Global Phytochemicals Market: Overview
Phytochemicals are the products derived from organic plants and are used in the manufacturing of organic food and food supplements. Increasing organic agriculture has resulted in the significant demand for phytochemical and plant- based products in the nutraceutical industry. The consumption of plant extracts and ingredients prevents various diseases as plants derived products are considered more beneficial in comparison to other chemical based medicines for healthy people. Due to the growing health awareness among consumers about the harmful side effects of chemically processed products, there has been enormous rise in demand for phytochemicals and other organic plant based product in the recent years coupled with the paradigm shift in the consumer preference towards natural phytochemical and plant derived nutraceutical products fuelling the acceptance for plant based extracts among wholesalers and retailers in comparison to chemically synthesized products.
Global Phytochemicals Market: Drivers and Restraints
Nutraceuticals industries on fast pace are incorporating phytochemicals and plant extract ingredients in their product range for treatment of chronic diseases, health supplements, anti-ageing products, which has generated interest among the aging population particularly in European region. This acts as prime driver for continuously rising demand for the phytochemical products. The dietary supplements market for plant extracts and phytochemicals has shown substantial growth in past years. But, still there lies a gap between demand and supply in the American market that directed to high imports of phytochemical products from other nations, also it has been witnessed that lifestyles diseases such as diabetes, hypertension, cancer and obesity cases increased in recent years in North American region. Major restraining factors to the growth of phytochemical market growth are raw material unavailability, price fluctuations, trade of the raw materials, changing price regulations and policies surrounding natural ingredients and availability of other plant derived products in the market.
Global Phytochemicals Market: Segmentation
On the basis of form, market is segmented into:-
- Powder derivatives
- Liquid derivatives
On the basis of functionality, market is segmented into:-
On the basis of application, market is segmented into:-
- Functional food
- Functional Beverages
- Dietary Supplements
- Wellness and Personal Care
- Animal Nutrition
Global Phytochemicals Market: Region wise Outlook
The global phytochemicals market is divided into seven regions, namely seven regions, namely Eastern Europe, Latin America, Asia Pacific excluding Japan (APEJ), North America, Japan, Western Europe, and Middle East and Africa (MEA). In the North American region, U.S. is the largest producer for phytochemicals and plant extracts owing to robust healthcare market followed by Canada. In Latin America, companies in Mexico are focused on improving marketing strategies such as competitive assessment, market diversification, market penetration, technological advancements, and market and product development. However, APEJ region holds the key opportunities for exponential growth in coming years majorly in developing economies such as India and China. Since, these countries are privileged of being the hub of the ancient history of herbal extracts a, thereby sailing a smooth way towards the accelerating demand for the phytochemical products.
Global Phytochemicals Market: Key Players
The phytochemicals market is a highly fragmented market, with leading companies engaged in strategic alliances including mergers & acquisitions along with extensive research & development tactics.
Some of the key players identified in the global phytochemicals market include:
- Naturex SA
- Indena SpA
- Linnea SA
- BASF SE
- Arboris LLC
- Cargill Inc.
- Dupont De Nemours & Co ltd
- Martin Bauer GmbH &Co. KG
- Hansen A/S
- LIPO Foods
- Doehler Group
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.