Food and Beverages
Lycopene Market Size Forecast to Reach $150.2 Million by 2026
Lycopene Market Overview
Lycopene market size is forecast to reach $150.2 million by 2026, growing at a CAGR of 5.3% during the forecast period 2021-2026. Lycopene is a dark red carotenoid hydrocarbon present in tomatoes and in a variety of other red fruits and vegetables such as red carrots, grapefruits, watermelons, and papayas. Lycopene, on the other hand, Lycopene is a carotene which does not have vitamin A activity. Asparagus, parsley, and guava are examples of non-red foods that can contain lycopene. Lycopene acts as an intermediate in the biosynthesis mechanism of certain carotenoids, such as beta-carotene, and is responsible for yellow, red, and orange pigmentation, photoprotection, and photosynthesis in plants, algae, and other photosynthetic species. Lycopene is used in dietary supplements because it is easily absorbed by the body. It is used to treat elevated cholesterol, high blood pressure, and certain cancers since it acts like an antioxidant, protecting cells from more harm. Increasing application of lycopene in various industries such as food & beverages, pharmaceuticals, dietary supplements, cosmetics and others are the major factors driving the growth of the market. Increasing disposable income coupled with changing lifestyle of the people is set to further enhance the overall market development of the Lycopene Market for the period 2021-2026.
Key Takeaways
- Asia-Pacific dominated the Lycopene Market in 2020 owing to the presence of large number of manufacturer. The Lycopene Market scope for different regions will be provided in the final report.
- Increasing awareness about benefits of lycopene in food are likely to aid the market growth of the Lycopene Market report.
- Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Lycopene Market report.
- The factor that hamper the Lycopene Market are high cost of lycopene due to processing & extraction process in lycopene and availability of substitute products in the market.
Lycopene Market Segment Analysis – By Source
Synthetic held the largest share in the Lycopene Market in 2020 and is estimated to grow at a CAGR 5.7% during the forecast period 2021-2026. Most industrial firms are interested in synthetic source lycopene due to a variety of reasons such as lower production costs, easier packaging, and it’s convenient and broad applications in a variety of industries. Furthermore, synthetic lycopene is easily available in the market. Synthetic are estimated to register the higher CAGR over the period 2021-2026.
Lycopene Market Segment Analysis – By Application
Dietary Supplements held the largest share in the Lycopene Market in 2020 and is estimated to grow at a CAGR 6.1% during the forecast period 2021-2026. The millennial generation is driving up demand for dietary supplements in both developed and emerging countries. Lycopene is a main ingredient in all of the dietary supplements that people take on a regular basis. Furthermore, market experts expect that dietary supplement adoption will increase the most in the next five years. Dietary Supplements are estimated to register the higher CAGR over the period 2021-2026.
Lycopene Market Segment Analysis – By Geography
Asia-Pacific dominated the Lycopene Market with a major share of 38.2% in 2020. This is attributed to the presence of key manufacturers in this region. Furthermore, growing urbanization, increasing disposable income of the people coupled with rising awareness about benefits of lycopene in food in this region is also increasing the growth of the market in this region. However, North America is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the rising demand for organic based lycopene products coupled with increasing preference of the people towards healthy food products. Increasing awareness about benefits offered by lycopene is also increasing the growth of the market in this region.
Lycopene Market Drivers
Increasing Prevalence of Prostate Cancer
Increasing prevalence of prostate cancer among men is increasing the growth of the Lycopene Market. Lycopene has the ability to induce apoptosis and suppress cancer cell proliferation. Thus, lycopene's anticancer property aids in the prevention and treatment of prostate cancer. According to Centres For Disease Control And Prevention (CDC), prostate cancer is the second leading cause of death and most common cancer among men in U.S. Thus, increasing the growth of the Lycopene Market during the forecast period 2021-2026.
Growing Consumption of Lycopene
The Lycopene Market is expanding as a result of rising lycopene intake. Lycopene is being used more often in a number of industries, including dietary supplements, food, personal care and cosmetics, and pharmaceuticals. It is gaining popularity due to its properties, which include being a health ingredient and a coloring agent. Thus, increasing the growth of the Lycopene Market during the forecast period 2021-2026.
Lycopene Market Challenges
Availability of Substitute Products
Some of the factors that are set to impede the growth of the Lycopene Market are availability of substitute products such as synthetic food colors. High cost incurred due to processing & extraction process is also set to hinder the growth of the market.
Lycopene Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Lycopene Market. In 2020, the Lycopene Market share is consolidated by the top ten players present in the market. The Lycopene Market, top 10 companies are, Royal DSM, Dohler, Plantnat, SV AgroFoods, Plamed Green Science Group, Wellgreen Technology Co Ltd., General Nutrition Centers, Inc., Lycored, Allied Biotech Corporation and Vidya Herbs
