Phytonutrients Market Worth $4.63 Billion by 2020
Browse 79 market Tables and 73 Figures spread through 216 Pages and an in-depth TOC on"Phytonutrients Market".
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The market report defines and segments the global Phytonutrients Market with analysis of current demand and forecasted consumption in terms of value ($million). 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.
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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 due to 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.
The global Phytonutrients Market was valued at $3.05 Billion in 2014 and is projected to reach $4.63 Billion by 2020, at a CAGR of 7.2% from 2015 to 2020. 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 U.S., 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 & 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 aging 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 over the years due 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 Plc. (Finland), DSM N.V. (The Netherlands), BASF SE (Germany), Chr. Hansen A/S (Denmark), FMC Corporation (U.S.), and Kemin Industries, Inc. (U.S.). The key players adopted growth strategies such as mergers & acquisitions to increase their scope in the market.
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