Published: Jun, 2018
A growing number of players in the dynamically shifting marketplace for phytonutrients are veering toward emerging economies for tapping into the vast latent opportunities found in these regions. The move has helped players, large and small, to get a firm foothold in the market, observes Transparency Market Research (TMR). Several companies are toying with innovative marketing strategies to attract new consumers. They are also focused on employing multiple marketing channels to promote products containing phytonutrients and also to raise awareness about the potential health benefits of these plant chemicals, notes TMR.
Some of the prominent players operating in the phytonutrients market are Takasago International Corporation, DowDuPont Inc., Raisio PLC, Koninklijke DSM N.V., Döhler GmbH, Pharmachem Laboratories, LLC, Kemin Industries, Inc., Chr. Hansen, BASF SE, and Archer Daniels Midland Company.
The global phytonutrients market stood at US$ 4,331.5 million in 2016 and is expected to reach a worth of US$ 7,929.5 million by end of 2025. The market is projected to rise at a CAGR of 7.1% during the forecast period of 2017–2025.
Broadly, the various types of phytonutrients are flavonoids, carotenoids, phytosterols, and phenolic compounds. Among all the segments, carotenoids dominates the pack accounting for the share in the global market in 2016. Their popularity is stoked by vast health promoting benefits owing to their anti-oxidation property and anti-inflammatory effects. The growth of the segment is fueled by an expanding breadth of diseases conditions carotenoids can be used in treatment for.
On the regional front, North America presently holds the leading share. However, the regional market is expected to witness a lackluster growth given its saturated nature of demand. Asia Pacific is prognosticated to witness the most promising growth rate over the assessment period.
Promising uptake in Food and Beverages accentuate Growth
The substantially rising demand for phytonutrients in the food and beverages sector world over is a key factor driving the global market. The growing inclination toward plant-based food for their phytonutrient content is a notable factor fueling the rapid expansion of the market. The popularity of phytonutrients stems from the attractive health-promoting benefits these have such as in protecting organism cells from diseases and promoting immunity.
A set of phytonutrients has also gathered traction among global consumers as antioxidants. In emerging economies, the rising level of awareness about the aforementioned health benefits is catalyzing the growth of the global phytonutrients market.
Efforts to Capitalize Untapped Avenues in Emerging Markets underpinning Lucrative Prospects
The vast purported nutritional benefits that phytonutrients promises and efforts to explore more of their benefits have impelled their demand in the animal feed industry. The vast strides experienced by livestock production in recent years has led to a staggering production of animal feed in various parts of the globe, thus accentuating the demand for phytonutrient. The market is also benefitting from the shifting focus of the personal care and cosmetics industry toward organic ingredients and natural products. This is fostering the demand for phytonutrients in the end-use industry.
However, the market suffers from setbacks hindering its expansion. The indiscriminate consumption of phytonutrients tends to have adverse effects on the human and animal health. This is expected to impede their uptake. On the other hand, a large number of benefits of these phytonutrients lie unused, thereby accounting for the vast untapped avenues in the market, particularly in emerging economies. This will unlock promising prospects for market players all over the globe.
The study presented here is based on a report by Transparency Market Research (TMR) titled
“Phytonutrients Market (Type - Carotenoids, Flavonoids, Phenolic Compounds, and Phytosterols; Application - Pharmaceutical, Food & Beverage, Personal Care & Hygiene, Animal Nutrition, and Human Nutrition) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast - 2017–2025”.
The global phytonutrients market is segmented based on:
- Phenolic Compounds
- Food & Beverage
- Personal Care & Hygiene
- Animal Nutrition
- Human Nutrition
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
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