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New York, US, July 07, 2022 (GLOBE NEWSWIRE) -- Phytonutrients Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), 'Phytonutrients Market Information by Type, Application, and Region - Forecast till 2030 ”, The market is anticipated to reach USD 7.23 Billion by 2030, registering a CAGR of 8.2% during 2022-2030.
Market Synopsis
Phytonutrients are organic components present in plants that offer a series of health benefits. These are gaining traction worldwide owing to their potential health advantages and are enjoying considerable demand from dietary supplements and fortified foods industries. Legumes, vegetables, grains, nuts, teas, and fruits contain high content of phytonutrients
Phytonutrients are integrated into a variety of food products for their disease-preventing characteristics. There are a number of commercial products, raw materials as well as finished products that comprise phytonutrients in varied proportions.
The phytonutrient industry shows significant growth potential, propelled by the rising awareness about health benefits, expanding application scope, and the surge in government promotions with regard to the consumption of phytonutrients.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 7.23 Billion |
| CAGR | 8.2% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| 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 Market Drivers | Rising interest in Phytonutrients |
Market Competitive Landscape:
The eminent companies in the phytonutrients industry are
- Dohler GmbH (Germany)
- CYANOTECH CORPORATION (U.S.)
- BASF SE (Germany)
- KEMIN INDUSTRIES INC. (U.S.)
- CARGILL INC (U.S.)
- Archer Daniels Midland Company (U.S.)
- FMC CORPORATION (U.S.)
- Chr. Hansen A/S (Denmark)
- RAITIO PLC. (Finland)
- DSM N. V. (The Netherlands)
Market USP Covered:
Market Drivers:
Consumers' evolving lifestyles, in conjunction with the surging preference for a healthy diet, will help enhance the market share. Consumers are increasingly into healthy foods including fruits, nuts, vegetables, etc. which are rich in phytonutrients and several vitamins. Additionally, these foods offer a host of health benefits, and therefore, enjoy significant demand among consumers. Owing to the heightened demand for phytonutrients, multiple pharma firms are coming up with novel techniques that facilitate innovations in health supplements. On top of this, the rapidly escalating cases of cancer, blindness, stroke, and heart diseases will stimulate the demand as well as supply of phytonutrients. These factors elevate the chances of phytonutrients being used in dietary supplements as well as pharmaceutical drugs, which will favor the market.
The abundance of feedstock found across the globe creates a host of lucrative opportunities for phytonutrient developers. The United States Department of Agriculture Report reveals that the overall production of coarse grains between 2016 and 2017 was around 1,375,845 thousand metric tons.
The major companies in the market are introducing novel phytonutrient products that meet the accelerated demand among consumers. For instance, in May 2022, the AI phytonutrient detection company Brightseed closed a Series B funding round headed by Temasek, garnering a total of USD 68 million. Brightseed's first release will be a digestive health-enhancing ingredient.
Market Restraints:
Phytonutrients cannot be consumed by everyone while their excessive consumption can result in allergies and even unconsciousness, which could be a major challenge for the players in the coming years.
Browse In-depth Market Research Report (110 Pages) on Phytonutrients:
COVID 19 Analysis
The COVID-19 outbreak's negative impact has led to a series of severe repercussions on people's health status across the world. The aftermath is linked with the significant social and economic burden on people worldwide. While the major policymakers are implementing new frameworks and industries are adopting advanced models of expansion to maintain their relevance, people are facing a series of mental trauma.
Around the world, the rising cases have spurred mental health issues, especially among the elderly. Additionally, the younger populace has been dealing with challenges owing to loss of livelihoods and is opting for family care to address the repercussions. People are increasingly opting for healthier food products to boost their immunity. These factors will most likely enhance the growth prospects of the phytonutrients market in subsequent years.
Market Segmentation
By Types:
The different types of phytonutrients are carotenoids, vitamins, phytosterols, flavonoids, and more.
Out of these, the carotenoids segment should clinch the leading spot in the phytonutrients market over the review period. At present, numerous industries are adopting carotenoids given their antioxidant properties, which enhance the growth of the carotenoids segment. On the other hand, the second place will be secured by the flavonoids segment in the global market. The phytosterols segment will also be achieving a substantial growth rate in the years to come.
By Application:
Various applications of phytonutrients are food & beverages, pharmaceuticals, supplements, cosmetics, and more.
Between these, the leading spot belongs to the food & beverages segment while the supplements segment should witness strong growth as well. On top of this, the pharmaceuticals segment will see robust expansion during the forecast period.
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Regional Insights
Mounting health consciousness among consumers in Europe has put the region at the top of the worldwide market. The robust demand in industries like cosmetics, food & beverage, and pharmaceuticals will be favorable for the phytonutrients market. As a result, manufacturers are spending heavily on R&D to with the heightened demand.
In North America, evolving lifestyles of the consumers, the surge in cardiovascular disorders, and health issues such as type 2 diabetes and cancer elevate the position of the phytonutrients market. Further, the expanding aging population along with the soaring awareness regarding wellness and health contribute to the business growth. In the US, phytonutrients have been granted the GRAS (Generally Recognized As Safe) status, along with the FDA approval.
Asia Pacific region will be garnering the fastest growth rate between 2020 and 2027. This could be due to the significant contribution from rapidly emerging countries like China and India as more and more consumers are increasingly opting for healthy foods in line with augmented health awareness.
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