Phytonutrients Market Size is anticipated to reach USD 7.23 Billion by 2030, registering a CAGR of 8.2% during 2022-2030.
Phytonutrients are usually found in plants as a compound that help protect the plant's vitality. It also helps for various functions in the plants. In addition, it also provides benefits to phytonutrient consumers. The phytonutrients consist of various health-promoting properties like liver-health-promoting activities, antioxidant, and anti-inflammatory properties. These health-beneficial properties make it able to apply in different industries like supplements, food & beverages, cosmetics, and pharmaceuticals.
The Phytonutrients Market is estimated to reach USD 7.23 Billion by 2030 and record a decent CAGR of 8.2% from 2022 to 2030.
The phytonutrients also provide significant benefits to the human body, such as intercellular communication, enhancing immunity, and DNA damage repair that occurred because of the exposure to toxins, alteration of estrogen metabolism, and detoxification of carcinogens. The popularity of phytonutrients is rising among different industries due to the different health benefits associated with phytonutrients. Moreover, phytonutrients are growing its acceptance in the pharmaceutical industry because of their attribute of protecting the human body against certain types of cancer, the risk of heart diseases, blindness, and stroke. In addition, the growth of the Phytonutrients Market is attributed to increasing consciousness among the health-conscious population and the rising demand for functional foods & beverages.
The global phytonutrient market is highly contributed by the intended audiences such as Food Processing Industry; Cosmetic Industry; Traders, Importers, and Exporters; Animal Nutrition Industry; Supplement Industry; Food & Beverages; and Pharmaceutical Industry. These intended audiences are promoting the growth of the worldwide market.
An incomparable global public health emergency has arrived because of the COVID-19, which has impacted almost all the industry. Among them, the Phytonutrients Market Trends was one. It has been found that the coronavirus outbreak has brought many changes in consumer behavior and demand, dynamics of current market forces, purchasing patterns, the significant interventions of governments, and re-routing of the supply chain.
However, the continuous efforts of the global market players are predicted to thrive the Phytonutrients Market Trends in the upcoming years.
The Phytonutrients Market Growth is driving across the world due to the rising interest in phytonutrients, resulting from growing health problems among the rising demographics. The global market is fueling during the forecast period due to the increasing application of phytonutrients in sports nutrition and supplements. Moreover, the rising trend of adding nutritional supplements and functional foods in health-conscious people's diets is also enhancing the growth of the worldwide market in the research period.
According to World Health Organization (WHO), cardiovascular diseases are estimated to take nearly 17.9 million lives each year. Therefore, more researchers have found that the beneficial health properties of Phytonutrients are helpful for cardiovascular diseases, which is enhancing the Phytonutrients Market Value in the research timeframe.
The high efficiency of phytonutrients and the ease of application of phytonutrients are bringing lucrative opportunities for the global Phytonutrients Market. Moreover, the rise in health concerns among the people is bringing significant opportunities for the market players and vendors.
Apart from these, the global market players are getting involved in many agreements, acquisitions, expansions, research development activities, and new product launches to generate more scopes for the global Phytonutrients Market.
The Phytonutrients Market Growth might get hampered in the upcoming years due to the quality of raw materials used for deriving phytonutrients.
Moreover, the standard quality determination technique of phytonutrients is inadequate along with its product, which might hamper the growth of the global market in the forecast period. Also, the insufficient phytonutrient supplements in regulating products can also affect the growth of the Phytonutrients Market Size.
The manufacturers' rising focus on the extraction process of phytonutrients might bring more challenges for the global Phytonutrients Market during the research period.
Apart from that, the high cost of the raw materials is projected to bring big challenges that can affect the global Phytonutrients Market Size during the forecast timeframe. Also, the strident rules and regulations related to the safety of food and beverages might bring additional challenges to the global market growth.
In the past years, the global market has experienced many challenges, but the continuous efforts of the key players have brought more scope to the global market. Accordingly, the global market is expecting to generate the largest Phytonutrients Market Share over the forecast period.
Furthermore, the global market has spread across various geographical locations and is planning to reach all the parts of the world, bringing more opportunities for the market players in the future.
According to the Phytonutrients Market Outlook report, the global market has been segmented based on types and applications.
The market has been divided into vitamins, carotenoids, flavonoids, phytosterols, and others based on the type segment.
Out of all, the carotenoids segment is projected to lead the global Phytonutrients Market during the research period. Presently, various industries are considering the application of carotenoids because of their antioxidants properties, which is fueling the demand for the carotenoids segment. On the other hand, the flavonoids segment holds the second dominating position in the global market. Additionally, the phytosterols segment is also predicted to witness substantial growth during the review period.
On the basis of application segment, the market has been classified into pharmaceuticals, food & beverages, cosmetics, supplements, and others.
Of these, the food & beverages segment is projected to account for the major Phytonutrients Market Share over the forecast period. On the other hand, the supplements segment is predicted to witness considerable growth during the research timeframe. Further, the pharmaceuticals segment is also holding the second considerable growth in the forecast period.
Based on the regional segments, the current Phytonutrients Market has covered various geographical locations such as Europe, North America, Asia Pacific, Latin America, the Middle East, Africa, and the rest of the world.
As per the market analysis, the European region is projected to hold the dominant position in the global market during the forecast timeframe. This region is expanding because of the presence of the major key players like BASF SE, Dohler GmbH, RAISIO PLC, and others in the region. Apart from this region, The North American region is also driving the global market growth during the research timeframe due to the presence of prominent key players like FMC CORPORATION, KEMIN INDUSTRIES INC., Archer Daniels Midland Company, CARGILL INC, and CYANOTECH CORPORATION in the region. Additionally, the North American region supports the market growth due to the rising consumption of functional foods in the U.S. Furthermore, the Asia Pacific region is the fastest-growing region throughout the analysis period. This region has some major contributors like china and India because of the population's growth in consumption of healthy foods and rising health awareness. For instance, the Latin American region is projected to acquire moderate growth during the forecast period. The nations like Mexico and Brazil are highly contributing to this region.
As per the Phytonutrients Market Outlook report, the present market is known to be a highly competitive market because of the popular market player’s presence in the market. These players’ lists are given below.
These above-mentioned market leaders are giving their 100% efforts to enhance the global market growth in the upcoming years. They are implementing various promotional ideas, spending on research and developmental activities related to phytonutrients, doing partnerships, and many more to show their presence in the global market.
According to Phytonutrients Market Analysis, the present report has covered the market dynamics such as market restraints, challenges, drivers, opportunities, and cumulative analysis. Also, the report has given the focus on the covid-19 analysis, regional analysis, recent developments, and market segmentations to get an insight into the market value.
As per the Phytonutrients Market Forecast report, the global market has significant competition across the world.
|Market Size||$7.23 Billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||BASF SE (Germany), Dohler GmbH (Germany), FMC CORPORATION (U.S.), Archer Daniels Midland Company (U.S.), KEMIN INDUSTRIES INC. (U.S.),, CARGILL INC (U.S.), Chr. Hansen A/S (Denmark),|
|Key Market Opportunities||The high efficiency of phytonutrients and the ease of application of phytonutrients|
|Key Market Drivers||Rising interest in Phytonutrients|
The market has been segregated into type, source, and application.
The European region is leading the market for the forecast period.