Tomatoes are one of the richest dietary sources of lycopene, a carotenoid that gives tomatoes their distinctive red colour. Lycopene is extracted from tomatoes through different processes and used extensively in dietary supplements, functional foods and beverages, cosmetics and other products owing to its antioxidant properties. Lycopene helps in reducing the risk of chronic diseases like cancer and heart disease. It also provides anti-inflammatory and skin protective benefits. Growing consumer awareness about the several health benefits of lycopene is a major factor driving the demand for lycopene and related products globally.
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 key trend gaining prominence in the tomato lycopene market is the significant demand from the nutraceutical and pharmaceutical industries. Lycopene finds wide application in dietary supplements, functional foods and pharmaceutical formulations. Rising consumer preference for natural and plant-based supplements is driving lycopene demand from supplement manufacturers. Further, research studies supporting lycopene’s role in several health conditions is encouraging its increasing usage in drugs and medication. Improved lycopene extraction technologies are also helping lower production costs and increase yields. This is allowing producers to offer lycopene at competitive prices, better supporting its uptake across multiple end-use industries.
Threat of new entrants: The threat of new entrants is low due to the established distribution channels and branding of existing players.
Bargaining power of buyers: Buyers have moderate bargaining power as tomato lycopene has applications in various industries including food & beverages, nutritional supplements, pharmaceuticals etc.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of raw material substitutes.
Threat of new substitutes: Threat from substitutes is low as tomato lycopene offers unique health benefits that cannot be easily substituted.
Competitive rivalry: The global tomato lycopene market is fairly consolidated with key players differentiating through proprietary extraction technologies.
Global Tomato Lycopene Market Size is expected to witness high growth over the forecast period driven by increasing health consciousness. Regional analysis – North America is expected to dominate the global tomato lycopene market throughout the forecast period owing to increasing demand for nutritional supplements. Europe is also expected to hold a significant market share owing to sizeable food and beverage industry.
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. The key players are focusing on new product launches and capacity expansions to strengthen their market presence.
The global tomato lycopene market is expected to witness high growth over the forecast period driven by rising awareness regarding the health benefits of lycopene. North America dominated the global tomato lycopene market in 2023, supported by a well-established nutritional supplements industry. Europe held a substantial market share backed by sizeable food and beverages sector. Key players operating in the tomato lycopene market are focusing on new product launches and geographical expansions to cater to the growing demand.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it