Archer Daniels Midlands Co., Raisio plc, and BASF SE constituted the largest share in the global phytosterols market in 2014. As per Transparency Market Research (TMR), product innovation and differentiation are key strategies adopted by the leading market players to gain a stronghold in the market. These companies have remained ahead of the pack by consistently introducing several phytosterols used as food ingredients.
Besides product innovations, many companies are also focusing on mergers and acquisitions as well to expand their business portfolio and geographical presence. These companies are also looking to explore the untapped opportunities across developing regions to emerge dominant in the global phytosterols market.
Spike in Phytosterols Demand Expected as Prevalence of Heart Diseases Increases Globally
“The rising prevalence of coronary heart diseases around the world is a key factor bolstering phytosterols sales,” observed a TMR analyst. The prevalence of cardiovascular ailments is notably more common in developed countries across North America and Europe. Incidentally these nations also exhibit a high prevalence of obesity, a prime factor leading to heart diseases. “Despite being structurally similar to cholesterols, phytosterols act as blockades, averting absorption of cholesterol into the blood stream,” added the TMR analyst.
A high concentration of phytosterols is found in beans, nuts, and vegetable oils. Owing to the several health benefits they offer, TMR expects demand for phytosterols to rise considerably in the near future. Of the several health benefits offered by phytosterols, their cholesterol lowering properties have been fundamental in boosting their sales opportunities. Furthermore, studies have evidenced that phytosterols also help in fighting chronic ailments such as cancer and prevents skin damage from exposure to the sun. With regulating bodies such as the European Food Safety Authority approving the usage of phytosterols, their demand is expected to considerably increase through the report’s forecast period from 2015 to 2021.
Lack of Awareness Limits Phytosterols Market’s Growth in Developing Countries
Despite witnessing favorable opportunities, the growth of the phytosterols market is restricted to an extent due to the lack of awareness in developing regions. Developed regions such as Europe and North America presently exhibits the most lucrative growth opportunities for the market. The inadequate knowledge about the benefits of phytosterols, particularly among consumers in India and China, limits the growth of the market in the countries, which otherwise could prove highly attractive.
The availability of products with similar properties also inhibits the market’s trajectory to an extent. For instance, the rising demand for omega 3 fatty acids will negatively impact phytosterols sales.
Technological Advancements in Extraction Process to Boost Phytosterols Sales
Phytosterols are derived from vegetable and tall oils. Since these sources are abundantly available in nature, phytosterols are considered highly fit for commercial extraction. The technological advancements in extraction process will thus fuel opportunities for the market in the forthcoming years. The growing demand for phytosterols from Asia Pacific is expected in the near future. This will in turn create newer avenues for the market to explore. Such factors are expected to boost the market during the forecast period despite the aforementioned limitations.
According to TMR, phytosterols exhibit diverse applications across various industries. Of these, the food ingredients industry accounted for over 50.4% of the demand witnessed in the global phytosterols market in 2014. Regionally, the market is expected to witness robust growth in developed regions. Europe dominated the global phytosterols market and is expected to reach US$388.8 mn by the end of 2021.
By revenue, the global phytosterols market stood at US$473.8 mn in 2014. Rising at a positive CAGR of 10%, the market is expected to reach US$926.7 mn by the end of 2021.
This review is based on findings published by TMR in a report, titled “Phytosterols Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021.”
- The food ingredients industry emerged as the dominant application segment in 2014, accounting for over 50.4% of demand
- Phytosterols market in Europe expected to reach US$388.8 mn by the end of 2021.
- Demand for phytosterols will increase in countries witnessing high prevalence of heart diseases.
The report segments the global phytosterols market as:
Global Phytosterols Market, by Product Type
Global Phytosterols Market, by Application Type
- Food Ingredients
Global Phytosterols Market, by Geography/Country
- North America
- Asia Pacific
- Rest of the World (RoW)
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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