(I-BusinessNews.Com, February 11, 2021 ) The global lycopene market is estimated to account for USD 126 million in 2020 and is projected to reach USD 161 million by 2025, recording a CAGR of 5.0% during the forecast period. The market is primarily driven by the increasing number of benefits offered by lycopene in preventive healthcare and its rising applications in an array of industries, globally.
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Rising consumption of lycopene in an array of industries due to its functions as a health ingredient and coloring agent
Lycopene is witnessing a rise in consumption in an array of industries including dietary supplements, food, personal care & cosmetics, and pharmaceuticals. It is experiencing this growth due to its properties that mainly includes being a health ingredient, followed by being a coloring agent. The majority of the market share in the global lycopene market was accounted for by the health ingredient property. The coloring agent property has a comparatively smaller share in the global market for lycopene. This is a result of the limited application of lycopene as a coloring agent in the food industry. Also, applications of lycopene as a health ingredient are expanding, which is further expected to boost the growth of lycopene in the global market.
Dietary supplements to record the highest CAGR during the forecast period
The demand for dietary supplements is on the rise in developed and developing countries among the millennial population. Lycopene constitutes to be a key ingredient in the dietary supplements consumed by an individual daily. Also, industry experts foresee the adoption rate for dietary supplements to increase the most in the next five years. Hence, lycopene’s key role in the dietary supplement application because of its distinct health benefits is expected to bolster the growth during the forecast period between 2020 and 2025.
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The increasing demand for lycopene in the European region due to its growing number of the aging population supported its region-wise dominance in 2019.
Europe comprises the highest number of the aging population. Italy and Germany collectively comprise 32.1% of the total population aging 65 and above. According to experts in the lycopene industry, lycopene aids in the treatment of cataracts occurring in the older population across the globe. Furthermore, lycopene also exhibits anti-aging properties, aiding in the prevention of wrinkles. Hence, the growing aging population in the region is driving the demand for lycopene due to its distinct functionalities, bolstering Europe’s market share, globally, throughout the forecast period.
Key players operating in this market include Allied Biotech Corporation (China), Lycored (Israel), DSM (Netherlands), Wellgreen Technology Co Ltd (China), Divis Labs (India), San-Ei Gen F.F.I., Inc (Japan), Dangshang Sannuo Limited (China), DDW (US), Dohler (Germany), Farbest Brands (US), Zhejiang NHU CO. Ltd (China), EID Parry (India), Shaanxi Kingsci Biotechnology Co. Ltd (China), Vidya Herbs (India), Xi’an Pincredit Biotech Co Ltd (China), Hunan Sunshine Bio-Tech Co.Ltd (China), Xi’an Natural Field Bio-Technology Co.,Ltd (China), Plantnat (China), SV AgroFoods (India), and Plamed Green Science Group (China).
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