Lycopene Market to Reach $187.3 Million, Globally, by 2030 at 5.2% CAGR: Allied Market Research

Surge in demand for lycopene in healthcare, food and beverage industries drives the growth of the global lycopene market.

PORTLAND, Ore., Sept. 8, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Lycopene Market by Form, (Powder and Others), Nature (Natural and Synthetic), and Application (Food and Beverage, Nutraceuticals and Pharmaceuticals, and Cosmetics and Personal Care): Global Opportunity Analysis and Industry Forecast, 2021–2030". According to the report, the global lycopene industry generated $107.2 million in 2020, and is anticipated to generate $187.3 million by 2030, witnessing a CAGR of 5.2% from 2021 to 2030. 

Prime determinants of growth

Surge in demand for lycopene in healthcare, food and beverage industries drives the growth of the global lycopene market. However, low stability of lycopene and availability of several other sources for red food coloring hinder the market growth. On the other hand, rise in consumer demand for clean label products presents new opportunities in the coming years.

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Covid-19 Scenario

• The outbreak of the Covid-19 pandemic led to global lockdown which witnessed financial losses and significant uncertainties in business operations of the overall lycopene industry.
• Due to imposed lockdown, production facilities were closed and the supply chain was disrupted, which in turn, impacted both the demand and supply of the lycopene negatively.

The powder segment to maintain its leadership status throughout the forecast period

Based on type, the powder segment held the highest market share in 2020, accounting for nearly three-fourths of the global lycopene market, and is estimated to maintain its leadership status throughout the forecast period. This is due to rise in its usage as a component in nutraceutical industries to make natural pills and tablets and as a coloring agent that imparts red color to many types of processed and packaged foods. Moreover, this segment is projected to manifest the highest CAGR of 5.5% from 2021 to 2030, while the others segment projected to have CAGR of 4.3% from 2021 to 2030.

The synthetic segment to maintain its lead position during the forecast period

Based on form, the synthetic segment accounted for the largest share in 2020, contributing nearly two-thirds of the global lycopene market, and is projected to maintain its lead position during the forecast period. This is due to surge in demand for lycopene, rise in consumer preference and awareness regarding their health benefits associated with natural lycopene. However, the natural segment is expected to portray the largest CAGR of 5.9% from 2021 to 2030, owing to rise in demand for lycopene food color in various applications such as bakery & confectionery, dairy, seafood, and meat products.

Europe, followed by North America, to maintain its dominance by 2030

Based on region, Europe, followed by North America, held the highest market share in terms of revenue 2020, accounting for more than one-third of the global lycopene market. This is due to rise in usage of lycopene in the manufacture of confectionery and bakery goods. However, the Asia-Pacific region is expected to witness the fastest CAGR of 6.5% during the forecast period.

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Leading Market Players:-

• Allied Biotech Corporation,
• Archer-Daniels-Midland Company,
• AromataGroup SRL,
• BASF SE,
• Divis Laboratories Ltd.,
• Doehler Group SE,
• ExcelVite,
• Givaudan International SA,
• Kalsec Inc.,
• Koninklijke DSM N.V.
• Chr Hasen A/S,
• DDW The Color House,
• International Flavors & Fragrances Inc.,
• Sensient Technologies Corporation,
• Cyanotech Corporation,
• Kemin Industries, Inc.

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