Lycopene Market

Market Overview

The Lycopene Market Size will grow at a CAGR of 2% during the forecast period.

Lycopene is a phytonutrient and carotenoid substance, which is dominantly found in Solanum Lycopersicum, a species of tomato that is found in the region of Central and South America. The product is also an antioxidant and functions as a protecting agent for the human body from compounds, such as free radicals. Lycopene has the capability to prevent diseases, such as cancer (cervical cancer, breast cancer, skin cancer, bladder cancer, digestive tract cancer, and prostate cancer), osteoporosis, cardiovascular diseases, hypertension, and male infertility, among others.

Lycopene is also used considerably in the food and beverage, pharmaceutical, and cosmetic sectors. L’Oreal Paris, one of the leading cosmetic brands, uses lycopene in its products as it provides skin texture, skin moisturization, superficial skin structure, and skin elasticity, and other similar benefits. However, excessive consumption of lycopene can cause some side-effects such as nausea, stomach and gas problems, and diarrhea, which restricts the market growth.

Market Dynamics

Rising Demand for Lycopene Based Dietary Supplements to Boost the Market Growth

Lycopene encompasses a myriad of benefits and can be used for the treatment of high cholesterol and high blood pressure. Its strong health benefits are one of the primary reasons for its use in dietary supplements. Rapid urbanization and industrialization, sedentary lifestyle, technological advancements, increasing health consciousness, and growing desk jobs has surged the dietary needs of the consumers.

Cancer is one of the leading causes of deaths across the globe; as per the World Health Organization (WHO), an estimated 9.6 million deaths occurred due to cancer in 2018. Lycopene has been known to contain elements that are useful in fighting cancer, and its presence in dietary supplements bolsters the market growth.

Increasing Awareness about the Benefits of Lycopene in Personal Care Products Drives the Market Growth

Lycopene is a dietary antioxidant that prevents photodamage, which is further rising its use in the manufacturing of personal care products. Rising consumer consciousness regarding appearance has surged the demand for several personal care and cosmetic products. In 2017, the total imports of beauty products were around USD 44.5 billion, whereas in 2018, the number reached USD 53 billion, as per the Observatory of Economic Complexity (OECD). In line with this, the manufacturers of beauty care and cosmetics are actively promoting their lycopene based products on social media to boost their sales and increase brand awareness. Lastly, rapid urbanization and increasing levels of pollution have surged the demand for personal care products.

Regional Analysis

Strong Supply Chain and Rising Awareness about the Benefits of Lycopene Drives Asia-Pacific’s Market Growth  

Asia-Pacific is anticipated to witness the highest growth during the forecast period as the region is backed by the presence of lycopene, low-cost labor force, and increasing consumer spending. The development of advanced manufacturing technologies has enabled the region to establish a strong domestic and international supply chain. Rising awareness about the benefits of lycopene in dietary supplements, food, cosmetics, and personal care applications drives the regional market growth.

North America and Europe too are likely to witness significant growth rate. Relatively high income and rapid product development is likely to lead to higher consumption of products containing lycopene in these regions. The lycopene market in the region of North America will primarily be driven by the U.S. The U.S. is among the largest consumer economies in the world, with trade relations with almost every economy. In addition to this, the demography of the U.S. consists of a significantly higher number of older populations. The older generation is exposed to several illnesses such as cancer, heart ailments, among other diseases. In addition to this, the older generation is economically well financed through various social and welfare schemes, which makes the consumption of various forms of lycopene affordable for them. Canada is another country which has been witnessing steady economic growth over the past several years. In addition to this, it has also become one of the most favored destinations for the immigrants to settle down, owing to its relatively immigration friendly facilities. This has also led to its economic growth and has added potential consumers for lycopene products. Moreover, North America has one of the highest strategic pharma partnerships in the international pharmaceutical sector. These aspects are likely to aid in the robust growth of the lycopene market in North America.

Segmental Analysis

Based on Type

The market is segmented into synthetic lycopene and natural lycopene. The natural lycopene holds the highest market share. Based on formulation, the market is segmented into powder, beadlets, emulsion, and oil suspension. Beadlets segment is anticipated to hold the dominant share in the lycopene market. Availability of lycopene tablets and capsules is likely to boost the growth of this market segment. Lycopene beadlets is dark red in colour and has beadlets which are free flowing and made up of natural lycopene obtained from the fruit lycoperisicon esculentum. One of the main players actively involved in the production of these beadlets is Stauber Performance Ingredients, Inc. The presence of large players, such as Stauber, is likely to increase the market penetration of this product type in the lycopene market

Based on End Use

It is segmented into colouring agent and health ingredient. Health ingredient end use is anticipated to hold the highest market share owing to the increasing demand for products related to health and dietary improvement. A significant section of the consumer has been actively looking at improving their health and immune systems. As mentioned earlier, lycopene is one of the most potent antioxidants which includes an array of health benefits such as lowering the risk of certain cancer types, protection from the harmful rays of sun, and it considerably improves heart condition. With the increase in leading a sedentary lifestyle and the added work pressure, the risk of heart related ailments have increased significantly and the availability of lycopene as an health ingredient is likely to have positive effects on the growth of the lycopene market.