Lycopene Market Forecasted to Reach a Value of US$254.9 Million by the Year 2034, Maintaining a Compound Annual Growth Rate (CAGR) of 5.1%
The global lycopene market, a key player in the carotenoids market, is experiencing significant growth, driven by the increasing demand for sustainable health ingredients and digitalized supply chains.
In 2024, the market was valued at USD 155.0 million, with North America leading the charge, accounting for a 42.8% share and USD 66.3 million. This trend continued into 2024, where North America retained its position, valued at USD 66.3 million.
Synthetic lycopene dominates the market with a 57.9% share, while lycopene, as a health ingredient, holds a 69.4% share. Key players in the market are focusing on sustainable methods like microbial fermentation to produce lycopene, with companies such as BASF SE and Divi's Laboratories scaling up production to meet the rising demand.
BASF SE has introduced new formulations for dietary supplements and skincare, emphasizing stability and efficacy, while Divi's Laboratories focuses on high-quality synthetic lycopene for medical applications. Archer-Daniels-Midland Company (ADM) has also invested in plant-based nutrition, including lycopene-enhanced ingredients for food and beverage applications.
Dietary supplements lead the application segment with a 38.5% share, followed by food and beverages. The Asia Pacific region shows a rising demand for lycopene due to urbanization, health-conscious consumers, and a growing middle class. The market is also gaining traction in Latin America and the Middle East & Africa, where health and wellness trends are gradually fostering its uptake.
Beadlets, with their dry, free-flowing structure, are widely favored in dietary supplements and functional food formulations due to their better stability and absorption. They account for 39.2% of the market.
Looking forward, the global lycopene market is projected to grow at a CAGR of 5.1% from 2025 to 2034. This growth is supported by related markets like liquid vitamins and natural food colors, which show CAGRs of 5.4% and substantial growth respectively. The broader carotenoids market, which includes lycopene, is expected to grow from about $2 billion in 2025 to approximately $2.44 billion by 2029, with a CAGR of around 5.0% to 5.1%.
The global dietary supplement market, wherein lycopene is a common ingredient, is forecasted to grow from $203.42 billion in 2025 to about $402.2 billion by 2034, at a CAGR of approximately 7.87%. These projections suggest a positive outlook for the lycopene market, given its importance in the dietary supplement industry.
DSM has integrated lycopene into its wellness portfolio, emphasizing its benefits in immune and cardiovascular health, and promoting sustainable sourcing and transparent labeling. Allied Biotech Corporation has also expanded its lycopene offerings for nutraceuticals and cosmetics, focusing on sustainable sourcing and advanced fermentation technology. Europe showed steady growth in the global lycopene market due to natural ingredient adoption in established food and pharma sectors.
In conclusion, the global lycopene market is experiencing significant growth, driven by the increasing demand for sustainable health ingredients and digitalized supply chains. Key players are focusing on sustainable methods to produce lycopene, and the market is expected to continue its growth trajectory in the coming years.
- The focus of key players in the global lycopene market, such as BASF SE and Allied Biotech Corporation, is expanding to include supplements and nutraceuticals, with an emphasis on sustainable sourcing and advanced technology.
- As the global dietary supplement market grows, the demand for sustainable, quality ingredients like lycopene is expected to rise, particularly in application segments like health-and-wellness products and fitness-and-exercise supplements.
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