- MARKET INSIGHTS
"We are pleased to offer a natural, vegan-friendly red food color additive, especially given the recent public outcry over the use of cochineal extract, which is derived from beetles," said Morris Zelkha, president and CEO of LycoRed. "With this increased demand and interest in Tomat-O-Red, production levels are continuing to ramp up daily, and we are also fielding a flood of inquiries from food and beverage wholesalers and manufacturers of all sizes, about the product's many attributes and benefits."
The global market for lycopene, both as a color additive and nutritional supplement, is expected to grow substantially in the next few years. It is estimated that the worldwide market for lycopene could reach $84 million by 2018, up from $66 million in 2010, according to a September 2011 BCC Research report.
From the May 24, 2012, Prepared Foods’ Daily News