Middle East and Africa Lycopene Food Colors Market Size Set to Grow at High CAGR of 10.6% During 2023-2029

The Middle East & Africa lycopene food colors market is gaining traction because of the increasing consumer awareness regarding the health benefits of lycopene and growing demand for natural and organic food colors due to the rising health concerns.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects the Middle East and Africa lycopene food colors market size to grow at a steady CAGR of 10.62% during the forecast period between 2023 and 2029. The Middle East & Africa lycopene food colors market is expected to rise significantly due to the increasing demand for natural and clean-label goods as well as the expanding usage of lycopene food color in beverages, packaged meals, and dairy products. In addition to the spike in demand for natural colorants, other macroeconomic factors that are favorably affecting the Middle East and Africa market for lycopene food colors include the rapid adoption of technology advancements related to the production and extraction of lycopene compounds.

Middle East and Africa Lycopene Food Colors Market - Overview

Lycopene, a red pigment, can be found in foods that are red in hue, including tomatoes, papayas, pink grapefruits, pink guavas, and watermelon. Antioxidants found in lycopene are highly concentrated, which aids in the body's defense against free radicals. Consuming lycopene aids in the elimination of free radicals, which are responsible for cell damage in the body. Additionally, lycopene has been linked to a decline in heart-related illnesses, and it also makes diabetes and several forms of cancer, including lung, bone, and prostate cancer, less likely.

Middle East & Africa Lycopene Food Colors Market - By Source

Based on the source, the Middle East & Africa lycopene food colors market is bifurcated into synthetic and natural segments. The natural lycopene food colors segment holds a higher share in the Middle East & Africa lycopene food colors market by source. The interest in natural lycopene has grown, due to the rise in demand for natural lycopene in various applications. Additionally, consumers' preferences for natural lycopene, which is considered safe for intake, have changed as they are becoming more aware of the ill effects associated with its synthetic equivalents.

Impact of COVID-19 on Middle East & Africa Lycopene Food Colors Market

The COVID-19 pandemic adversely affected the Middle East & Africa lycopene food colors market. The use of lycopene food colors in the food business dramatically decreased as a result of the rising number of COVID-19 infected cases and the implementation of lockdown in some countries. Stringent lockdown measures forced the closure of bakeries and other establishments that often utilize lycopene food colors, which had a significant negative impact on market revenue. Due to interruptions in the supply chain and production processes, the lycopene market is projected to experience a mild impact in the post-COVID-19 period as well.

Competitive Landscape

Major players operating in the Middle East & Africa lycopene food colors market include Chr. Hansen Holding A/S, Sensient Technologies Corporation, Naturex S.A., DDW The Colour House, FMC Corporation, Kalsec, Inc., Kancor Ingredients Limited, GNT Group B.V., LycoRed Ltd., Dohler GmbH, Roha Dyechem Pvt. Ltd., ColorMaker, Inc., and Synthite Industries 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.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Middle East & Africa Lycopene Food Colors Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Middle East & Africa Lycopene Food Colors Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.