Global Lycopene Market Size, Share Research Report and

Chicago, Aug. 12, 2024 (GLOBE NEWSWIRE) -- The global lycopene market size is projected to reach USD 161 million by 2025, from USD 126 million in 2020, recording a CAGR of 5.0% during the forecast period. Lycopene’s distinct health benefits aiding in the prevention of several human health diseases has resulted in high demand from the dietary supplement industry, as a health ingredient, thereby driving the lycopene market’s growth potential during the forecast period.

Download PDF brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=104131737

Rising consumption of lycopene in an array of industries due to its functions as a health ingredient and coloring agent

Lycopene is witnessing a rise in consumption in an array of industries including dietary supplements, food, personal care & cosmetics, and pharmaceuticals. It is experiencing this growth due to its properties that mainly includes being a health ingredient, followed by being a coloring agent. Most of the market share in the global lycopene market was accounted for by the health ingredient property. The coloring agent property has a comparatively smaller share in the global market for lycopene. This is a result of the limited application of lycopene as a coloring agent in the food industry. Also, applications of lycopene as a health ingredient are expanding, which is further expected to boost the growth of lycopene in the global market.

Dietary supplements to record the highest CAGR during the forecast period

The demand for dietary supplements is on the rise in developed and developing countries among the millennial population. Lycopene constitutes to be a key ingredient in the dietary supplements consumed by an individual daily. Also, industry experts foresee the adoption rate for dietary supplements to increase the most in the next five years. Hence, lycopene’s key role in the dietary supplement application because of its distinct health benefits is expected to bolster the growth during the forecast period.

In terms of source, synthetic lycopene dominated the global market share globally

The synthetic source of lycopene dominated the global market share during the forecast period. This is a result of various factors such as the easy availability of synthetic lycopene, simpler processing, the comparatively lower cost involved for manufacturing, and the broader scope of application across the globe in an array of industries. However, there is a shift in consumer preferences, demanding more organic and nature-based products resulting in human-health benefits.

The lycopene market in the Asia Pacific region is projected to grow at the highest CAGR during the forecast period

Factors driving the growth of the Asia Pacific market include the presence of the lycopene manufacturing companies in this region. In addition, the production of tomatoes is the highest among all the regions, globally resulting in lower cost for procuring raw material. Hence, the development of technologies and abundant raw material leading the manufacturers to produce and supply lycopene to an array of industries at a competitive price and gaining an advantage over the competitors in the other regions. Furthermore, the rising awareness on benefits of lycopene in food, dietary supplement, and personal care & cosmetic applications is expected to boost the demand for lycopene, also resulting in higher exports from the surplus production of lycopene in this region, which will further boost the market share of this region in the global lycopene market.

Inquiry before buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=104131737

Key Market Players