Market Overview:
Phytonutrients are compounds present in plants which help them protect from germs, fungi, bugs, and other threats. They also provide significant benefits to the human body which includes enhancing immunity, intercellular communication, DNA damage repair caused from the exposure to toxins, detoxification of carcinogens, and alteration of estrogen metabolism. Moreover, they benefit in antioxidant and anti-inflammatory activities. Owing to these beneficial attributes, they are gaining increasing application in various industries such as food & beverages, supplements, pharmaceuticals, cosmetics, and others including the feed industry.
Market Forecast:
Growing trend of living a healthy lifestyle and high inclination towards functional foods and supplements is gaining traction towards phytonutrients market, globally. Moreover, the immense health beneficial properties of phytonutrients are increasing its application in various industries and driving the growth of the market. Increasing vegan population is also boosting the growth of the market.
Phytonutrients are also used in animal feed to add to their nutritional level which is growing the demand for phytonutrients market. Moreover, the growth of supplements market is adding advantage to the phytonutrients market. Additionally, continuous R&D is enhancing the efficiency to extract phytonutrients and assisting the manufacturers to meet the growing demand for phytonutrients. All these factors are projected to contribute to the estimated CAGR of 6.2% of phytonutrients market during the forecast period 2017-2023.
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Downstream analysis:
On the basis of type, phytonutrients market is segmented into carotenoids, phytosterols, flavonoids, vitamins, and others. Among them, the carotenoids segment is dominating the market followed by the flavonoids segment. The carotenoids act as antioxidants which is primarily driving its application in various industries. However, the phytosterols is also expected to have a substantial growth over the forecast period.
Based on the application, phytonutrients market is segmented into food & beverages, supplements, pharmaceuticals, cosmetics, and others. Among all, the food & beverages hold the major share of the market. However, there is a considerable growth witnessed in the supplements segment followed by the pharmaceuticals segment.
Competitive analysis
The major players in the phytonutrients market
Archer Daniels Midland Company (U.S.)
BASF SE (Germany)
CARGILL INC (U.S.)
DSM N. V. (The Netherlands)
FMC CORPORATION (U.S.)
KEMIN INDUSTRIES INC. (U.S.)
Hansen A/S (Denmark)
CYANOTECH CORPORATION (U.S.)
Döhler GmbH (Germany)
RAISIO PLC. (Finland)
Regional Analysis
The global phytonutrients market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). Europe is dominating the market followed by North America. High investment by key players on the R&D and technological advancements is propelling the market growth in these regions. High inclination of the consumers towards supplements and functional food in North America is driving the market for phytonutrients in this region.
Asia Pacific is projected to be the fastest growing region over the forecasted period. Growing health awareness and increasing consumption of healthy diet among the population in developing countries is majorly contributing to the growth of this market in Asia Pacific. Latin America is also expected to witness moderate growth over the estimated period in which Brazil is the major contributor followed by Mexico.
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