Phytonutrients market to be worth $4.63bn by 2020
The global phytonutrients market was valued at $3.05bn in 2014 and is projected to reach $4.63bn by 2020, at a CAGR of 7.2% from 2015 to 2020
The report, 'Phytonutrients Market by Type (Carotenoids, Phytosterols, Flavonoids, Phenolic Compounds and Vitamin E), Application (Food & Beverage, Feed, Pharmaceutical, and Cosmetic), Source and by Region: Global Trends and Forecast to 2020,' is available from Markets and Markets.
The global phytonutrients market was valued at $3.05bn in 2014 and is projected to reach $4.63bn by 2020, at a CAGR of 7.2% from 2015 to 2020.
The market report defines and segments the global phytonutrients market with analysis of current demand and forecasted consumption in terms of value ($m). It also identifies the driving and restraining factors of the global phytonutrients market with analyses of trends, opportunities, winning imperatives, and challenges. The market is segmented on the basis of type, source and application segments for phytonutrients.
The market is segmented and market size is forecasted on the basis of major regions such as North America, Europe, Asia-Pacific and Rest of the World (RoW). The key countries are covered and their market sizes forecasted for each region. Further, the market is segmented and market size is forecasted on the basis of applications.
The term 'phyto' originated from the Greek word meaning 'plant.' Phytonutrients are certain specific, organic components found in plants said to promote health benefits. Phytonutrients are gaining importance globally because of their potential health benefits and are facing growing demand from the fortified foods and dietary supplement industries. Vegetables, legumes, nuts, grains, fruits and teas are rich sources of phytonutrients.
The high growth potential in emerging markets and untapped regions, provide new growth opportunities for market players. The growth of this market is driven by increasing customer attention towards superior quality food, which should be balanced and nutritious.
Europe dominated the global market and is expected to be the fastest-growing market in the near future owing to the health concerns in the region. The US, Germany, France, Italy and China are the top five markets for phytonutrients and account for nearly 50% of the global total phytonutrients consumption.
The common types of phytonutrients include carotenoids, phenolic compounds, flavonoids, phytosterols, alkaloids and others (betalains, alkaloids, monoterpenes, anthocyanins and lignans). Carotenoids, phytosterols and phenolic compounds are currently the most widely found and used in various sectors such as food and beverages, feed, pharmaceuticals and cosmetics.
Phytonutrients such as carotenoids have been known to help protect the body against the risk of heart disease, stroke, blindness and certain types of cancer. They may also help to slow the ageing process, reduce difficulties associated with diabetes and improve lung utility.
The immense health benefits of phytonutrients are projected to drive its market globally. Their increasing end-use applications and growing interest in phytonutrients for their health benefits are major driving factors of the phytosterols market globally. At the same time, increasing availability and cheaper cost of raw materials, improvements in extraction techniques, and diversified application demands are driving the demand for phytonutrients across the world. Through significant efforts in R&D, manufacturers have identified efficient sources to extract phytonutrients to meet the rapidly growing demand for phytonutrients.
The global market for phytonutrients has significantly changed with time owing to consumer awareness related to various health benefits and increasing end-use applications. The carotenoids segment dominated the phytonutrients market in 2014. Flavonoids are the second most widely used phytonutrients.
The phytonutrients market is in its growing stage with the presence of significant manufacturers such as Raisio (Finland), DSM (the Netherlands), BASF (Germany), Chr. Hansen (Denmark), FMC Corporation (US) and Kemin Industries (US). The key players adopted growth strategies such as mergers and acquisitions to increase their scope in the market.
