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
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold 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.