The tomato lycopene market provides numerous health benefits like protection from various chronic diseases and act as powerful antioxidants. Lycopene, a bright red carotenoid pigment found in tomatoes and other red fruits and vegetables, is beneficial for heart, prostate and eye health.
The global tomato lycopene market is estimated to be valued at US$ 143.54 Bn in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period from 2024 to 2031.
Lycopene is predominantly extracted from tomatoes as they contain about 80-90% of the lycopene in our diets. Growing awareness about numerous health benefits of lycopene like reduced risk of cancer, cardiovascular diseases and age-related macular degeneration has triggered its demand globally. Lycopene supplements are useful for various groups including athletes, gym-goers and health-conscious people. Tomato extracts containing lycopene are also finding increased application in skin care, hair care and cosmetic products owing to its antioxidant properties.
Key Takeaways
Key players operating in the tomato lycopene market are GlaxoSmithKline plc, Johnson & Johnson, Pfizer Inc., Novartis AG, AstraZeneca PLC, Sanofi S.A., Merck & Co., Inc., Teva Pharmaceutical Industries Ltd., Mylan N.V., Perrigo Company plc, Prestige Consumer Healthcare Inc., NeilMed Pharmaceuticals, Inc., Church & Dwight Co., Inc., Navage, Inc., Xlear, Inc.
The growing health consciousness and increasing consumer expenditure on dietary supplements is driving the demand for lycopene extracts globally. Rising cases of lifestyle diseases and awareness about benefits of antioxidant-rich products are further augmenting the market growth.
Geographically, North America dominates the global tomato lycopene market owing to high consumer health awareness. Asia Pacific is expected to witness fastest growth in the forecast period attributed to expanding middle class population, rising disposable income and growing health & wellness trend in the region.
Market Key Trends
Increasing fortification of food products with lycopene is one of the key trends gaining traction in the Tomato Lycopene Market Size. Food processors are adding lycopene extracts to juices, beverages, baked products and sauces owing to associated health claims. Growing application of lycopene in skin care owing to its anti-aging properties is further providing impetus to market growth. Various cosmetic companies have launched serums, creams and lotions containing lycopene to cater to rising demand from health-conscious consumers. Additionally, growing preference of dry form of lycopene over oils and supplements is expected to drive its market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: New entrants will have to make heavy investments in research and development to develop tomato lycopene extracts. There are also high distribution and marketing costs involved in establishing a new brand.
Bargaining power of buyers: Tomato lycopene has many applications across various industries like food and beverages, personal care, and pharmaceuticals. Buyers can negotiate on prices with different suppliers.
Bargaining power of suppliers: Tomato is the main raw material for extracting lycopene. Only a few companies have the expertise and facilities for extracting lycopene at commercial scale. This gives existing suppliers an edge over price negotiations.
Threat of new substitutes: There are no direct substitutes for tomato lycopene. Some natural colorants like annatto, paprika, and carrot extracts can be used instead but they don’t provide the same health benefits as lycopene.
Competitive rivalry: The tomato lycopene market is consolidated with key players differentiating based on purity levels and technology used for extraction. This makes the market quite competitive.
In terms of value, North America holds the major share in the tomato lycopene market currently due to high health awareness and demand from various industries. The increasing usage of natural colors in food products is also driving growth.
The Asia Pacific region is expected to be the fastest growing market during the forecast period. Expanding middle class, rising disposable incomes, and growing health consciousness are fueling the adoption of tomato lycopene extracts in personal care and dietary supplement applications in countries like China and India.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it