Selbyville, Delaware, April 25, 2023 (GLOBE NEWSWIRE) --
The lycopene market valuation is anticipated to cross USD 250 million by 2032, as reported in a research study by Global Market Insights Inc.
Increasing demand for lycopene from the dietary supplement industry is a key driver behind market growth. Lycopene boasts of antidiabetic, anti-inflammatory, and antioxidative effects, which make it highly sought after as an additive to dietary supplements. Dietary intake of the product has also shown protective effects against prostate cancer and heart disease. Considering these health benefits, the availability of dietary supplements containing lycopene in the form of capsules, tablets, and gels has surged since the start of the COVID-19 pandemic.
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The lycopene market from the natural source segment is estimated to surpass USD 63 million by 2032, driven by the rising consumer preference for products containing naturally-sourced ingredients. The preservative and chemical free nature has turned many consumers towards natural lycopene, which commonly occurs in different fruits and vegetables such as apricots, red oranges, tomatoes, and others. Consumption of lycopene is also considered to be more effective when done in the raw form, which has fostered the demand graph for the segment.
Lycopene market from the health ingredient segment is slated to reach USD 104 million by 2032. Lycopene is increasingly being used in supplements as a health ingredient owing to its ability to mitigate the risk of certain cancer and improve heart health and sun protection. Although it is widely used in supplements, it offers a multitude of health benefits, when consumed in raw forms such as tomatoes, and other pink and red fruits.
Lycopene market from the food & beverages segment will witness over 5.5% CAGR till 2032. Lycopene contains essential vitamins and minerals, which promotes its use in various dietary supplements. Owing to its excellent nutrition profile, it is added to nutrient bars, instant soups, breakfast cereals, and other food products. In these food preparations, synthetic lycopene is more commonly used as a coloring agent. Expanding food and beverages industry is likely to proliferate the demand for lycopene in the segment.
North America lycopene market is projected to worth USD 70 million by 2032, impelled by the increasing consumer demand for healthy food items in the region. The healthy eating habits birthed by the COVID-19 pandemic have bolstered the use of dietary supplements in the region, creating novel avenues for market growth. As per NCBI, the total sales of vitamins and supplements grew by 51.2%, reaching nearly 120 million units in March 2020 in the US alone.
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Prominent participants operating across the lycopene market are Archer Daniels Midland, BASF SE limited, Divis laboratories, Dohler group, Vidhya herbs, Allied biotech corporation and DDW the colour house. These companies are heavily investing in strategic partnerships to strengthen their industry position. Citing an instance, in November 2022, Royal DSM, a Dutch multinational chemical company, teamed up with LBB Specialties, a US-based specialty chemicals company to expand its market hold as a premium supplier of carotenoids, vitamins, nutraceuticals, and lipids in North America.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Lycopene market 360º synopsis, 2018 – 2032
2.1.1 Source trends
2.1.2 Property trends
2.1.3 Application trends
2.1.4 Formulation trends
2.1.5 Regional trends
Chapter 3 Lycopene Industry Insights
3.1 Industry segmentation
3.2 Industry size and forecast, 2018 - 2032
3.2.1 COVID-19 impact on the industry landscape
3.3 Industry ecosystem analysis
3.3.1 Profit margin at each stage
3.3.2 Value addition at each stage
3.3.3 Raw material analysis
3.3.3.1 COVID-19 impact on raw material supply
3.3.4 Distributor channel analysis
3.3.4.1 Value chain disruption analysis (COVID-19 impact)
3.3.5 Vendor matrix
3.3.5.1 List of key manufacturers
3.3.5.2 List of key distributors
3.4 Innovation & sustainability
3.4.1 Patent analysis
3.4.2 Technology landscape
3.4.2.1 Innovations in lycopene manufacturing
3.4.2.2 Material and raw material advancement
3.4.3 Future trends
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.1.1 Growing health awareness
3.5.1.2 Increasing demand from the food industry
3.5.1.3 Growing demand from the dietary supplement industry
3.5.2 Industry pitfalls & challenges
3.5.2.1 Price volatility
3.6 Regulatory landscape
3.6.1 U.S.
3.6.2 Europe
3.6.3 Asia
3.7 Growth potential analysis
3.8 Regional price trends
3.8.1 Cost structure analysis
3.8.2 Price by product
3.8.3 COVID-19 impact on pricing
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
3.12 COVID-19 impact on Lycopene demand
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
