The report “Lycopene Market by Source (Synthetic and Natural), Application (Dietary Supplements, Food, Pharmaceuticals, and Personal Care Products), Form (Beadlets, Oil Suspension, Emulsifiers, and Powder), Property, and Region – Global Forecast to 2025″, The global lycopene market size is projected to reach USD 161 million by 2025, from USD 126 million in 2020, recording a CAGR of 5.0% during the forecast period. Lycopene’s distinct health benefits aiding in the prevention of several human health diseases has resulted in high demand from the dietary supplement industry, as a health ingredient, thereby driving the lycopene market’s growth potential during the forecast period.
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Dietary supplements to record the highest CAGR during the forecast period
The demand for dietary supplements is on the rise in developed and developing countries among the millennial population. Lycopene constitutes to be a key ingredient in the dietary supplements consumed by an individual daily. Also, industry experts foresee the adoption rate for dietary supplements to increase the most in the next five years. Hence, lycopene’s key role in the dietary supplement application because of its distinct health benefits is expected to bolster the growth during the forecast period between 2020 and 2025.
Beadlets to be the most preferred form of lycopene in the global market
The beadlets form of lycopene accounted for the largest share in the lycopene market in 2019 and is projected to follow the same trend through the forecast year until 2025. Beadlets are the most commonly used form of lycopene by an array of industries globally, as it comprises the highest content of lycopene concentrate. Among all the other forms such as oil suspension, powder, and emulsion, the beadlet form is observed to be produced by most of the lycopene manufacturers, resulting in higher demand for it. Thus, demand and supply side, both favoring the beadlet form of lycopene, resulting in its dominance in the market during the forecast period.
In terms of source, synthetic lycopene accounted for the dominant share in the market
Synthetic source lycopene is targeted by most of the manufacturing companies due to a number of factors including lower cost of production, simpler processing, and its easy and wide applications in various industries. Furthermore, the synthetic source lycopene is widely available, resulting in its leading market share. However, the changing consumer trends toward healthier lifestyles result in higher demand for natural products cause of the health-related benefits offered. Hence, the natural source lycopene is projected to exhibit the highest CAGR in the lycopene market during the forecast period.
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The increasing demand for lycopene in the European region due to its growing number of the aging population supported its region-wise dominance in 2019.
Europe comprises the highest number of the aging population. Italy and Germany collectively comprise 32.1% of the total population aging 65 and above. According to experts in the lycopene industry, lycopene aids in the treatment of cataracts occurring in the older population across the globe. Furthermore, lycopene also exhibits anti-aging properties, aiding in the prevention of wrinkles. Hence, the growing aging population in the region is driving the demand for lycopene due to its distinct functionalities, bolstering Europe’s market share, globally, throughout the forecast period.
Key players operating in this market include Allied Biotech Corporation (China), Lycored (Israel), DSM (Netherlands), Wellgreen Technology Co Ltd (China), Divis Labs (India), San-Ei Gen F.F.I., Inc (Japan), Dangshang Sannuo Limited (China), DDW (US), Dohler (Germany), Farbest Brands (US), Zhejiang NHU CO. Ltd (China), EID Parry (India), Shaanxi Kingsci Biotechnology Co. Ltd (China), Vidya Herbs (India), Xi’an Pincredit Biotech Co Ltd (China), Hunan Sunshine Bio-Tech Co.Ltd (China), Xi’an Natural Field Bio-Technology Co.,Ltd (China), Plantnat (China), SV AgroFoods (India), and Plamed Green Science Group (China).
- 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
- 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.
- In June 2019, DDW (US) The Color House acquired the natural color business from DuPont’s Nutrition & Biosciences division to expand its global reach and also to add manufacturing and technical attributes in new natural colors.