The tomato lycopene market has witnessed significant growth over the past few years due to the growing awareness about the health benefits of lycopene. Lycopene is a potent antioxidant found in tomatoes and tomato-based products. It helps reduce the risk of various health conditions like heart disease, cancer, diabetes, and age-related macular degeneration. The increasing demand for processed and packaged food products rich in antioxidants is propelling the sales of lycopene extracts across the globe. Furthermore, the rising usage of lycopene in cosmetic and personal care products on account of its anti-aging properties is boosting the market growth.
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. These players are focusing on new product launches, mergers & acquisitions, and geographic expansions to strengthen their market position.
There is high growth potential in emerging economies due to rising living standards and healthcare expenditure. Major players are investing heavily in promotions and awareness campaigns to tap into these untapped markets.
The growing demand for dietary supplements fortified with Tomato Lycopene Market Growth provides numerous opportunities for manufacturers to launch novel products in the coming years. Furthermore, expanding applications of lycopene in personal care & cosmetic products will drive the market expansion globally.
Market Drivers:
- Increasing health consciousness: Rising awareness about various health benefits of lycopene such as protection against cancer, heart disease, and eye disorders is driving its demand among consumers.
- Extensive R&D activities: Continuous R&D for developing new extraction and purification techniques to enhance lycopene content and stability in products is augmenting the market growth.
Market Restraints:
- High prices of tomato lycopene extracts: The prices of tomato lycopene extracts are higher compared to substitutes like beta-carotene owing to complex extraction process. This acts as a restraint.
- Supply-demand gap: Raw material procurement is a major challenge due to fluctuation in tomato prices and availability. This affects the overall lycopene production.
Segment Analysis
The tomato lycopene market is dominated by food and beverage segment. This is because lycopene is widely used as food colorant and flavoring agent in various processed food items like ketchup, sauce, juice, etc. Lycopene provides red color to tomatoes, watermelons, papaya and pink grapefruit. Hence food and beverage segment utilizes large amounts of lycopene for coloring purposes. Cosmetics segment is also significant as lycopene helps in protecting skin from sun tan and aging. Dietary supplements sub segment is growing rapidly due to increasing health awareness.
Global Analysis
North America dominates the global tomato lycopene market owing to rising health consciousness among consumers. The region witnesses high consumption of dietary supplements containing lycopene for its antioxidant benefits. Europe holds substantial market share due to growing demand for natural colorants in food industry of countries like Italy, Spain and Germany. Asia Pacific shows most promising growth rate in forecast period. Rapidly developing economies like India and China provide immense opportunities for market players because of expanding working populace necessitating healthy diet and supplements. Latin America and Middle East & Africa also display notable increase in lycopene sales with rising living standards.
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