July 22, 2024
Tomato Lycopene Market

Propelled by rising health consciousness, the Tomato Lycopene Market is gaining traction globally

Tomato lycopene is a highly beneficial plant pigment that imparts the deep red color to tomatoes. It plays a key role in fighting free radicals, promoting cardiovascular health, prostate health and eyesight. With increasing awareness about maintaining good health through dietary choices and supplements, demand for lycopene-rich products like tomato extract and powder has been rising steadily. Tomatoes are now being widely used in various food items like sauces, soups, juices etc to enrich them with lycopene. They are also utilized in supplements, cosmetics, and functional foods.

The global Tomato Lycopene Market is estimated to be valued at US$ 124.6 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The rising health consciousness among consumers has emerged as a key growth driver for the tomato lycopene market. There is a growing understanding about how consumption of antioxidant-rich foods and ingredients like lycopene can aid various health aspects. Tomatoe lycopene aids cardiovascular health by countering the oxidative stress created by free radicals. It also has demonstrated benefits for prostate health as consuming tomato products has been linked to reduced risk of prostate cancer. Research studies confirming these health advantages have boosted lycopene’s popularity. As a result, consumers are increasingly seeking lycopene-enriched products like supplements, functional foods and cosmetics. This trend is propelling the demand for tomato extracts globally.

SWOT Analysis

Strength: Tomatoes are widely cultivated and lycopene can be easily extracted from tomatoes. This makes it easily available at lower costs.
Weakness: Being a natural extract, the quality and concentration of lycopene can vary based on climatic conditions, soil quality etc. This brings inconsistency in quality.
Opportunity: Increasing consumer awareness about health benefits of lycopene is driving its use in various industries like food and beverages, dietary supplements etc. This is expanding opportunities.
Threats: Availability of alternative carotenoids and synthetic coloring agents poses threat to the market. Strict regulations over the use of natural coloring agents can also impact growth.

Key Takeaways

Global Tomato Lycopene Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market is projected to reach a size of US$ 124.6 Mn by 2023 and it is expected to grow at a CAGR of 6.1% during the forecast period.

Regional analysis: North America dominated the global market in 2022 due to rising health consciousness. Asia Pacific is anticipated to grow at fastest pace over the forecast period supported by expansion of end-use industries and rising per capita incomes in developing countries like India and China.

Key players: Key players operating in the Tomato Lycopene market are DSM Nutritional Products, Lycored, Lycored SARL, FutureCeuticals, Vidya Herbs, Allied Biotech Corporation, Avestia Pharma, Xi’an Green Source Co., Ltd., Beijing Gingko Group (BGG), Shaanxi Jiahe Phytochem Co., Ltd. These players are focusing on new product launches, partnerships and expansions to strengthen their market presence.

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