Tomato lycopene is a
bright red pigment found in tomatoes and other red fruits and vegetables. It is
a powerful antioxidant that neutralizes free radicals and protects the body
from various diseases. Tomato lycopene helps protect skin from sun damage and
premature skin aging. The global tomato lycopene market offers various health
benefits such as controlling blood pressure and reducing risk of cancer, heart
diseases, and age-related macular degeneration. The products are available in
various forms including oils, powders, capsules and liquids for easy
consumption.
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 Opportunity:
The growing concern over anti-aging is a major market opportunity. Tomato
lycopene protects the skin from ultraviolet radiations and delays premature
signs of aging such as wrinkles and dark spots. It shields skin cells from
sun-induced oxidative stress and damage. With rising pollution levels and
increasing health awareness, consumers are opting for natural skincare products
containing tomato lycopene to prevent aging. The anti-aging properties of
tomato lycopene are driving its increasing demand in cosmetic and personal care
industry. The market players can capitalize on this opportunity by launching
new skincare serums, creams and gels containing optimal levels of tomato
lycopene.
Porter’s Analysis
Threat of new entrants: New entrants face high setup cost and requirement of
technical expertise in research and development and extraction process. The
established players have strong brand name.
Bargaining power of buyers: The bargaining power of buyers is moderate as
tomato lycopene has applications in food and beverages industry and
nutraceuticals. Buyers can opt for substitutes also.
Bargaining power of suppliers: The bargaining power of suppliers is low due to
availability of raw material suppliers. Suppliers do not have negotiating power
over price.
Threat of new substitutes: Substitutes like other carotenoids like beta
carotene pose threats.
Competitive rivalry: Intense competition due to established key players.
SWOT Analysis
Strength: Tomato is one of the richest sources of lycopene. Applications in
prevention of various diseases.
Weakness: Seasonal availability of tomatoes affects steady supply. Requirement
of specialized extraction techniques.
Opportunity: Increasing consumer awareness about health benefits. Growing
nutraceutical industry.
Threats: Presence of substitutes. Stringent regulations pertaining to usage
level.
Key Takeaways
Global
Tomato Lycopene Market Size is expected to witness high growth. North
America dominates the market currently due to extensive research and awareness
about health benefits of lycopene. Europe is the second largest market.
The Asia Pacific region is expected to be the fastest growing market for tomato
lycopene owing to growing health consciousness, increasing disposable incomes,
and expansion of end-use industries in countries like China and India.
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. These players are focusing on capacity
expansion to meet the growing demand for tomato lycopene. They are also
investing in research and development activities to discover new applications
of tomato lycopene.
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