Increasing application of phytochemicals in cosmetics, food & beverages, and pharmaceutical industries is expected to augment sales in the global phytochemicals market over the forecast period.
Driven by rising demand in diverse applications, sales of phytochemicals is expected to surge as 7% CAGR between 2021 and 2031, as per latest insights by Future Market Insights (FMI).
Increasing concern about wellness and skincare is improving the adoption of phytochemicals in the cosmetics sector, which will drive the market growth over the forecast period. Cosmetic industry giants have launched new skincare products that include phytochemicals as an active ingredient.
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Additionally, research on the development of innovative food products and dietary supplements derived from phytochemicals is expected to aid the growth. Key manufacturers are investing more in the development of products derived from plant extracts. Hence, plant compounds such as phytochemicals are in high demand as the need for plant-based foods and products grows.
Furthermore, phytochemicals are increasingly being used to treat cancers of several organs by inhibiting angiogenesis. Hence, adoption of phytochemicals across pharmaceutical, personal care, and other diverse end-use applications will boost sales.
How has COVID-19 Outbreak Boosted the Sales of Phytochemicals?
The COVID-19 crisis has had a positive impact on the phytochemicals market. It created scope for expansion in new applications within the pharmaceutical industry. As consumers increasingly became more conscious about their health, consumption of plant-based food products and dietary supplements increased. Thereby, spurring the demand for phytochemicals.
Meanwhile, in order to reduce COVID-19 transmission through food, international regulatory bodies developed rules for preserving food hygiene and food safety policies. These changes will aid the demand for clean-label phytochemicals.
Key Takeaways from the Phytochemical Market Study:
- Global phytochemical market is estimated to register a value of US$ 12.9 Bn in 2031.
- Based on molecule type, flavonoids are expected to register high demand over the forecast period
- Powder phytochemicals are acquiring immense popularity among manufacturers, expanding at 6.7% CAGR
- In terms of form type, while powder form holds the largest share, liquid phytochemical type will register fastest growth at 8.8% CAGR between 2021 and 2031
- In terms of application, animal and nutrition segment will expand with highest CAGR at 13.6% CAGR during the forecast period.
“Consumers are increasingly seeking multi-component items that are readily available in the market and provide nutritional value. With rising consumption of dietary supplements and nutraceutical food products, key manufacturers are increasing their production capacity and are aiming for strategic alliance with local and regional food & beverage industry giants,” said a lead analyst at FMI.
Who is Winning?
Phytochemical-infused products are widely available thanks to increased market penetration and the availability of a variety of retail formats. Key players are relying on e-commerce platforms and are focusing on improving their digital marketing skills to boost their sales.
Some of the leading companies offering phytochemical are Döhler GmbH, Naturex SA, Kemin Industries Inc, Linnea SA, Sabinsa Corporation, Kothari Phytochemicals & Industries Ltd, Indena SpA, Alkaloids Corporation, Arboris LLC, Allied Biotech Corp., Organic Herb Inc.(OHI), LIPO Foods, Nektium, FYTEXIA, Chr. Hansen Holding A/S, BASF SE, and Others.
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Get Valuable Insights into Phytochemical market
Future Market Insights, in its new offering, provides an unbiased analysis of the phytochemical market presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the phytochemical market based on molecule type (alkaloids, anthocyanins, carotenoids, coumestans, flavon-3-ols, flavonoids, hydroxycinnamic acids, isoflavones, lignans, and others), and by form (powder and liquid), by application (food and beverages, nutraceutical, pharmaceutical, personal care and cosmetics, animal nutrition, and others) across seven major regions.
By Molecule Type:
- Hydroxycinnamic Acids
- Food and Beverages
- Personal Care and Cosmetics
- Animal Nutrition
- North America
- Latin America
- East Asia
- South Asia
Key Questions Answered in the Report
What is the current phytochemicals market value?
What is the phytochemicals market demand outlook?
What are the key trends shaping the phytochemicals market?
At what rate did the demand for phytochemicals rise in the last five years?
Who are the top players in the phytochemicals market and what is their market share?
What is the North America phytochemicals market outlook?
At what rate will the demand for phytochemicals increase in Europe?
What is the South Korea and Japan market outlook for sales of phytochemicals?
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