Tomato Lycopene Market driven by growing awareness of health benefits
The tomato lycopene market involves the extraction of lycopene from tomatoes through biological and chemical processes to obtain highly concentrated lycopene mixtures that can be consumed through dietary supplements or fortified foods. Lycopene is a naturally occurring antioxidant that gives tomatoes their red color and has been found to provide multiple health benefits like reducing the risk of certain cancers, lowering cholesterol levels, preventing macular degeneration and boosting heart health. The growing consumer awareness regarding the numerous health advantages of Tomato Lycopene Market Demand is driving greater demand for tomato-based lycopene extracts and dietary supplements, thus propelling the global tomato lycopene market forward.
The global tomato lycopene market size was valued at US$ 124.6 Mn in 2023 and projected value US$ 188.3 Mn by 2030 and is expected to register a CAGR of 6.1% during the forecast period, 2023-2030.
Key Takeaways
Key players operating in the tomato lycopene market are GlaxoSmithKline plc, Johnson & Johnson, Pfizer Inc., Novartis AG, AstraZeneca PLC, Sanofi S.A., Merck & Co., Inc., Teva Pharmaceutical Industries Ltd., Mylan N.V., Perrigo Company plc, Prestige Consumer Healthcare Inc., NeilMed Pharmaceuticals, Inc., Church & Dwight Co., Inc., Navage, Inc., Xlear, Inc. Large companies like Lycored, Shaanxi Huike Botanical Development Co. Ltd and Jamieson Laboratories are also some of the prominent players in this market.
The global demand for tomato lycopene has been growing significantly owing to the rising health awareness among consumers and widening array of lycopene-fortified food products. Tomato lycopene finds extensive usage in dietary supplements, beauty products, food and beverages industries due to its antioxidant properties. As research continues to uncover new health benefits of lycopene, its demand for nutritional and medicinal purposes is anticipated to scale further.
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