BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Saudi Arabia Lycopene Market size to grow at a steady CAGR of 7.1% during the forecast period between 2022 and 2028. Saudi Arabia lycopene market expansion is driven by increasing adoption of lycopene by array of industries, growing awareness of health benefits related to natural food colors, and high disposable income in the country. Consumption of fast food and the adoption of sedentary lifestyle have increased lycopene use in the form of nutraceutical supplements, which will also drive the lycopene market expansion. Furthermore, the surging demand for natural colorants and functional components from various sectors as well as technology advancements associated with the production and extraction of lycopene compounds are also major factors positively driving the Saudi Arabia lycopene market. The increased use of carotenoids in cosmetics, which will enhance the growth rate of the lycopene market. The increasing number of applications in nutritional and food products will further drive the Saudi Arabia lycopene market forward. However, stringent regulatory norms in terms of development and commercialization of lycopene are anticipated to hinder the overall market growth during the period in analysis.
Saudi Arabia Lycopene Market – Overview
Lycopene is a carotenoid found primarily in tomatoes and obtained naturally. Medicinal properties found in lycopene spur its demand in the nutraceutical industry. Lycopene is high in antioxidants that contribute to the body's fight against free radicals, which cause cell damage. Intake of lycopene helps in minimizing free radicals in the body. Lycopene has also been associated in lowering risk of heart disease, diabetes, and cancers, including lung, bone, and prostate cancers. Lycopene also helps in maintaining cardiovascular health. The most common source of lycopene in the body is the intake of lycopene-rich fruits and vegetables.
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Saudi Arabia Lycopene Market – By Grade
Based on grade, Saudi Arabia lycopene market is bifurcated into Pharmaceutical Grade and Food Grade. The pharmaceutical grade segment is expected to hold a higher market share due to a surging demand for products associated with health and dietary improvement. Many consumers are actively seeking ways to improve their health and immune systems. Lycopene is one of the most powerful antioxidants, with numerous health benefits including lower risk of certain cancer types, protection from damaging sun rays, and significantly improved cardiac condition. Furthermore, the prevalence of heart diseases has increased due to the increasing sedentary lifestyle and added work pressure, and the availability of lycopene as a health ingredient could have a beneficial effect on the growth of the lycopene market.
Impact of COVID-19 on Saudi Arabia Lycopene Market
COVID-19 had a detrimental effect on lycopene market due to imposition of stringent lockdown norms and supply chain disruptions. To survive in the current environment, many large multinational corporations were downsizing. The cosmetic industry was severely impacted, such as negative influence on consumer expenditure, resulting in decreasing use of various cosmetic goods. It also hampered production of vegetable and fruit crops. Productivity also decreased due to a scarcity of water and other resources. However, nutritional supplement and pharmaceutical sales are expected to rise because of the increased focus on health and wellness.
Competitive Landscape
Major players operating in Saudi Arabia lycopene market include Bayer AG, General nutrition center, Döhler, Noreva Biotech, GULFOOD Manufacturing, Merck KGaA, BASF, Kagome, DSM Company, and Hoffmann-La Roche Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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