The global demand for lycopene food colors is projected to rise at a stupendous CAGR of 10.7% between 2022 and 2032, in comparison to 8.9% registered from 2017 to 2021. Rising demand for natural colors across various industries including food and beverages and cosmetics is a key factor driving growth in the global lycopene food colors market.
Lycopene food colors have been utilized in diverse food sectors like bakery and confectionery, beverages, dairy, and fruit fillings. Manufacturers are using several lycopene materials to produce confectioneries and beverages that are visually appealing.
Amid an increasing number of consumers shifting to a vegan lifestyle and vegetarian diet, the use of lycopene food colors is expected to rise at an impressive pace in the food processing industry during the forecast period.
Similarly, with the growing demand for clean labels and colorful food among millennials, food producers are seeking a competitive advantage by including new lycopene colors in their products. This will continue to boost the growth of the lycopene food colors market.
Today, most consumers seek healthier food alternatives to maintain their health as well as to prevent diseases. This in turn is prompting processed food and beverage manufacturers to use natural, lycopene-based, and non-GMO colors.
Storage costs and lesser stability are the two biggest challenges in the Lycopene food colors market. One of the primary reasons for the growth of synthetic and artificial food colors is the low cost of production as compared to natural food colors including lycopene.
Hence, deriving from natural and plant sources, lycopene food colors are more expensive than synthetic colors. Moreover, artificial food colors have a longer shelf-life as compared to lycopene food colors. Another factor hampering the growth of the lycopene food colors market is the reaction or change occurring when mixed with various food products.
Rising Demand for Natural Colors to Propel Lycopene Food Colors Sales in the USA
The rise in the production and consumption of food and beverage products along with the growing trend of veganism is fueling the demand for natural food colors like lycopene in the USA As per FMI, the USA lycopene food colors market totaled USD 20 Million in 2021 which is approximately 3.6% of the US market for plant-based food colors, and 27% of the global lycopene consumption.
Over the years, the USA ;has become one of the largest markets for food colors. Increasing sales of food items due to the induction of technologically advanced supply and distribution channels in the United States is creating lucrative opportunities for lycopene food color manufacturers.
Similarly, the rapid shift toward natural food colors will continue to play a critical role in pushing the demand for lycopene food colors across the USA during the forecast period. As per FMI, the USA lycopene food colors market is anticipated to grow at 8.34% during the forecast period, while the North American lycopene food colors market is expected to register an 8.02% CAGR between 2022 and 2032.
Rising Awareness About Health Benefits of Natural Food Colors to Push Lycopene Food Colors Sales
As per FMI, the EMEAI region totaled sales of USD 29.9 Million in 2021 for lycopene colors. This growth is supported by countries like Germany and France.
Demand for lycopene food colors is particularly high across Germany, with total consumption reaching around 218 metric tons in 2021, and is further anticipated to grow at a CAGR of 9.7% during the forecast period. Rising spending on packaged food products, growing awareness about the benefits of natural food colorants, and favorable government support are some of the factors driving growth in Germany's lycopene food colors market.
Demand for Lycopene Food Colors to Remain High in Beverages Segment
By application, the beverages segment is expected to account for the largest share in 2022 and is poised to maintain its dominance during the forecast period. this can be attributed to the rising usage of lycopene food colors in a wide range of beverages.
Lycopene is being increasingly used as a coloring ingredient in alcoholic drinks, energy drinks, juices, etc. It offers various health benefits which makes it ideal for usage in beverages.
On the others hand, demand in the bakery and confectionery segment is expected to accelerate with a CAGR of 9.5% through the course of the forecast period.
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The global market for lycopene food colors comprises several big corporations, that are primarily converging on developing advanced versions of lycopene mainly for increasing its usage in various industries. They are also looking to achieve economies of scale in order to substitute synthetic red colors in food processing industries.
Some key market participants are San-Ei Gen, Licofarma S.r.l., Dangshan sinojuice food, DSM, BASF, Kagome, Xi'an lyphar biotech corp., Chr. Hansen, Koninklijke DSM N.V., Hoffmann-La Roche Ltd., General nutrition center company, Jamieson laboratories Ltd., LycoRed, Kagome, Tomatia, Wellgreen Technology, Shaanxi huike botanical development Co. Ltd., Royal DSM N.V., NBTY, and Bayer AG, among other prominent players.
| Attributes | Details |
|---|---|
| Estimated Market Valuation (2022) | USD 84 Million |
| Projected Market Size (2032) | USD 257 Million |
| Anticipated Growth Rate (2022 to 2032) | 10.7% |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | USD Million for Value and MT for Volume |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; and the Middle East & Africa |
| Key Countries Covered | United States of America, Brazil, Mexico, Germany, United Kingdom, China, India, Japan, Australia, and GCC Countries |
| Key Segments Covered | Nature, Form, Application, and Region |
| Key Companies Profiled | San-Ei Gen; Licofarma S.r.l.; Dangshan sinojuice food; DSM; BASF; Kagome; Xi'an lyphar biotech corp.; Chr. Hansen; Koninklijke DSM N.V.; Hoffmann-La roche Ltd.; General nutrition center company; Jamieson Laboratories Ltd.; LycoRed, Kagome; Tomatia; Wellgreen Technology; Bayer AG; Royal DSM N.V.; Others |
| Report Coverage | Market Forecast, Market Dynamics and Challenges, Strategic Growth Initiatives, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities, and Threats Analysis |
The global lycopene food colors market will reach nearly USD 257 Million in value and over 8500 metric tons in volume by 2032.
Lycopene food color sales are likely to account for approximately ~5.1% of sales in the global natural food colors market in 2022.
The rising demand for natural food colors as compared to synthetic food colors is driving the lycopene food colors market.
The demand for lycopene food colors is expected to grow at 9.5% CAGR between 2022 and 2032 in Europe.
| Market Size (2024E) | USD 678 million |
|---|---|
| Industry Valuation (2034F) | USD 1,145 million |
| Value-based CAGR (2024 to 2034) | 5.4% |
| Market Estimated Size (2022E) | USD 53.8 Million |
|---|---|
| Projected Market Valuation (2032F) | USD 97.2 Million |
| Value-based CAGR (2022 to 2032) | 4.8% |
| Market Size (2022E) | USD 5.11 Million |
|---|---|
| Market Projected Size (2032F) | USD 6.7 Million |
| Value CAGR (2022 to 2032) | 2.7% |
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Lycopene Food Colors Market
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