by Tomato lycopene is an antioxidant found primarily in tomatoes and tomato products. The global health benefits of lycopene have positively contributed to a growing awareness among consumers. Lycopene is known to reduce the risk of certain types of cancer including prostate, lung and stomach cancers. It is also effective against cardiovascular diseases and acts as an anti-aging agent. Tomato lycopene supplements are commonly consumed to support heart, immune and eye health. Food and beverage manufacturers are increasingly incorporating tomato extracts high in lycopene into various products like sauces, soups, dry mixes, juice blends and dietary supplements.
The global tomato lycopene market is estimated to be valued at US$ 124.6 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing Prevalence of Chronic Diseases (This driver is refered from the heading). Rising levels of pollution, sedentary lifestyles and unhealthy dietary patterns have contributed significantly to a growing chronic disease burden across both developed and developing regions. Diseases like cancer, heart disease, diabetes and obesity which have strong associations with oxidative stress related damage are on the rise. Lycopene which is a powerful antioxidant found in tomatoes has demonstrated protective effects against these conditions. This has increased the demand for lycopene supplements as a preventive healthcare measure.
Growing Awareness about Health Benefits of Lycopene
Extensive research on tomato lycopene and its various health advantages have promoted better recognition of this nutrient in recent years. Media coverage on lycopene rich diets and their link to reduced disease risk has educated consumers. Manufacturers have capitalized on this heightened knowledge by highlighting lycopene content on product labels and promoting its formulations as superfoods. The market is witnessing expansion in line with escalating awareness regarding lycopene’s role in maintaining optimum wellness.
Segment Analysis
The global tomato lycopene market is dominated by the food and beverage segment. The food and beverage segment accounts for around 60% of the total tomato lycopene market share. This is because tomato lycopene is widely used as a natural colorant and flavoring agent in various food products like canned foods, baked goods, juices, and other beverages. The dietary supplements sub-segment is also growing significantly owing to rising health consciousness among consumers and increasing awareness about the various health benefits of lycopene.
PEST Analysis
Political: The government regulations regarding the use of natural colorants and ingredients in the food industry are supporting the growth of the tomato lycopene market. However, stringent regulations related to the cultivation of GM tomatoes can slightly impact the market.
Economic: Rising disposable income, growing working population, and rapid urbanization in emerging economies are fueling the demand for processed and convenience food products, which is driving the tomato lycopene market.
Social: Changing consumer preferences towards healthier and natural food options along with increasing awareness about the various health benefits of lycopene-rich foods are propelling the market growth.
Technological: Advancements in extraction techniques are helping manufacturers to produce high-quality tomato lycopene concentrates and powders at lower costs. New technologies are also assisting players to develop novel application areas.
Key Takeaways
Global Tomato Lycopene Market Size is expected to witness high growth at a CAGR of 6.1% during the forecast period of 2023 to 2030. The market size is projected to reach US$ 206.3 Mn by 2030 from US$ 124.6 Mn in 2023.
Regional analysis: North America dominates the global market and accounts for around 35% share owing to rising health-conscious population. Asia Pacific is anticipated to witness fastest growth during the forecast period owing to rapid growth of food processing industry in countries like China and India.
Key players: Key players operating in the tomato lycopene market are DSM Nutritional Products, Lycored, Lycored SARL, FutureCeuticals, Vidya Herbs, Allied Biotech Corporation, Avestia Pharma, Xi’an Green Source Co., Ltd., Beijing Gingko Group (BGG), Shaanxi Jiahe Phytochem Co., Ltd. These players are focusing on new product launches and expansion of production facilities to strengthen their global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
