Dec 23, 2021   SOURCE: BusinessWire

Worldwide Lycopene Industry to 2030 - Featuring BASF, Divis Laboratories and ExcelVite Among Others - ResearchAndMarkets.com

The "Lycopene Market by Form, Nature, and Application: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.

Lycopene is a naturally occurring carotenoid. It is most commonly found in tomatoes, however, it is also found in other fruits and vegetables such as guavas, watermelon, grapefruit, red bell peppers, red carrots, papaya, and others. It is a color pigment that gives these fruits and vegetables their red color.

Lycopene extracted from these sources is majorly used as a coloring agent or dye to impart red color to various kinds of foods, confectionaries, and beverages. Lycopene has high antioxidant concentration, which helps fight free radicals in the body and can also help prevent heart diseases and certain types of cancers. Due to this, the use of lycopene as an active ingredient in nutraceuticals and some pharmaceuticals has increased significantly. Furthermore, antioxidants also help in skin tightening and overall skin improvement, as a result its adoption has witnessed surge in the cosmetic and personal care products.

Increase in demand for natural food colors from various industries such as food & beverages, bakery & confectionery, dairy products, meat & poultry, and seafood, to have a positive impact on the growth of the lycopene market as a coloring agent. Lycopene imparts red color to food and beverages, which make the food aesthetically pleasing and attractive to consumers. Furthermore, natural lycopene is obtained from tomatoes; thus, also have nutritious benefits along with less susceptibility to any allergic reactions. In addition, increase in consumer awareness toward usage of natural ingredients in food production has increased in the last few years. As a result, consumers are opting for alternatives for food and beverages free from synthetic colors. With increasing preference for natural colors, demand for natural lycopene is expected to gain high traction in the near future.

The most common application of lycopene is as a coloring agent to impart red color to food, beverages, cakes, confectionaries, meat, and others. However, lycopene is not the only natural source from which red food color dyes are made. Beetroot is a major vegetable from which red food dye is manufactured. Red carrots, astaxanthin, apocarotenal, and others are some other commonly used sources for production of red food dye. The presence of a large variety of natural sources of food color production undermines the importance of lycopene. Food manufacturers have multiple different options they can choose from, depending on the availability and cost effectiveness of the color. This severely impacts the lycopene market and can become a barrier that can dissuade market expansion.

The global lycopene market is segmented on the basis of form, nature, application, and region. Based on form, the global lycopene market is bifurcated into powder and others. By nature, the market is bifurcated into natural and synthetic. Based on application the global market is segmented into food and beverage, nutraceuticals and pharmaceuticals, and cosmetics and personal care. The global lycopene market is also studied across North America, Europe, Asia-Pacific, and LAMEA.

Market Dynamics

Drivers

  • Use of lycopene as a natural coloring agent in food and beverages to drive the market growth
  • Various health benefits of lycopene to benefit the nutraceutical industry
  • Skin repairing and skin improving qualities of lycopene to increase its adoption in cosmetic industry

Restraints

  • Availability of several other sources for red food coloring to impede market growth
  • Low stability of lycopene to challenge market expansion

Opportunities

  • Increase in consumer demand for clean label products can help provide impetus to the market
  • Newer demand from the animal feed industry can help create new growth avenues

Companies Mentioned

  • Allied Biotech Corporation
  • Archer-Daniels-Midland Company
  • AromataGroup SRL
  • BASF SE
  • Divis Laboratories Ltd.
  • Doehler Group SE
  • ExcelVite
  • Givaudan International SA
  • Kalsec Inc.
  • Koninklijke DSM N.V.
  • Chr Hasen A/S
  • DDW The Color
  • International Flavors & Fragrances Inc.
  • Sensient Technologies Corporation
  • Cyanotech Corporation
  • Kemin Industries, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/2ujzkb