Tomato lycopene is a bright red carotenoid pigment found in tomatoes and other red fruits and vegetables. It possesses antioxidant properties that protect against DNA damage. Tomato lycopene is used as an ingredient in supplements, beverages, and food products owing to its various health benefits such as reducing the risk of cancer, cardiovascular diseases, age-related macular degeneration, and promoting prostate health.
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 key trends:
The increasing awareness about various health benefits of consuming lycopene-rich products has been a major driving factor for the tomato lycopene market. Several clinical studies have proven that regular consumption of lycopene-rich foods or supplements can significantly reduce the risk of various types of cancers including prostate, lung and colorectal cancer. It also protects against cardiovascular diseases by lowering cholesterol levels and reducing oxidative stress. Rising health concerns and changing lifestyle among consumers has increased the demand for healthy and nutritious food and beverage products incorporating natural ingredients like tomato lycopene. This growing health-conscious consumer base is expected to support the market growth over the forecast period.
Segment Analysis
The global tomato lycopene market is dominated by the food and beverage segment. Lycopene is primarily used in various food products such as ready-to-drink beverages, confectioneries and bakery items. This is because lycopene acts as a natural coloring and flavoring agent in food products. Moreover, rising demand for tomato-based beverages and food products has propelled the growth of the food and beverage segment in the market.
Key Takeaways
Global Tomato Lycopene Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market is projected to grow at a CAGR of 6.1% during this period. By 2030, the market size is estimated to reach US$ 213.6 Mn.
Regional analysis
North America dominates the global tomato lycopene market and accounted for over 30% of the overall market share in 2023. This is attributed to increased consumption of processed tomato-based products in the U.S. and Canada. Europe is another major region for tomato lycopene and is expected to maintain its lead position during the forecast period due to rising health consciousness among consumers in countries like Germany, Italy and the UK.
Asia Pacific is projected to be the fastest growing market between 2023-2030 with countries such as China and India displaying high growth rates. This growth can be attributed to changing food preferences and growing awareness about the benefits of lycopene in these countries.
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 maintains a leading position in the global market owing to their robust product portfolio and strong distribution network across major markets. Other key players are focusing on expanding their production capacities and entering emerging economies to further strengthen their positions in the tomato lycopene market.
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