A worldwide Phytonutrients Market forecast Report Till 2023

Market Definition:

Phytonutrients are compounds found in plants serving various functions, which includes protecting the plant’s vitality. Not only do they benefit the plant but also provides various benefits to the consumers of the phytonutrients. They have health promoting properties such as antioxidant, anti-inflammatory, and liver-health-promoting activities. They are applicable in various industries such as food & beverages, supplements, pharmaceuticals, and cosmetics owing to their health beneficial properties.

Market Scenario:     

Phytonutrients are gaining popularity in various industries owing to the various health benefits associated with them. Increasing health problems among the growing population followed by growing interest in phytonutrients are driving the growth of phytonutrients market globally. Based on its attribute of protecting the human body against the risk of heart diseases, stroke, blindness, and certain types of cancer, it is gaining high acceptance in the pharmaceutical industry. Additionally, increasing demand for functional foods & beverages connected with growing consciousness among the health conscious population is pushing the market growth in a positive direction.

Growing application of phytonutrients in supplements and sports nutrition is adding fuel to the growth of phytonutrients market. Moreover, increasing health conscious population and growing trend of adding functional foods and nutritional supplements in their diet is thrusting the growth of the phytonutrients market. Moreover, demand for phytonutrients such as carotenoids have shown a high inclination based on its consumption owing to health benefits such as cardiovascular diseases, blindness, and certain types of cancer.  However, the quality of raw material used to derive phytonutrients may restrict the growth of phytonutrients market in the coming years.

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Key Players:

Some of the key players profiled in the global Phytonutrients market are 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.), Chr. Hansen A/S (Denmark), CYANOTECH CORPORATION (U.S.), Dohler GmbH (Germany), RAISIO PLC. (Finland)

Segments:

On the basis of type, phytonutrients market 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, phytosterols is also expected to have a substantial growth over the forecast period.

Based on the application, phytonutrients market 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.

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Regional Analysis:

The global phytonutrients market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). Europe is dominating the market followed by North America. Germany, France, and Italy are the major contributors to the growth of the phytonutrients market. Presence of the major key players in this region is driving the growth of phytonutrients market in Europe and North America. Moreover, increasing consumption of functional foods in the U.S. is supporting the growth of phytonutrients market in North America.

Asia Pacific is projected to be the fastest growing region over the forecasted period. India and China are the major contributors in this region owing to the increasing health awareness and increase in consumption of healthy foods. Latin America is also expected to witness moderate growth over the estimated period in which Brazil and Mexico are the major contributors. 

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