Lycopene Market Size By Source (Natural, Synthetic), By Property (Health Ingredient, Coloring agent), By Application (Food & beverages, Personal care products, Dietary supplements, Pharmaceuticals), By Formulation (Beadlets, Powder, Oil suspension, emulsi

Lycopene Market Size By Source (Natural, Synthetic), By Property (Health Ingredient, Coloring agent), By Application (Food & beverages, Personal care products, Dietary supplements, Pharmaceuticals), By Formulation (Beadlets, Powder, Oil suspension, emulsion), & Forecast, 2022-2032

Lycopene Market is anticipated to grow considerably during 2023 and 2032 owing to the increasing product demand from the dietary supplement industry. Increasing consumer awareness of the benefits offered by lycopene supplements for boosting health and preventing disease will increase their adoption in the coming years. Besides, lycopene is combined with other antioxidants and vitamins to enhance the effectiveness of dietary supplements. It also protects the body from free radical stress, which can damage DNA and other cell structures.

Constant innovations and research studies around the compound would add to the market prospects in the coming years. Citing an instance, researchers found out that fruit compound d-Fructose- I-histidine could stimulate lycopene efficiency and limit the growth hormone ‘IGF-1’ to enhance the symptoms of prostate gland enlargement.

Overall, the lycopene industry is segmented in terms of source, property, application, formulation, and region.

Based on source, the natural source segment will register strong growth, owing to the fact that vegetables and fruits are natural sources of lycopene. It can also be found in a wide variety of fruits, including watermelons, tomatoes, pink grapefruits, red papayas, guavas, apricots, carrots, and red oranges.

By property, the coloring agent segment is anticipated to depict over 5% CAGR through 2032. Lycopene is a naturally occurring red carotenoid pigment that is mainly used to impart red to pink colors to different products.

In terms of application, the personal care products segment will register commendable gains during 2023-2032. Lycopene is a dietary antioxidant that prevents skin from photodamage. As per a study, the prevalence of clinically detectable photoaging is likely to be as high as 80% to 90% in European and American population. The compound offers a constant amount of skin protection and slows blood clotting, contributing to their many advantages in personal care products.

Considering the formulation, the oil suspension segment will depict over 4.5 CAGR through 2032. Lycopene is fat-soluble, which implies it gets absorbed better in the gut when taken with fat. Reports suggest the consumption of lycopene supplements along with meals containing sufficient healthy fat, such as nuts, fatty fish, avocado, eggs, or olive oil.

Regionally, the Europe lycopene industry is anticipated to be valued at over USD 55 million by 2032. The increased lycopene use in the region's food and beverage industry will impel the market growth. Lycopene is used as a natural food coloring agent and functional ingredient in a variety of products, such as juices, sauces, and dietary supplements.