by Phytonutrients are natural compounds found in plants that have protective or disease preventive properties. They help plants resist diseases, insects, and harsh environmental factors but also have beneficial effects when consumed by humans. Common phytonutrients include carotenoids, flavonoids, polyphenols, and certain alkaloids and nitrogen-containing compounds. Phytonutrients are present in widely consumed fruits, vegetables, grains, legumes, herbs, nuts, seeds, bark, roots, and tea leaves. They play a role in protecting against oxidation, inflammation, and chronic diseases.
The global Phytonutrients Market is estimated to be valued at Us$ 7,482.2 Mn in 2023 and is expected to exhibit a CAGR Of 5.6% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing consumer awareness regarding the health benefits of consuming a phytonutrient-rich diet is expected to drive the growth of the phytonutrients market over the forecast period. Phytonutrients possess antioxidant and anti-inflammatory properties and their regular consumption through fruits and vegetables has been associated with reduced risk of developing chronic conditions like heart disease and certain cancers. Rising per capita income in developing regions has improved affordability of fruits and vegetables, boosting the adoption of healthy diets and lifestyles. In addition, with growing environmental concerns, the preference for plant-based foods and natural ingredients is escalating among consumers. Furthermore, the COVID-19 pandemic has highlighted the importance of boosting immunity through diet and encouraged consumers to incorporate more immunity-supportive foods in their diet, representing an opportunity for phytonutrient producers and marketers to promote their benefits. However, unstable supply and price volatility of raw materials used for phytonutrient extraction may hamper the market growth during the forecast period.
Segment Analysis
The phytonutrients market is dominated by the carotenoids segment which accounts for over 30% of the market share. Carotenoids are antioxidant plant pigments which are widely used across various industries such as food and beverages, animal feed, personal care and supplements. The carotenoids segment is dominating due to an increasing demand for natural colors in the food processing industry.
PEST Analysis
Political: The governments across the world are promoting the consumption of plant-based nutrients due to various health benefits. They are supporting research & development activities related to phytonutrients.
Economic: The global phytonutrients market is growing at a steady pace due to rising health consciousness among consumers and increasing demand for natural ingredients in various industries.
Social: People are more inclined towards consuming nutritional plant-based products due to the health benefits offered by phytonutrients such as antioxidants. They provide protection against various diseases.
Technological: Research organizations and key players are conducting extensive research to develop innovative methods for extracting and formulating phytonutrients enriched products. New extraction technologies are helping improve yields.
Key Takeaways
The Global Phytonutrients Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. North America is currently the largest as well as the fastest growing regional market owing to the rising health awareness and expanding food processing industry in the region. Key players operating in the market include Archer Daniels Midland Company, BASF SE, Cargill, Incorporated, DowDuPont (now Corteva Agriscience), and Koninklijke DSM N.V. Key players are focusing on mergers and acquisitions to expand their product portfolio and global presence.
Regional analysis
The North America region dominates the global phytonutrients market with over 35% share. The US holds the major share due to established food processing industry and increased consumption of processed food products. The increasing demand for natural colors, flavors and supplements in the US food & beverages industry is fueling the market growth.
Key players
Key players operating in the phytonutrients market are Archer Daniels Midland Company, BASF SE, Cargill, Incorporated, DowDuPont (now Corteva Agriscience), and Koninklijke DSM N.V. Archer Daniels Midland Company is one of the leading players known for its innovative extraction and formulation techniques.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
