Lycopene Market

Growing demand for natural and organic products is driving the market growth

Additionally, the lycopene market is witnessing a surge in applications within the nutraceutical and cosmeceutical industries. As researchers uncover more health benefits, lycopene is being incorporated into dietary supplements, functional foods, and skincare products. Its antioxidant properties make it a valuable ingredient for promoting skin health and preventing oxidative stress-related issues. This dual application in both health and beauty sectors is contributing to the market's growth.

Ongoing research and development activities are focused on enhancing the stability, bioavailability, and formulation of lycopene. Innovations such as microencapsulation techniques and novel delivery systems are being explored to improve lycopene's effectiveness and absorption. These advancements aim to address challenges related to lycopene's stability in various formulations, ensuring that consumers can harness its health benefits more efficiently. As a result, the market is witnessing a dynamic landscape with continuous efforts to optimize lycopene-based products. For instance, in January 2018, E.I.D.

Parry (India) entered into a partnership with Synthite Industries Ltd to synergize the company's marketing strength in its human nutrition segment. Thus, driving the lycopene market revenue.

The increasing awareness regarding health and wellness among consumers appears to be a primary driver for the Global Lycopene Market Industry. As individuals become more conscious of their dietary choices, the demand for natural antioxidants like lycopene is likely to rise. Lycopene, primarily found in tomatoes and other red fruits, is associated with various health benefits, including potential cancer prevention and heart health. This trend is reflected in the projected market size of 0.16 USD Billion in 2024, indicating a growing consumer preference for health-oriented products. Consequently, manufacturers are likely to focus on incorporating lycopene into functional foods and dietary supplements.

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American lycopene market area will dominate this market, owing to robust demand for natural and functional ingredients in the food, nutraceutical, and cosmetic industries aligns with the growing popularity of lycopene will boost market growth in this region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2: LYCOPENE MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe lycopene market accounts for the second-largest market share due to the focus on healthy living and wellness, witnesses a significant demand for natural and functional ingredients in various consumer products. Further, the German lycopene market held the largest market share, and the UK lycopene market was the fastest growing market in the European region

The Asia-Pacific Lycopene Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to rising awareness about health and nutrition, coupled with an increasing focus on preventive healthcare. Moreover, China’s lycopene market held the largest market share, and the Indian lycopene market was the fastest growing market in the Asia-Pacific region.

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the lycopene market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, lycopeneindustry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the lycopene industry to benefit clients and increase the market sector. In recent years, the lycopene industry has offered some of the most significant advantages to medicine. Major players in the lycopene market, including GNC Holdings, LLC, DSM, Lycored, Jamieson Laboratories, BASF SE, Wellgreen Technology Co., Ltd., Chr. Hansen Holding A/S., and others, are attempting to increase market demand by investing in research and development operations.

E.I.D. Parry is a renowned company based in India with a significant presence in the agriculture and bioproducts sectors. Established in 1788, the company has a rich history and has evolved into a diversified conglomerate. E.I.D. Parry is part of the Murugappa Group, one of India's leading business conglomerates. The company is engaged in various businesses, including sugar, nutraceuticals, and bio-products. With a commitment to sustainability and innovation, E.I.D. Parry continues to contribute to the agricultural and nutritional sectors, playing a crucial role in India's economic development. In September 2018, E.I.D.

Parry (India) acquired Alimtec S.A. (Chile), which is a part of Bayer Group (Germany), to strengthen its nutraceutical business.

E.I.D. Parry is a renowned company based in India with a significant presence in the agriculture and bioproducts sectors. Established in 1788, the company has a rich history and has evolved into a diversified conglomerate. E.I.D. Parry is part of the Murugappa Group, one of India's leading business conglomerates. The company is engaged in various businesses, including sugar, nutraceuticals, and bio-products. With a commitment to sustainability and innovation, E.I.D. Parry continues to contribute to the agricultural and nutritional sectors, playing a crucial role in India's economic development. In September 2018, E.I.D.

Parry (India) acquired Alimtec S.A. (Chile), which is a part of Bayer Group (Germany), to strengthen its nutraceutical business.