Lycopene Market
Market Overview
The global lycopene market size was valued at USD 93.42 million in 2024. The market is projected to grow from USD 96.30 million in 2025 to USD 122.09 million by 2032, exhibiting a CAGR of 3.45% during the forecast period.
The analysis shows that the growing use of carotenoids in the dietary supplements industry and the expanding processed food sector are key factors driving the market. Lycopene, a red carotenoid found in tomatoes and other red fruits, is used as a functional ingredient and natural colorant in the food & beverage, personal care, pharmaceutical, and animal feed industries.
Major Players Profiled in the Market Report:
- Lycored (U.S.)
- Allied Biotech Corporation (Taiwan)
- Divi's Nutraceuticals (U.S.)
- Vidya Herbs (India)
- BASF SE (Germany)
- Shaanxi Kingsci Biotechnology CO, LTD. (China)
- Wellgreen Technology Co., Ltd. (China)
- Farbest Brands (U.S.)
- Jamieson Wellness (Canada)
- Plamed Green Science Group (China)
Segments
Cost-Effectiveness to Drive Synthetic Segment Growth
Based on source, the market is segmented into synthetic and natural. The synthetic segment holds the largest market share due to its cost-effectiveness, prolonged shelf life, and less degradability compared to natural sources, making it ideal for bulk production. The natural segment is the fastest-growing, driven by the consumer trend toward clean-label and plant-based ingredients.
Versatility to Bolster Powder Segment Expansion
By form, the market is categorized into liquid, powder, and beadlet. The powder segment leads the market due to its versatility, lower cost, enhanced absorption rate, and extended shelf life. It is also easier to blend and transport than liquid forms.
Nutritional Profile to Drive Food and Beverages Segment Growth
By application, the market is segmented into food and beverages, dietary supplements, personal care & cosmetics, animal feed, and pharmaceuticals. The food and beverages segment holds the largest share, where lycopene is used as a natural coloring agent and a functional ingredient to enhance the visual appeal and nutritional profile of products.
Source: https://www.fortunebusinessinsights.com/lycopene-market-113799
Drivers & Restraints
Rising Awareness of Health Advantages to Propel Market Growth
A key driver for the market is the growing consumer awareness of the health benefits of carotenoids. Lycopene is increasingly sought after as a functional food ingredient, a natural preservative, and a substitute for artificial antioxidants. This aligns with the consumer shift toward plant-based ingredients, prompting food companies to launch carotenoid-enriched products.
However, the instability of lycopene may restrain market growth. The ingredient is prone to degradation when exposed to heat, oxygen, and light, which reduces its nutritive value and color. Additionally, limited consumer awareness regarding the specific benefits and optimal dosages of carotenoids can impede market potential.
Regional Insights
High Demand for Nutrient-Enriched Products in Europe Propels Regional Market Growth
Europe dominated the market with a share of 39.6% in 2024. The region's growth is fueled by strong consumer demand for nutrient-enriched products with fewer additives, an expanding nutraceuticals sector, and a growing animal feed industry that utilizes carotenoids.
North America is the second-largest market, driven by rising health consciousness and a robust dietary supplements industry. Asia Pacific is projected to be the fastest-growing region, with factors like the adoption of Western dietary patterns, an aging population seeking supplements, and a strong agricultural base for tomato production boosting demand.
Lycopene Market Future Growth
The lycopene market is set for steady growth, driven by the ongoing trend of food fortification. Fortification is seen as a cost-effective strategy to address nutrient deficiencies, and lycopene is increasingly used to enhance the shelf life, color, and nutritional profile of products like baked goods and beverages. Its antioxidant properties, which protect the body from free radicals and may help lower blood pressure and improve skin texture, are expected to further drive its adoption in fortified foods.
Competitive Landscape
Adoption of New Product Launches to Strengthen Market Position
The global lycopene market features key players such as Lycored, BASF SE, and Divi's Nutraceuticals. These companies are actively launching new lycopene-based products to cater to the growing consumer demand for natural ingredients that promote health and well-being. By introducing innovative products, these enterprises aim to enhance their market presence and increase profitability in a competitive landscape.
Key Industry Development
July 2024 – Lycored, a well-known natural carotenoids enterprise in the U.S., unveiled a new colorant, "Resilient Red BF," at the Institute of Food Technologists Annual event. This color is sourced from lycopene, which is extracted from the company's farm-grown tomatoes.
