CHICAGO, April 16, 2020 /PRNewswire/ -- According to the new market research report "Lycopene Market by Source (Synthetic and Natural), Application (Dietary Supplements, Food, Pharmaceuticals, and Personal Care Products), Form (Beadlets, Oil Suspension, Emulsifiers, and Powder), Property, and Region - Global Forecast to 2025",published by MarketsandMarkets™, the global Lycopene Market size is projected to reach USD 161 million by 2025, from USD 126 million in 2020, recording a CAGR of 5.0% during the forecast period. Lycopene's distinct health benefits aiding in the prevention of several human health diseases has resulted in high demand from the dietary supplement industry, as a health ingredient, thereby driving the lycopene market's growth potential during the forecast period.
The dietary supplements segment accounted for the largest share in the European region lycopene market in 2019.
The dietary supplements segment occupied the major share in the European region lycopene market due to the rising number of prostate cancer affected patients. According to extensive researches and clinical studies, it is proven that increased lycopene intake can aid in the prevention of the risk of prostate cancer in the country. Hence, the consumers in the European region have started implementing a high intake of lycopene in their daily diets as dietary supplements, resulting in increased demand for lycopene in the regional market.
The demand for lycopene in the food application to witness steady growth during the forecast period.
The market for lycopene in the food application, globally, is projected to grow at a steady growth rate during the forecast period; the projected growth is owing to the consumption of lycopene in food as a colorant. The demand for food colorant is exhibiting a high growth rate as a result of its increasing consumption in ready-to-eat meals, processed foods, packed foods, frozen foods, and other such food products. This is due to the growing busier lifestyles of the consumers and the increasing demand for food aesthetics. Hence, lycopene used in distinct food applications as a food colorant will drive growth during the forecast period.
In terms of source, synthetic lycopene dominated the global market share in 2019, globally.
In 2019, the synthetic source of lycopene dominated the global market share. This is a result of various factors such as the easy availability of synthetic lycopene, simpler processing, the comparatively lower cost involved for manufacturing, and the broader scope of application across the globe in an array of industries. However, there is a shift in consumer preferences, demanding more organic and nature-based products resulting in human-health benefits.
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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