The global lycopene market is projected to grow at a favorable rate from 2021 to 2031 (forecast period). Growing demand for organic-based lycopene products with anticancer capabilities that guard against diseases is expected to boost the worldwide lycopene market during the forecast period. Moreover, the increased demand for natural colorants in ready-to-eat meat products, together with the strong usage of lycopene in end-use industries such as food and beverage, pharmaceuticals, and cosmetics, is another aspect projected to propel the global lycopene market. As a result, the global lycopene market is anticipated to expand rapidly throughout the forecast period.
Leading players in the lycopene market are Hoffmann-La Roche Ltd, Jamieson, DSM, BASF, Lycored, General Nutrition Center, NBTY, Kagome, Shaanxi Huike Botanical Development Co. Ltd, and Bayer AG.
To increase their global reach, key market players are actively exploring marketing tactics such as acquisitions, collaborations, technological innovations, R&D activities, and investments.
The surge in the incidence of prostate cancer is expected to be one of the key factors driving the sales of lycopene market. Prostate cancer is the second most frequent cancer among men worldwide, as per data from the World Cancer Research Fund International.
In 2019, there were 1.5 million new cases of prostate cancer. Lycopene has been found in some research to have anticancer effects. Lycopene has the ability to cause apoptosis and decrease cancer cell growth. Hence, lycopene's anticancer properties aid in the treatment and prevention of prostate cancer. As a result, the rising prevalence of prostate cancer is expected to drive the global lycopene market. Lycopene is also beneficial to cardiovascular health. The rising prevalence of cardiovascular disorders is expected to raise the demand for substances that promote heart health. As a consequence, the usage of lycopene in the dietary supplement and pharmaceutical industries to prevent and treat prostate cancer and heart disease is likely to grow.
Moreover, the growing demand for natural cosmetic products is projected to boost the demand for lycopene. The customer preference for natural personal care products has increased in recent years as a result of enhanced awareness about the negative impacts of the chemicals used in cosmetics. Lycopene is an ideal natural element for the creation of natural cosmetic products. Lycopene possesses antioxidant characteristics that safeguard the skin from damage, enhance skin elasticity and texture, and assist in better skin moisturization.
As a result, the growing customer preference for natural products is expected to bolster the global lycopene market growth. Furthermore, the increase in demand for sunscreen products is anticipated to propel the global lycopene market. Lycopene is an efficient pigment that shields the skin from UV radiation damage. As a result, producers can create sunscreen lotions using lycopene.
The lycopene market is projected to witness substantial growth in Asia Pacific during the forecast period. This is mainly due to the existence of lycopene manufacturing businesses in the region. Furthermore, tomato production in the region is the highest of any location in the world, resulting in reduced raw material costs. Moreover, as a result of the advancement of technology and the abundance of raw materials, manufacturers are able to make and provide lycopene to a variety of industries at a low price, giving them a competitive edge over rivals in other locations. Additionally, high awareness of the advantages of lycopene in the dietary supplement, food, and personal care & cosmetic applications is expected to raise the demand for lycopene, leading to greater exports from the region's surplus lycopene production.
Europe is expected to contribute significantly to the global lycopene market throughout the projected period due to the rising incidence of prostate cancer and increased awareness about the pharmacological benefits associated with lycopene in the treatment of prostate cancer.
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Lycopene Market
*86 figures and 60 tables includes