Lycopene is a carotenoid and phytonutrient substance which is found in the tomato species known as Solanum lycopersicum, mostly present in Central and South America regions. Lycopene is primarily present in red fruits and vegetables which includes tomatoes, watermelon, papaya, guava, sweet red peppers, mango, carrots, red cabbage, and pink grapefruits. Lycopene is found in high amounts in tomato and tomato-based products as compared with other fruits and vegetables. Lycopene is an essential compound which is responsible for the red color in these foods. Lycopene is an essential antioxidant for human body which helps in protecting from degenerative diseases. Lycopene also helps in prevention of DNA damage in the cells along with helping them to function better in the body. Lycopene present in the blood and fatty tissues in the body reduces the risk of cancer, heart disease and age-related macular degeneration. Lycopene is useful in protection against stomach, colon, and lung and skin cancer. Lycopene helps in reducing the risk of arteriosclerosis and protects skin from UV damage exposure. Lycopene is mostly used in creams and lotions for anti-aging.
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Global Lycopene: Market Segmentation
The global lycopene market is segmented on the basis of type, application and region. The lycopene market is segmented on the basis of type mainly into synthetic lycopene and organic lycopene. The synthetic lycopene is made by using chemical solvents and synthetic raw materials, whereas organic lycopene is made by using natural solvents and natural raw materials.
The lycopene market is segmented on the basis of application type in which lycopene is used in applications such as cosmetics in creams and lotions, pharmaceuticals in tablets and capsules, food coloring agent in food products such as ready-to-eat meat products, beverages, nutritional bars, dietary supplements and dairy products. Hence, the global lycopene market is expected to significantly increase the revenue contribution over the forecast period.
Global Lycopene Market: Regional Outlook
Geographically, the global lycopene industry can be divided by major regions which include North America, Latin America, Europe, Asia Pacific, Middle East and Africa. Globally, among all regions, Europe has developed as the most dominant region in global lycopene market followed by North America. Increasing usage of lycopene in meat industry coupled with rising demand for natural colorants, has strengthened the growth of global lycopene market and hence is projected to significantly expand the revenue contribution of the market over the forecast period.
Global Lycopene Market: Growth Drivers
The global lycopene market driving factors are increasing demand for organic-based lycopene products which contains anti-cancer properties that protects against degenerative diseases. The other driving factor for lycopene market is the rising demand for natural colorants in ready-to-eat meat products, coupled with the expansion of end-use applications of lycopene in food and beverage industries, cosmetics and pharmaceuticals. Along with increasing usage of lycopene in various industries, the global lycopene market is expected to observe robust growth over the forecast period.
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Global Lycopene Market: Key Players
Some of the key players identified across the value chain of the global Lycopene market include DSM, Hoffmann-La Roche Ltd, BASF, General Nutrition Center, Lycored, Jamieson, NBTY, Kagome, Bayer AG and Shaanxi Huike Botanical Development Co. Ltd. The companies are expected to expand their business by enhancing their product portfolio in global Lycopene market. The companies are projected to frame certain strategies in future in order to gain the competitive advantage in global Lycopene market till 2024.