries such as personal care & cosmetics and pharmaceuticals, helping in treating various diseases and skin-related issues, also contributes to the overall demand for lycopene. Furthermore, the increasing usage of lycopene as a food colorant is exposing its widespread properties, thus, empowering manufacturers to bring in more and more innovation to the products to increase the market share.
The beadlet form is projected to dominate the global lycopene market during the forecast period.
The beadlet form is estimated to account for the largest market share in the global lycopene market. Among the other forms of lycopene available, the beadlet form of lycopene projects to witness the highest CAGR between 2020 and 2025. The factors determining its largest share is its content of lycopene concentration and mass availability, because of major lycopene manufacturers producing lycopene in this form. In addition, majority of the end-industry users consume lycopene in their line of products coming from the beadlet form. Hence, all these factors are driving the growth for this form, resulting in its dominance in the global market.
The market for synthetic source is estimated to dominate the global market in 2020.
The synthetic lycopene segment dominated the market, since it is lower in price and offers the same benefits as that of natural lycopene. Also, the availability of raw material for natural lycopene is restrained, since high-quality tomatoes are directly used for processing in other food industries. Thus, the demand for synthetic lycopene is higher.
The market for dietary supplement application is projected to witness the highest growth during the forecast period.
The antioxidant properties of lycopene have been used extensively by manufacturers of dietary supplements. Hence, the consumption of lycopene has been the highest by this industry. The use of lycopene by the food industry remains high due to both its properties of colorants and health benefits. Hence, the food segment is estimated to account for a major market share, followed by the dietary supplements segment in 2020.
Asia Pacific to grow at the highest CAGR in the lycopene market between 2020 and 2025.
The European region dominated the market in 2019, and the Asia Pacific region is projected to be the fastest-growing market during the forecast period. Factors driving the Asia Pacific market growth include the increasing adoption of lycopene-based products in the region, growing number of manufacturing facilities, and the rising number of research & development centers in the regions. Due to the developing economic conditions across the majority of the countries, consumers in the region prefer the consumption of natural products, and hence, mostly opt for organic ingredient-based products, which is further bolstering the market growth in Asia Pacific.
Market Dynamics
Drivers
- Benefits of Lycopene in Preventive Healthcare
- Increasing Usage of Lycopene as a Food Colorant
Restraints
- Stringent Regulatory Norms Hampering the Market Growth
- Lack of R&D in Underdeveloped Countries
Opportunities
- Growing Demand in the Pharmaceutical Industry
- Growing Demand for Naturally Sourced Lycopene
Challenges
- Difficulty in Meeting Requisite Quality Standards
Companies Profiled
- DSM
- Allied Biotech Corporation
- Zhejiang Nhu Co. Ltd
- E.I.D. Parry
- Divi’s Laboratories Limited
- Lycored
- Wellgreen Technology Co. Ltd
- San-Ei Gen F.F.I. Inc
- Dangshan Sinojuice Food Co Ltd
- DDW the Color House
- Dhler Group
- Farbest – Tallman Foods Corporation
- Xi’An Pincredit Biotech Co Ltd
- Vidya Herbs
- Shaanxi Kingsci Biotechnology Co. Ltd
- Hunan Sunshine Bio-Tech Co. Ltd
- Plantnat
- Plamed Green Science Group
- S.V. Agro
For more information about this report visit https://www.researchandmarkets.com/r/n01lpe
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