April 17, 2024
Tomato Lycopene Market

Tomato Lycopene Market Poised for Strong Growth Due to Increasing Health Benefits Awareness

Tomato lycopene is a powerful antioxidant found in tomatoes and tomato-based products. It provides various health benefits such as protection from sunburn, reduced risk of cancers including prostate cancer. The rising consumer awareness about preventive healthcare and nutrition is driving the demand for tomato lycopene globally.

The global tomato lycopene market is estimated to be valued at US$ 143.54 Billion in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024 to 2031.

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. Key players are focusing on new product launches, strategic collaborations and investing in research and development activities to introduce new grades of tomato lycopene.

The increasing health awareness and changing consumer lifestyle and food habits present significant growth opportunities in the market. Growing popularity of organic and plant-based products is prompting companies to offer organic and vegan tomato lycopene products. The rising disposable incomes in emerging economies are allowing consumers to spend more on premium healthcare and nutrition products. This is driving companies to expand in high growth markets such as Asia Pacific and Latin America.

Market Drivers

The major driver for the Tomato Lycopene Market Demand is the proven health benefits of lycopene in protecting against various diseases. Studies have shown that tomato lycopene helps reduce the risk of cardiovascular diseases, prevent macular degeneration and protect skin from sun damage. With growing health consciousness, consumers are increasingly incorporating lycopene-rich food and supplements in their diets for overall well-being. The rising aging population prone to age-related diseases also contributes to the growth of the tomato lycopene market. Furthermore, increased R&D activities pioneering new applications of lycopene in skincare and healthcare sectors are expected to propel the demand over the forecast period.

PEST Analysis

Political: Tomato lycopene production is influenced by agricultural subsidies and import/export policies set by governments worldwide. Shifting trade policies can impact supply and prices.

Economic: As incomes rise globally, demand for health-promoting foods containing lycopene is growing. However, a weak global economy may reduce consumer spending on supplements containing lycopene.

Social: Research showing potential health benefits of lycopene is increasing consumer awareness and demand. However, changing dietary preferences could impact tomato consumption levels.

Technological: Advances in farming techniques and food processing allow for higher yields and more stable lycopene extraction from tomatoes. New delivery methods in supplements may also drive market growth.

The geographical regions where the tomato lycopene market is concentrated in terms of value are North America and Europe. Established manufacturing and distribution networks allow companies to efficiently supply major markets. Regions with growing populations and rising incomes like Asia Pacific are emerging as new high potential markets.

The fastest growing region for the tomato lycopene market is Asia Pacific. Rising health consciousness and wider availability of supplements containing lycopene are fueling demand. Countries like China and India with large populations present sizable opportunities for market expansion. Growth is supported by economic development increasing consumer spending power on health products in the region.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it