According to a recent report published by Allied Market Research, the global lycopene market is expected to reach $187.3 million by 2030. The market is projected to grow at a CAGR of 5.2% during the forecast period from 2020 to 2030. Lycopene is a naturally occurring pigment that belongs to the carotenoid group. It is found in fruits and vegetables such as tomatoes, watermelon, pink grapefruit, and papaya.
The report provides an analysis of the lycopene market based on form, nature, application, and geography. The market is segmented by form into powder and others, and by nature into natural and synthetic. Based on application, the market is segmented into dietary supplements, pharmaceuticals, and others. The dietary supplements segment is expected to dominate the market during the forecast period owing to the increasing awareness about the health benefits of lycopene.
The report also provides a detailed analysis of the key players operating in the global lycopene market, including Granray BioProducts Co., Ltd. Granray BioProducts Co., Ltd. mainly produces and sells amino acids, their salts and derivatives, and plant extracts. The main products are glycine, guanidinoacetic acid, lycopene, beta carotene, and glycine hydrochloride.
The market is driven by various factors such as the increasing demand for natural products, rising awareness about the health benefits of lycopene, and increasing use of lycopene in the food and beverage industry. Lycopene is used as a natural food colorant and flavor enhancer, which is expected to boost the demand for lycopene during the forecast period.
Based on geography, the global lycopene market is segmented into North America, Europe, Asia-Pacific, and LAMEA. Among these regions, Asia-Pacific is expected to dominate the market during the forecast period owing to the increasing demand for lycopene-based dietary supplements and rising awareness about the health benefits of lycopene in the region.
In conclusion, the global lycopene market is expected to witness significant growth during the forecast period owing to the increasing demand for natural products and rising awareness about the health benefits of lycopene. The market is highly competitive, and key players are focusing on developing innovative products to meet the growing demand for lycopene-based products. With the increasing use of lycopene in the food and beverage industry, the demand for lycopene is expected to further increase during the forecast period.