Lycopene Market Outlook
Lycopene is a red colored carotenoid pigment which is present in high amounts in tomatoes and other red fruits. Lycopene is a potent antioxidant, and thus, has application in various industries such as food, beverage, dietary supplement, functional foods, animal nutrition, cosmetics, and pharmaceutical. Lycopene is non-toxic and has a strong colour, and is therefore used as a food colouring agent. As the demand for organic products is increasing, the manufacturers in various industries are trying to develop organic products that are aligned with the consumer requirements. Thus, some manufacturers have developed organic lycopene which can be further utilized by the other industries in the formation of organic products.
Rising Consumer Inclination towards the Use of Natural Products Creates a Positive Impact on Lycopene Market
The rise in the prevalence of prostate cancer is anticipated to serve as one of the major drivers for the increase in the demand for lycopene. According to the data provided by the World Cancer Research Fund International, the second most common cancer in men all across the world is prostate cancer. In 2018, 1.3 million new prostate cancer cases were recorded. Some studies have shown that lycopene has anticancer properties. Lycopene can induce apoptosis and can inhibit the proliferation of cancer cells. Thus, the anticancer property of the lycopene helps in the prevention and treatment of prostate cancer. Therefore, the increasing frequency of prostate cancer is estimated to drive the lycopene market. Lycopene also supports cardiovascular health. The increase in the occurrence of cardiovascular diseases is anticipated to increase the demand for ingredients that support heart health. Therefore, the use of lycopene is anticipated to increase in the pharmaceutical and dietary supplement industry to prevent and cure heart diseases and prostate cancer.
The increasing demand for natural cosmetic products is expected to increase the sales of lycopene. In recent years, the consumer inclination towards the use of natural personal care products is rising due to an increase in the awareness about the side-effects of the chemicals used in cosmetics. Thus, lycopene serves as an excellent natural ingredient in the development of natural cosmetic products. Lycopene has antioxidant properties that protect the skin from damage, it aids in better skin moisturization, and improves skin texture and elasticity. Therefore, the increasing consumer inclination towards natural products is estimated to boost the lycopene market. Also, the rise in the demand for sunscreen products is estimated to propel the lycopene market. Lycopene is an effective pigment that protects the skin from the damage by the U.V. rays. Thus, manufacturers can develop sunscreen products using lycopene.
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Lycopene Market Segmentation
The lycopene market can be segmented on the basis of nature, form, and end-use –
The lycopene market can be segmented on the basis of nature as:
The lycopene market can be segmented on the basis of the form as:
The lycopene market can be segmented on the basis of the end-use as:
- Food and Beverage
- Dietary Supplements and Functional Foods
- Pharmaceutical Industry
- Cosmetic and Personal Care
- Animal Nutrition
Lycopene Market: Regional Analysis
The demand for lycopene is estimated to increase in the Europe region. The increasing number of prostate cancer patients is one of the drivers for the rise in demand for lycopene. According to the World Cancer Research Fund International, Guadeloupe had the highest rate of prostate cancer in 2018. Martinique and New Caledonia also have a high occurrence of prostate cancer. Therefore, the demand for lycopene is anticipated to increase in the Europe region due to its potential in the treatment and prevention of prostate cancer.
Lycopene market is anticipated to increase in the Asia Pacific region. The increase in consumer spending and changing lifestyle are a few drivers for the growth of lycopene market in the Asia Pacific region. Also, as the number of working women is increasing, the inclination towards the use of sunscreen products is rising to protect the skin from the pollution. Therefore, the demand for sunscreen products is expected to boosts the sales of lycopene in the Asia Pacific region.
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Lycopene Market: Key Participants
Few of the key market players in the lycopene market are:
- BASF SE
- LycoRed Ltd.
- Koninklijke DSM N.V.
- Pioneer Enterprise
- Hindustan Mint & Agro Products Pvt. Ltd.
- Top Pharm Chemical Group