The tomato lycopene market has witnessed significant growth over the past few years due to rising awareness about health benefits associated with lycopene consumption. Lycopene is a bright red pigment found in tomatoes and other red fruits and vegetables. It possesses potent antioxidant properties and helps reduce the risk of various chronic diseases such as cancer and heart diseases. Tomato puree serves as the most important commercial source of lycopene. Growing use of tomato lycopene in dietary supplements, functional foods and beverages, personal care products and pharmaceutical applications has boosted the market. The global tomato lycopene market is estimated to be valued at US$ 143.54 billion in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024 to 2031.

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. Growing health awareness has led to a surge in demand for nutraceuticals and functional foods containing lycopene extracts in recent years. Pharmaceutical applications of lycopene are also gaining traction owing to its anti-cancer and heart protective benefits. Technological advancements have enabled large scale commercial extraction of lycopene from tomato and other natural sources in its synthetic form with enhanced bioavailability.

Market Trends

Encapsulation technology - Encapsulation technology is gaining popularity for formulating lycopene into delivery systems like nanoparticles, liposomes and emulsions to enhance its stability, bioavailability and targeting ability. This is expected to drive the growth of advanced lycopene formulations.

Plant-based lycopene - Plant-based lycopene extracted from tomatoes and other natural sources in its non-synthetic form is witnessing higher demand due to rising consumer preference for clean label and natural products. This will support the demand for plant-based lycopene extracts.

Market Opportunities

Nutraceuticals - Growing health awareness and diseased population represent lucrative growth opportunities for lycopene fortified nutraceuticals and dietary supplements.

Personal care - Lycopene is being widely studied for its anti-aging properties and benefits in sunscreens, serums and cosmeceuticals owing to its potent antioxidant effects. This offers long term opportunities in personal care market.

Impact of COVID-19 on Tomato Lycopene Market Growth

The COVID-19 pandemic has significantly impacted the Tomato Lycopene Market Demand. During the initial lockdown phases in 2020, supply chains were disrupted leading to shortages. This was due to restrictions on transportation and workforce availability. Farmers faced difficulties in harvesting crops on time due to lack of labor. The processing and packaging units also faced challenges resulting in delayed shipments. On the demand side, consumption reduced drastically as people focused more on essential goods and cut spending on supplements and nutraceuticals. This decline in demand further exacerbated oversupply issues.

However, as the effects of the pandemic prolonged, awareness about health, nutrition and immunity boomed. Research linking tomato lycopene consumption to reduced risk of chronic diseases including heart ailments and certain cancers was re-emphasized. This triggered increased demand for tomato extracts and supplements containing lycopene. Manufacturers started extensive R&D to develop more effective delivery systems utilizing nano-encapsulation technology. They also focused on B2C e-commerce channels and direct-to-consumer marketing. The work from home culture expanded the target audience for nutraceuticals. Going forward, sustained health consciousness and innovations in product development are expected to drive the market post-pandemic despite short-term disruptions.

Geographically, Europe accounts for the largest share of the tomato lycopene market in terms of value. This is attributed to rising health awareness and growing consumption of supplements in countries like Germany, United Kingdom, Italy and France. North America is another major region supported by nutritional supplement spending from the United States. Asia Pacific is projected as the fastest growing regional market due to rapid economic development, growing health consciousness of consumers and expanding modern retail infrastructure in India and China. Latin America and Middle East & Africa also present lucrative prospects for tomato lycopene market players over the forecast period.

Asia Pacific is the fastest growing region for the tomato lycopene market due to surging health supplement adoption in India and China. These populous nations are experiencing rising disposable incomes and changing lifestyles leading to increased spending on wellness products. Local production is also increasing through joint ventures between international companies and domestic players. A booming e-commerce industry is further fueling market access in rural and tier 2/3 areas. Additionally, growing chronic disease burden and initiatives by governments as well as private organizations to promote preventive healthcare will continue driving the APAC tomato lycopene market during the forecast years.

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