Latest report by Future Market Insights (FMI) forecasts the global phytochemical market to surpass US$ 6.5 Bn in 2021. The overall market is expected to witness healthy growth at 7% CAGR to surpass US$ 12.9 Bn by 2031.
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.
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.
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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.
Phytochemical Market by Category
By Molecule Type:
- Hydroxycinnamic Acids
- Food and Beverages
- Personal Care and Cosmetics
- Animal Nutrition
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.
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.
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Key Questions Answered in the Phytochemical Market Survey
- What is the current phytochemicals market value?
The phytochemicals market is expected to total US$ 6.5 Bn in 2021.
- What is the phytochemicals market demand outlook?
Demand for phytochemicals is expected to surge at a CAGR of 7% between 2021 and 2031.
- What are the key trends shaping the phytochemicals market?
Increasing focus on product innovations by leading market players and growing consumption of plant-based food products will create opportunities for growth of the market and shape its future.
- At what rate did the demand for phytochemicals rise in the last five years?
The demand for phytochemicals increased at 5.6% CAGR between 2016 and 2020.
- Who are the top players in the phytochemicals market and what is their market share?
Döhler GmbH, Naturex SA, Linnea SA, Sabinsa Corporation, Indena, BASF, and CHS are the leading companies in the market.
- What is the North America phytochemicals market outlook?
Demand for phytochemicals will rise at 5.4% CAGR in North America over the assessment period.
- At what rate will the demand for phytochemicals increase in Europe?
The Europe’s phytochemicals market will expand at 4.1% CAGR between 2021 and 2031.
- What is the South Korea and Japan market outlook for sales of phytochemicals?
The sales of phytochemicals will increase at 12.3% CAGR and 15.7% CAGR, respectively in Japan and South Korea.
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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