Tomato Lycopene Market is Estimated to Witness High Growth Owing to Increasing Health Consciousness
Tomato lycopene is a powerful antioxidant extracted from tomatoes that helps reduce the risk of developing cancer and heart diseases. It is used in various food applications such as beverages, dairy products, processed food and nutraceuticals to provide health benefits. Tomato lycopene products come in various forms including powder, capsules and liquid solution.
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:
One of the key drivers for the growth of the tomato lycopene market is the increasing health consciousness among consumers globally. There is a rising demand for natural products that provide medicinal values and health benefits. Tomato lycopene supports heart and eye health along with providing antioxidant protection against various types of cancers. Another factor fueling the demand is growing application of tomato lycopene in functional food & beverage sector. Manufacturers are increasingly utilizing tomato lycopene extracts in various processed food products such as yogurt, juice and breakfast cereals and marketing them as products that support immune health which is attracting health-conscious consumers. However, high costs of production and short shelf-life of tomato lycopene products are some of the factors expected to hamper the market growth.
SWOT Analysis
Strength: Tomato lycopene has several health benefits such as reducing cancer risks and protecting against heart disease.The rising demand for natural colorants in food and cosmetics industry drives the tomato lycopene market. It has high antioxidant properties that prevent oxidation and degradation of foods.
Weakness: Dependence on climatic conditions for producing tomatoes can affect the supply of tomato lycopene. High costs associated with extraction technologies limits the price points of products.
Opportunity: Growing health concerns regarding lifestyle diseases spur demand for health-promoting ingredients. Extensive research on applications of tomato lycopene in treatment of other diseases will expand the market size.
Threats: Availability of alternative natural carotenoids can replace tomato lycopene in end use applications. Stringent regulations pertaining to the use of synthetic colors hamper market growth.
Key Takeaways
Global Tomato Lycopene Market Size is expected to witness high growth. It was valued at US$ 124.6 Mn in 2023 and is projected to reach US$ 215.5 Mn by 2030, registering a CAGR of 6.1% during the forecast period.
Regional analysis
North America dominates the global tomato lycopene market and accounted for over 30% of the overall market share in 2023. Rising health consciousness among consumers drives the demand for natural ingredients. Europe is the second largest market for tomato lycopene owing to increasing application in cosmetic industry. Asia Pacific exhibits the fastest growth due to growing middle class population and expanding retail sector in 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.. DSM Nutritional Products and Lycored are the leading manufacturers with strong global presence across Europe and North America. FutureCeuticals and Vidya Herbs cater to the domestic markets in the US and India respectively.
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