Market Overview

The global lycopene market size was valued at USD 93.42 million in 2024. The market is projected to grow from USD 96.30 million in 2025 to USD 122.09 million by 2032, exhibiting a CAGR of 3.45% during the forecast period.

The analysis shows that the growing use of carotenoids in the dietary supplements industry and the expanding processed food sector are key factors driving the market. Lycopene, a red carotenoid found in tomatoes and other red fruits, is used as a functional ingredient and natural colorant in the food & beverage, personal care, pharmaceutical, and animal feed industries.

Major Players Profiled in the Market Report:

• Lycored (U.S.)
• Allied Biotech Corporation (Taiwan)
• Divi's Nutraceuticals (U.S.)
• Vidya Herbs (India)
• BASF SE (Germany)
• Shaanxi Kingsci Biotechnology CO, LTD. (China)
• Wellgreen Technology Co., Ltd. (China)
• Farbest Brands (U.S.)
• Jamieson Wellness (Canada)
• Plamed Green Science Group (China)

Segments

Cost-Effectiveness to Drive Synthetic Segment Growth

Based on source, the market is segmented into synthetic and natural. The synthetic segment holds the largest market share due to its cost-effectiveness, prolonged shelf life, and less degradability compared to natural sources, making it ideal for bulk production. The natural segment is the fastest-growing, driven by the consumer trend toward clean-label and plant-based ingredients.

Versatility to Bolster Powder Segment Expansion

By form, the market is categorized into liquid, powder, and beadlet. The powder segment leads the market due to its versatility, lower cost, enhanced absorption rate, and extended shelf life. It is also easier to blend and transport than liquid forms.

Nutritional Profile to Drive Food and Beverages Segment Growth