(MENAFN- GlobeNewsWire - Nasdaq) The North America market for phytochemical is projected to garner a CAGR of 8.4% through 2034.Rockville , Jan. 15, 2024 (GLOBE NEWSWIRE) -- As per a new industry analysis by Fact, a market research and competitive intelligence provider, in 2024, the global Phytochemical Market is poised to reach a valuation worth US$ 7,146.2 million. During the forecast period, the demand is anticipated to garner a CAGR of 9.6% and hence reach a sum of US$ 17,896.2 million by the end of 2034.
The industry's simultaneous emphasis on collaboration and sustainability is a key driver of the market. As customers become more environmentally aware, businesses are embracing ethical and sustainable sourcing methods.
Research and development is progressing due to strategic partnerships between existing and emerging companies, which is supporting the market's ongoing growth and competitiveness.
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Key Segments of Phytochemical Industry Research Report
| By Type | By Application | By Region |
Carotenoid Flavonoid Phytosterols Polyphenols Others | Food & Beverage Industry Cosmetics & Personal Care Products Pharmaceuticals Nutraceuticals Animal Feed Others | North America Latin America Western Europe Eastern Europe South Asia and Pacific East Asia Middle East and Africa |
Key Takeaways from the Market Study
In 2019, the global phytochemical market was estimated to be worth US$ 4,678.2 million. The phytochemical market in North America is expected to reach a 22.1% market share by 2024. East Asia is expected to account for 23.7% of the global market by 2024. The US market is projected to reach a valuation of US$ 1,453.9 million in 2024, with a projected increase in market share to 82.1%. The phytochemical market in China is projected to be worth US$1,223.6 million in 2024. According to estimates, the carotenoid category will account for 30.65% of the market in 2024. The food and beverage industry is projected to grow to a market share of 36.76% by 2024.
“Growth in the global phytochemical market is driven by a rise in plant-based diets, a change in healthcare towards preventative care, and growing health consciousness. Collaborations and ongoing research lead to innovations, spurring market expansion,” remarks a Fact analyst.
Competitive Landscape
Prominent companies in the phytochemical industry are advancing extraction technology, sustainable sourcing, and research as means of innovation. They establish strategic alliances that guarantee a steady supply chain for raw materials. Health advantages are emphasized in marketing campaigns, which increase customer demand. The key to long-term profitability is constant innovation, upholding quality standards, and entering new markets.
Startups focused on phytochemicals are upending the industry by prioritizing ethical, sustainable, and innovative sourcing. They make large research investments, finding new uses and advantages. In order to carve out a position for themselves in the cutthroat market, agile and responsive startups swiftly adjust to market changes. They also promote partnerships and genuine marketing.
Product Portfolio
Linnea SA is a Swiss firm that specializes in the manufacturing and distribution of botanical extracts and natural components. Linnea is renowned for their proficiency in the field of phytochemicals, especially in relation to botanicals and substances originating from plants. The firm serves a variety of sectors, such as medicines, nutritional supplements, and cosmetics, by providing a wide selection of premium ingredients made from plants. Probiotics, nutritional components, and herbal extracts are Sabinsa Corporation's areas of expertise. Prominent products with scientific backing include Curcumin C3 Complex, Boswellin, ForsLean, LactoSpore, BioPerine, and Silbinol. These unique compounds meet a range of demands related to health and wellbeing, demonstrating Sabinsa's dedication to quality and innovation in the worldwide ingredients industry.
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| Report Attribute | Details |
| Value Projection (2034) | USD 17,896.2 Million |
| Growth Rate (2024-2034) | 9.6% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 48 Tables |
| No. of Figures | 144 Figures |
The phytochemical market is gaining momentum in North America and East Asia, with North America expected to secure a 22.1% market share in 2024. The region's increasing fascination with plant-based diets, a surge in health-conscious consumer preferences, and a heightened awareness of the diverse health benefits associated with phytochemical consumption are contributing to the market's growth.
Similarly, it is anticipated that East Asia will attain a market share of 23.7% by 2024. The surge in demand for phytochemicals in East Asia is driven by the region's growing focus on holistic health, societal acceptance of herbal practices, and an increasing understanding of the various health advantages associated with the consumption of foods and supplements rich in phytochemicals.
More Valuable Insights Available
Fact offers an unbiased analysis of the global phytochemical market, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand opportunities in the phytochemical market, the market is segmented on the basis of type (carotenoid, flavonoid, phytosterols, polyphenols, others), application (food & beverage industry, cosmetics & personal care products, pharmaceuticals, nutraceuticals, animal feed, others) and region (North America, Europe, Latin America, East Asia, South Asia & Oceania, Middle East & Africa).
Checkout More Related Studies Published by Fact Research:
Polyphenols Market : Polyphenols are antioxidants, owing to which, there has been an increase in the consumption of food products which are rich in polyphenols, which is a major growth driver for the polyphenols market.
Polyphenol Sweetener Market : The demand of polyphenol sweetener market has been increasing owing to its natural properties of sweetening. The developed countries in North America and Europe are considered to be key market for polyphenol sweetener.
Polyphenol Antioxidant Market : Polyphenol Antioxidant market have shown upsurge with its various health benefits. Polyphenol antioxidant have been demanded for manufacture of various products like food and beverages, cosmetics, medicines and animal feeds.
About Us:
Fact is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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