The tomato lycopene market has been gaining major traction owing to the widely known health benefits of lycopene. Lycopene is a powerful antioxidant obtained from tomato and other red fruits and vegetables. It helps reduce the risk of various cancers, heart disease, and age-related macular degeneration. The growing consumer health consciousness and preference for preventive healthcare have boosted the demand for lycopene supplements globally. Lycopene finds extensive usage in various end-use industries like pharmaceuticals, dietary supplements, food & beverages, cosmetics, among others. The product is available in different forms like powder, capsules, emulsions, gels, and others. It offers advantages like easy absorption in the body, long shelf life, and suitability for various applications. The increasing health-promoting functional food industry and rising lycopene fortified food products are fueling the market growth.
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. The growing awareness about various health benefits of lycopene is driving its Tomato Lycopene Market Demand across different industries. Lycopene is widely used in dietary supplements, functional foods & beverages, personal care products due to its anti-inflammatory and anti-aging properties. Technological advancements in extraction processes have ensured higher lycopene content and better absorption in the body. This is supporting the product adoption.
Market Trends
Encapsulation technology - Encapsulation technology is gaining popularity for lycopene extraction and delivery. It helps improve the lycopene absorption in the body and provides targeted release. Various encapsulation techniques like nanoencapsulation and microencapsulation are be used.
Plant-based lycopene- With the rising vegan and plant-based food trend, plant-sourced lycopene like that extracted from tomatoes is experiencing strong demand. Companies are developing innovative plant-based lycopene solutions.
Market Opportunities
Growing nutraceuticals industry- The surging nutraceutical supplement industry creates lucrative opportunities for lycopene producers. It can be used in various formulations for its different health benefits.
Personal care applications- Lycopene is a powerful antioxidant and anti-inflammatory suitable for various personal care applications like anti-aging creams, sunscreens. This opens new avenues.
Impact of COVID-19 on Tomato Lycopene Market Growth
The outbreak of the COVID-19 pandemic has negatively impacted the growth of the tomato lycopene market. During the initial stages of the pandemic, lockdowns and movement restrictions imposed by various governments worldwide led to the closure of manufacturing facilities and disruption in the supply chain. This resulted in a decline in the production and supply of tomato lycopene extracts. On the demand side, declining consumer incomes and spending due to the economic crisis caused by the pandemic restrictions reduced the demand for food and beverage products enriched with tomato lycopene extracts. However, as the pandemic continued, an increased focus on boosting immunity led to rising popularity of tomato based products and supplements enriched with lycopene. Moreover, easing of lockdowns and resumption of operations in 2021 enabled a revival in production and supply. Going forward, the market is expected to witness steady growth driven by growing health consciousness and demand for immunity boosting products in the post-COVID era. Companies will need to focus on resilient and adaptive supply chain strategies to meet future demand fluctuations.
Europe Leads in Tomato Lycopene Market Value
Geographically, Europe dominates the tomato lycopene market in terms of value. The region accounts for over 30% of the global market revenue. This can be attributed to high per capita consumption of processed tomato products such as sauces, ketchup, soups etc. in countries like Italy, France and Spain where tomato forms an integral part of the cuisine. Moreover, the presence of leading food processing companies along with widespread popularity of Mediterranean diet enriched in tomato based products has boosted the regional market growth over the years. However, the Asia Pacific region is emerging as the fastest growing market for tomato lycopene driven by rising health awareness, growing middle class population and rapid expansion of food and beverage industry in countries like India and China.
Fastest Growing Region for Tomato Lycopene - Asia Pacific
The Asia Pacific region is expected to exhibit the fastest growth in the tomato lycopene market during the forecast period. This can be attributed to rapid economic development, rising living standards, growing health awareness and changing dietary patterns in populous countries such as India and China. With increasing urbanization and western influence, consumers in Asia Pacific countries are shifting their focus towards more nutrient dense, healthy food products. This provides opportunities for tomato based products enriched with immunity boosting lycopene. Moreover, the expanding food processing industry in the region will contribute to increased commercial production and supplies. Government support for pharmaceutical and nutritional supplement industries is also encouraging the adoption of tomato lycopene extracts in these applications. Thus, Asia Pacific presents lucrative prospects for tomato lycopene market players driven by large consumer base and fastest growth of end use industries.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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