”, the market is driven by the growth of cosmetics, food & beverage, and pharmaceutical industries. The market will reach $142.68million by 2025 with a CAGR of 3.48%.
Europe to have a major share in the Lycopene Market
Europe dominates the Lycopene Market due to the growing consumer demand for coloring the food products. The Lycopene Market in Europe is expected to reach $5.5 million by 2025 with a CAGR of 3.6% the coming years during the forecast period. North America is the second largest region in the market. This can be attributed to the increasing use of lycopene in the meat industry along with the increasing demand for natural colorants. It expands the revenue contribution for the market in the region.
In the Asia Pacific region, China has the largest share in the market. APAC food coloring application will reach $21.72 million in 2023, growing at a CAGR of 4.4% during the forecast period.
Selected Regulatory analysis done in the full Report:
Cosmetics is a major application in the Lycopene Market. It improves the general appearance of the face and other parts of the body. Being a powerful antioxidant, lycopene protects the skin from environmental agents responsible for clogged pores. It can even reduce Erythema or skin redness to a large extent. It also soothes rough skin by initiating the growth of new skin cells. Use of high lycopene foods in the diet, in addition to sunscreens, reduces skin damage caused by ultraviolet A and B exposure. It even reduces fatty tissues.
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Excerpts on Market Growth Factors:
Food, beverage, and pharmaceutical industries are the top drivers for the Lycopene Market.
Food coloring agent is the main application of lycopene. It helps in the production of food and
Beverages without artificial colors. It also provides a better appearance in a safer environment. The absence of toxic chemicals in lycopene boosts its adoption in cosmetic formulations, this factor
Will drive the Lycopene market.
Ban on trade of synthetic colorants due to health hazards elevates the growth of lycopene products.
Growing consumer awareness about health benefits of organic food products boosts the growth of the Lycopene Market.
Health benefits associated with lycopene leads to an increased consumption of lycopene, prevents heart disease and macular degeneration.
The changing lifestyle of people, increase in percapita per income and growing awareness about skin infections drive the growth of the Lycopene Market.
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Key players of the Lycopene Market:
BASF SE is the top key player in the Lycopene Market. The company receives a huge demand for its food additive product called Lyco Vit. It includes many carotenoid products. Royal DSM NV has acquired Fortitech for strengthening its human nutrition business. General Nutrition Center on the other hand, has GNC PUREDGE line of whole food based supplements that includes lycopene vitamin supplements. Shaanix Huike Botanical Development co. ltd produces products that treat prostate cancer, bladder cancer, skin cancer, and digestive tract cancer.
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