The global tomato lycopene market is expected to grow at a CAGR of 11.81%, reaching a market size of US$49.615 billion in 2029 from US$28.390 billion in 2024.
Lycopene is a type of red-coloured organic pigment that is commonly extracted from vegetables such as tomatoes. Lycopene is known for its antioxidant-rich content, which helps protect cells in the human body from damage. It is also found in other different fruits and vegetables, such as watermelons, oranges, pink grapefruit, apricot, rose hip, and guava. Lycopene is also famously known for being a remedy for high blood pressure, high cholesterol, cancer, and many other conditions.
Introduction:
The global tomato lycopene market is expected to witness significant growth during the forecasted period of 2024-2029 due to factors such as the increase in awareness of the health benefits of lycopene and the growing ageing population worldwide,
Market Drivers:
Growing health awareness: The increase in the number of health-conscious consumers in the market boosts the growth of functional and healthy foods, which include lycopene-related products. Tomato lycopene is known to be used for a wide range of remedies for conditions such as high blood pressure, high cholesterol, cancer, and many other conditions. The increase in the awareness of the health benefits coupled with the increasing number of health-conscious consumers in the market will boost the global tomato lycopene market growth during the forecasted period.
Lycopene is known to contain antioxidants that help in the neutralization of the activity of reactive compounds known as free radicals, which are known to create stress inside the human body. The antioxidants will help prevent several chronic diseases like certain types of cancers and cardiovascular disease. It is also widely known to be beneficial in controlling blood pressure due to its blood pressure-lowering effects. The consumption of more than 12mg of lycopene per day has proven to lower blood pressure.
Some studies have also shown an association between a lycopene-rich diet and reduced risk of certain cancers, which include breast, prostate, and lung cancers. It has also been found that lycopene can be used for protection against the harmful effects of sun exposure on the skin. It is not as effective as sunscreen but has shown positive results for those who have a lycopene-rich diet. Therefore, the increasing awareness of the health benefits of lycopene will drive the tomato lycopene market growth during the forecasted period.
Ageing Population: The aged population is known to have the highest risk of the development of chronic diseases. The increasing number of the aged population will, therefore, demand healthier and functional products in the market. Lycopene is known to have several benefits for the human body due to its antioxidant properties and ability to control blood pressure in the body. The aged population is known to have an increased risk of the development of chronic diseases and high blood pressure, making them a suitable demographic for lycopene products in the market. Lycopene is known for helping improve the human body by reducing the risk of several conditions, which include asthma, cancer, cardiovascular diseases, and macular degeneration. These conditions are common in the aged population, making them a target demographic for the market.
The United Nations stated that the number of people that are aged 65 and above has shown a substantial increase in growth rate and will be expected to increase at a significant pace in the future, with an estimated 10% of the total population in 2020 and to reach 16% by 2050. It has been expected that the number of people aged 65 and above will be twice the number of children that are aged 5 to 12 by 2050. This increase in relevance of the elderly population drives the growth in demand for functional and healthy foods in the market, which further drives tomato lycopene market growth during the forecasted period.
Key Players:
Lycored: A global leader that is known for the production, development and supply of natural ingredients for food, beverages, and dietary supplements. They are also known for the production of natural carotenoids for the food and beverage and pharmaceutical industries.
DSM: A global science-based company that is known for the production and distribution of products that specialize in human and animal health and nutrition.
Regional Analysis:
The Asia Pacific region is expected to witness significant growth in the tomato lycopene market during the forecasted period of 2024-2029. The factors that affect the market growth are the increasing ageing population and the increasing awareness of the health benefits of lycopene. The increase in the number of health-conscious consumers in the market is expected to rise, further increasing the growth in demand for functional and healthy food products. Lycopene-related products are known to contain several health benefits, which include the ability to neutralize the activity of reactive compounds in the body because of the antioxidant content.
As the age increases per individual, the risk of contracting different chronic diseases and possible cancer cells increases. Therefore, the increase in the old age population is expected to drive the lycopene market growth in the region. The Asia Pacific consists of the largest population size when compared to the world. Owing to the large size of the population, the aged population is also expected to be high in number and expected to witness a significant increase along with the total population growth.
The Economic and Social Commission of Asia and the Pacific (ESCAP) stated that the number of older people aged 60 and above accounted for 13.6% of the total population in 2020 and is expected to increase to one-quarter of the total population by 2050. It has also been stated that the total aged population accounted for 630 million in 2020 and is expected to double (or more) in number to reach 1.3 billion by 2050. This increase in the global population gives rise to an increased prevalence of chronic diseases, heart diseases, and cancer among the old age population, leading to an increase in demand for lycopene and other healthy products in the market, further driving the regional tomato lycopene market growth during the forecasted period.
Market Developments:
July 2020: Lycored announced the doubling of production of lycopene to keep up with the unprecedented demand in the market. The company is expected to harvest record volumes of tomatoes along with a multi-million-dollar investment in new equipment and supply optimization strategies, further boosting the production and distribution of lycopene in the market.
Segmentation:
By Product Type:
Natural
Synthetic
By Form:
Liquid
Powder
Capsules
By Application:
Food & Beverage
Dietary Supplements
Pharmaceuticals
Others
By End-User:
Adults
Children and Adolescents
Sports Enthusiasts
By Geography:
North America
United States
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
United Kingdom
Germany
France
Italy
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Others
Asia Pacific
Japan
China
India
South Korea
Taiwan
Thailand
Indonesia
Others