Nutraceuticals market in Europe to reach US$1.15bn by 2018, says new report
Germany has a 23% market share
The European phytochemicals and plant extracts (nutraceuticals) market is expected to reach US$1.15bn by 2018, up from $710.18m in 2012, according to a new report by MicroMarket Monitor.
The Europe Phytochemicals & Plant Extracts Market report defines and segments the market in Europe with analysis and forecast of revenue. It is scheduled for publication on 28 August.
The largest market for plant extracts and phytochemicals in Europe is Germany, with a share of around 23%. This is because the country has been a pioneer for the inclusion of these ingredients in food products and is a destination for the majority of innovations in the nutraceutical ingredient industry, the report says.
Strict European legislation against the use of chemical ingredients in food products, pharmaceuticals and dietary supplements has meant that manufacturers have increased their usage of ingredients derived from natural sources. Plant extracts and phytochemicals are the obvious choices for this purpose, the report says.
The five major players in the European market are Cargill (US), Chr. Hansen (Denmark), Dohler Group (Germany) and Danisco (Denmark). Chr. Hansen leads the market with a share of 10.6%, followed by Dohler Group (10.5%).
The phytochemicals and plant extracts market is segmented and projected on the basis of application, which are functional food, functional beverages, dietary supplements, animal nutrition and personal care. Dietary supplements is the most preferred application.
