The global lycopene food colors market is set to grow at a CAGR of 10.7% by 2022-2032, reaching a valuation of US$ 84 Mn in 2022 and US$ 257 Mn by 2032. Growing demand for natural and clean label products and rising application of lycopene food color in confectionery and bakery products, beverages, packaged food products, cosmetics, and dairy products are some of the key factors pushing demand for lycopene food colors.
Lycopene is a naturally occurring pigment found in vegetables, fruits, algae, and fungi. It is an antioxidant; hence its consumption protects the human body from damage caused by free radicals. Growing awareness about the potential health benefits of lycopene along with increasing demand for natural food colors is expected to provide a strong thrust to the growth of the lycopene market during the forecast period.
Manufacturing industries are adding lycopene colors in their food products as consumers are shifting their preference towards natural and organic food items to maintain overall health.
Lycopene, like natural food colorants, is remedial in nature and is known for preventing several diseases including hypothesis, cancer, cardiovascular diseases, osteoporosis, other bone disorders, male infertility, hypertension, and other human diseases.
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The global lycopene market is likely to boost in the forecasted period of the next ten years due to its significant use in the pharmaceutical and food industry. Lycopene also offers benefits in the cosmetics and personal care industry.
An increase in consumer discretionary income in regions such as the Asia Pacific, the Middle East, and Africa has made it easier for customers to consume new and unique food products that are sourced from plants. The consumption pattern of consumers is inclining toward healthy and organic food products, which is impacting the food and beverage category, as well as the lycopene food colors market.
Key Takeaways from Market Study
- By nature, organic segment is likely to be the most remunerative in the global lycopene food colors market during the forecast period.
- By application, the beverages segment is expected to hold the largest share of the global lycopene food colors market while the bakery and confectionery segment is expected to grow at a CAGR of 9.5% throughout the forecast period.
- The lycopene food colors markets in North America and Latin America are poised to expand at a CAGR of 8.02% and 7.9% respectively, through 2032.
- Europe lycopene food colors market stands at 590 metric tons by volume and nearly US$ 23 Mn by value. Furthermore, demand for lycopene food colors in the region is expected to grow at 8.9% CAGR between 2022 and 2032.
- The U.S. lycopene food colors market is expected to grow at a CAGR of 8.34% during the forecast period.
“Manufacturers of lycopene food colors would gain significant profits by targeting the organic food and beverage and dietary supplements industries. They should also strive to achieve higher production volumes, in order to provide lycopene food colors at more affordable rates to food processing industries,” says a Future Market Insights analyst.
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Competitive Landscape
Some key market participants are Chr. Hansen, Koninklijke DSM N.V., Hoffmann-La roche Ltd., General nutrition center company, Jamieson laboratories Ltd., San-Ei Gen, Licofarma S.r.l., Dangshan sinojuice food, DSM, BASF, Kagome, Xi’an lyphar biotech corp, LycoRed, Kagome, Tomatia, Wellgreen Technology, Shaanxi huike botanical development Co. Ltd., Royal DSM N.V., NBTY, and Bayer AG, among other prominent players.
The market for lycopene food colors has several big names who are primarily converging on developing advanced versions of lycopene mainly for increasing its end-use in various industries. They are also striving to achieve economies of scale in order to substitute synthetic red colors in food processing industries.
Lycopene Food Colors Market Taxonomy
By Nature:
- Organic
- Conventional
By Form:
- Powder
- Capsule
- Syrup
By Application:
- Bakery & Confectionery Products
- Beverages
- Packaged Food/Frozen Products
- Dairy Food Products
- Cosmetics
- Others
By Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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Frequently Asked Questions
- How big is the lycopene food colors Market?
- How much does the lycopene food colors market contribute to the natural food colors Market?
- What are the key trends shaping the lycopene food colors market?
- At what rate will lycopene food color demand grow in Europe?
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