The increase in demand for lycopene can be attributed to consumer awareness for vegan/natural red color, which is influencing the food-making decisions of retailer and food manufacturers.
Currently, vegan/natural ingredients are being used in dairy foods and beverages, however; their use is expected to extend into bakery, confectionery and cosmetics, the company noted.
LycoRed president and CEO Morris Zelkha said that the company's red color is natural, vegan-friendly and additive free, which is especially significant given the recent public criticism over the use of cochineal extract, which is derived from beetles.
"We are prepared to assist processors of all sizes, and help them to take advantage of the product's many attributes and benefits," Zelkha added.
The demand for lycopene, both as a color additive and nutritional supplement, is forecasted to increase globally over the next few years - according to a report from independent analysis group BCC Research, the worldwide market for lycopene could reach $84m by 2018, up from $66m in 2010.
According to LycoRed, it uses a patented process to develop Tomat-O-Red, an antioxidant-rich lycopene compound derived from non-genetically modified (GMO) tomatoes grown in Israel and California.
Tomat-O-Red is vegan, kosher- and halal-certified, categorized as GRAS (Generally Recognized as Safe), and has long shelf-life.
It is also stable in a various food processing conditions, including high temperature, UV light and low pH.
The product, which comes in range of red-based colors, can be used in a multiple food and beverage applications, including milk, yogurt, ice cream, surimi, chewing gum, and confectionery products, among others.
