Phytonutrients Market is expected to rise at a CAGR of 6.2% during the forecast period
Market Overview:
Phytonutrients are compounds present in plants which help them protect
from germs, fungi, bugs, and other threats. They also provide significant
benefits to the human body which includes enhancing immunity, intercellular
communication, DNA damage repair caused from the exposure to toxins,
detoxification of carcinogens, and alteration of estrogen metabolism. Moreover,
they benefit in antioxidant and anti-inflammatory activities. Owing to these
beneficial attributes, they are gaining increasing application in various
industries such as food & beverages, supplements, pharmaceuticals,
cosmetics, and others including the feed industry.
Market Forecast:
Growing trend of living a healthy lifestyle and high inclination towards
functional foods and supplements is gaining traction towards phytonutrients
market share, globally. Moreover, the immense health beneficial properties of
phytonutrients are increasing its application in various industries and driving
the growth of the market. Increasing vegan population is also boosting the
growth of the market.
Phytonutrients are also used in animal feed to add to their nutritional
level which is growing the demand for phytonutrients market share. Moreover,
the growth of supplements market is adding advantage to the phytonutrients
market share. Additionally, continuous R&D is enhancing the efficiency to
extract phytonutrients and assisting the manufacturers to meet the growing
demand for phytonutrients. All these factors are projected to contribute to the
estimated CAGR of 6.2% of phytonutrients market share during the forecast
period 2017-2023.
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Downstream analysis:
On the basis of type, phytonutrients market share is segmented into
carotenoids, phytosterols, flavonoids, vitamins, and others. Among them, the
carotenoids segment is dominating the market followed by the flavonoids
segment. The carotenoids act as antioxidants which is primarily driving its
application in various industries. However, the phytosterols is also expected
to have a substantial growth over the forecast period.
Based on the application, phytonutrients market share is segmented into
food & beverages, supplements, pharmaceuticals, cosmetics, and others.
Among all, the food & beverages hold the major share of the market.
However, there is a considerable growth witnessed in the supplements segment
followed by the pharmaceuticals segment.
Competitive analysis
The major players in the phytonutrients market share
- Archer Daniels
Midland Company (U.S.)
- BASF SE (Germany)
- CARGILL INC
(U.S.)
- DSM N. V. (The
Netherlands)
- FMC CORPORATION
(U.S.)
- KEMIN INDUSTRIES
INC. (U.S.)
- Hansen A/S
(Denmark)
- CYANOTECH
CORPORATION (U.S.)
- Döhler GmbH
(Germany)
- RAISIO PLC.
(Finland)
Regional Analysis
The global phytonutrients market share is segmented
into North America, Europe, Asia Pacific, and rest of the world (RoW). Europe
is dominating the market followed by North America. High investment by key
players on the R&D and technological advancements is propelling the market
growth in these regions. High inclination of the consumers towards supplements
and functional food in North America is driving the market for phytonutrients
in this region.
Asia Pacific is projected to be the fastest growing region over the
forecasted period. Growing health awareness and increasing consumption of
healthy diet among the population in developing countries is majorly
contributing to the growth of this market in Asia Pacific. Latin America is
also expected to witness moderate growth over the estimated period in which
Brazil is the major contributor followed by Mexico.
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