Lycopene Market Scope
Lycopene is a carotenoid chemical naturally found in fruits and vegetables like tomatoes, carrots, watermelon, and papaya. It has many antioxidant properties which help in lowering blood pressure, and cholesterol, and reduce the risk of heart diseases and cancer. However, there is not much scientific evidence to prove this. Although, lycopene has been tested by food and drug administration as “qualified labeling” in humans for cardiovascular diseases and cancer.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | BASF (Germany), LycoRed Ltd. (Israel), NBTY (United States), Kagome Co., Ltd (Japan), Bayer (Germany) and Shaanxi Huike Botanical Development Co. Ltd (China) |
CAGR | 5.1% |
"According to AMA, the Global Lycopene market is expected to see growth rate of 5.1% and may see market size of USD156.11 Million by 2030."Lycopene is a widely available element thanks to numerous domestic and international players, creating a fragmented market. In the Asia Pacific region, there are significant participants, notably in China and India. Research Analyst at AMA estimates that Chinese and German Vendors will contribute to the maximum growth of Global Lycopene market throughout the predicted period.
BASF (Germany), LycoRed Ltd. (Israel), NBTY (United States), Kagome Co., Ltd (Japan), Bayer (Germany) and Shaanxi Huike Botanical Development Co. Ltd (China) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Wellgreen Technology Co. Ltd (China) and San-Ei Gen F.F.I., Inc. (Japan).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Lycopene market by Type , by Application (Pharmaceuticals, Food Colouring agents, Cosmetic, Nutraceuticals and Others) and Region with country level break-up.
On the basis of application, Nutraceuticals and Pharmaceuticals segment is dominating the market in the year 2023
On the basis of geography, the market of Lycopene has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
In November 2019, UK-based nutraceutical company Sibelius Natural Products has launched a proprietary lycopene extract coined Sibelius: LactoMato. The extract is a tomato oleoresin-based formulation backed by multiple clinical studies demonstrating its ability to help support male reproductive health, prostate health and cardiovascular health.
As per the Code Federal Regulation, "Tomato lycopene concentrate should conform to the following specification: Lycopene, not less than 60 percent of oleoresin as determined by the method identified in paragraph Uses and restrictions. Tomato lycopene extract and tomato lycopene concentrate may be safely used for coloring foods generally in amounts consistent with good manufacturing practice, except that they may not be used to color foods for which standards of identity have been issued under section 401 of the act unless the use of added color is authorized by such standards.
Influencing Trend:
Increased Ecommerce Market is growing the demand for Lycopene market and Rising consumption of healthy ingredients and coloring agent
Market Growth Drivers:
Growing Heath awareness amongst people as Lycopene have Antioxidant properties in it and Increasing the Demand for Food & Beverages, Pharmaceuticals, and Cosmetics
Challenges:
Some of the Harmful Side Effects Associated with Lycopene can be a hindrance and Strict Government Norms Regarding the Food Safety
Restraints:
Use of Inorganic Chemicals in ready-made Lycopene can affect the market
Opportunities:
Advancement in Technology and Acceptance of Lycopene in Emerging economies will create market opportunities
Key Target Audience
Lycopene Manufacturers, Lycopene Distributors and Suppliers, Lycopene International Traders, Lycopene Industry Associations, Research and Development Institutes, Financial Institutes and Venture Capital and Others