Global Lycopene Market Report, Ongoing Trends, Growth Factors, Negative Factors, Opportunities, Untapped Markets, Strategies and Developments, Product Segments, and Forecast 2019 – 2028

“Global Lycopene Market Insights, Drivers, Restraints, Growth Forecast to 2028” is a recently generated report by the MarketResearch.biz research analyst team. The global lycopene market report has been segmented on the basis of nature, form, end-use application, and region and country.

Lycopene: Product Overview

Lycopene is natural pigment that gives some vegetables and fruits their red color. Scientifically, it is known as carotenoid, which is found in red vegetables and fruits such as tomatoes, red carrots, watermelons, papayas, and Gac, however, it is not present in cherries and strawberries.

Lycopene Market: Driving and Hindering Factors

Lycopene is an antioxidant and has various applications in food, pharmaceutical, animal nutrition, and functional food industries. Lycopene is one of the non-toxic pigment colors, therefore, it is widely used in the food industry. In addition, increasing demand for organic products is resulting in rising focus of manufacturers to develop organic-based products such as organic lycopene that are aligned with consumer requirements. The aforementioned are major factors expected to drive revenue growth of the global lycopene market over the 10-year forecast period. Increasing prevalence of prostate cancer, coupled with rising awareness regarding benefits of lycopene and related products for curing prostate cancer to a certain extent is anticipated to boost target market growth as lycopene can induce apoptosis and can inhibit proliferation of cancer cells. Growing demand for natural-based cosmetics, coupled with growing concerns about beauty among individuals is expected to fuel market growth.

Availability of substitutes such as other synthetic coloring agents at reasonable cost and lack of awareness about benefits and applications of lycopene are major factors that could restrain growth of the global lycopene market.

Lycopene Market Analysis by Segment

By Nature:

Among the type segments, the organic lycopene segment is expected to grow at a significant rate in the global lycopene market, due to increasing awareness and demand for organic food and natural products, as organic-based lycopene products have anti-cancer properties that protect against degenerative diseases, and organic lycopene is made by using natural solvents and natural raw materials.

By Form:

Among the form segments, the liquid form segment is anticipated to account for moderate share in terms of revenue in the target market. The powdered form of lycopene is expected to gain popularity in the years to come and support growth of the powder form segment.

By End-use Application:

Among the segments based on scope of applications, the food end-use segment is expected to account for the highest revenue share, owing to its applications such as food coloring agents. The pharmaceutical application segment is projected to register the notable revenue growth rate in the global lycopene market over the 10-year period. In addition, lycopene acts as an anti-oxidant that can be used for treatment of carcinogenic disorders. Lycopene is also used in development of drugs that are used in treatment of cancer and cardiovascular diseases.

Lycopene Market Analysis by Region

The Europe market is projected to register the highest CAGR in the global lycopene market over the forecast period, owing to increasing number of prostate cancer patients in countries in the region. The Europe market is expected to be followed by the North America market in terms of revenue share, due to growing adoption of lycopene as ingredient in the meat industry, along with inclining demand for healthy and natural colorants. Factors driving growth of the North America market include favorable reimbursement policies by governments in countries in the region, and well-developed healthcare infrastructure. The Asia Pacific market is projected to register moderate growth rate in the global lycopene market, due to increasing awareness regarding organic products and widespread usage of cosmetics by individuals across the globe. The LA and MEA markets are anticipated to grow at a moderately steady growth rate in the 10-year period (2019 – 2028). This is due to steadily growing food and pharmaceuticals industries in both the regional markets and high consumption of meat products in Middle East market.

Global Lycopene Market Segmentation:

Segmentation based on Nature:

• Synthetic Lycopene
• Organic Lycopene

Segmentation based on Form:

• Powder
• Liquid

Segmentation based on End-use Application:

• Food
• Pharmaceutical
• Cosmetics
• Others

Segmentation based on Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa