The global phytochemical market is expected to reach a valuation of US$ 12.9 Bn in 2031 while exhibiting a healthy CAGR of 7% over the forecast period of 2021 to 2031. Climbing up from a value of over US$ 6.5 Bn in 2021, the phytochemical market is propelled by the increasing application of the product in various end-use industries like food and beverages, nutraceuticals, and pharmaceuticals. The large-scale application of phytochemicals in the food and beverages sector will augment the market growth for the same over the forecast period.
The rising prevalence of urban and fast-paced lifestyles has induced consumers to look for convenient and multi-component products. The modern consumer base wants a healthy and nutritious diet that goes along with their urban lifestyle. Therefore, the demand for nutrient-rich, ready-to-eat food products has increased. In addition to this, the growing adoption of a vegan lifestyle further complicates the food manufacturing process.
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Consequently, many manufacturers are utilizing phytochemicals to achieve the correct balance of nutrients in these food items. A preference for plant-based ingredients in food items also fuels the market growth for phytochemicals. Moreover, consumption of phytochemicals is known to significantly reduce the risk of developing chronic ailments and lifestyle diseases. This, too, bodes well for the target market prospects.
Escalating demand for dietary supplements is another contributing factor to the market expansion of phytochemicals. Swift changes in lifestyles, increasing stress levels, and unhealthy diets lead to an upsurge in the incidences of various health issues. Further, there’s also been a remarkable rise in the demand for natural products. As phytochemicals are gaining traction due to their natural quality and health benefits, these factors are likely to facilitate the market growth of phytochemicals over the projected period.
“Advancing preferences for plant-based food ingredients to boost the global sales of the phytochemical market over the forecast period,” says an FMI analyst.
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Key Takeaways:
- Growing application of phytochemicals in various end-use industries to spur the market demand.
- The U.S. phytochemical market will account for 80% of the market share in North America.
- China’s phytochemical market is predicted to offer many lucrative opportunities over the forecast period.
- Advertising strategies and e-commerce to propel market growth in Germany.
- The U.K. phytochemical market is to grow at a 2.8% CAGR.
- Based on molecule type, flavonoids segment will dominate the market.
- In terms of form, powder phytochemicals will register the highest demand.
Competitive Landscape
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 and BASF SE among others are some of the major players in the phytochemical market that are profiled in the full version of the report.
In the midst of intense competition, major market players are concentrating on product innovation to increase their sales. These organizations are also engaged in strategies like product portfolio expansion, mergers, and acquisition to gain a competitive edge.
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More Insights into the Phytochemical Market Report
According to the latest FMI reports, based on region, the phytochemical market in the U.S is predicted to register a CAGR of 4.7% over the forecast period, reporting an estimated US$ 1,988.1 Mn in 2031. This growth is attributed to the strong presence of major market players. The ever-increasing consumption of dietary supplements all over the country is likely to further supplement the regional market growth.
Phytochemical Market by Category
By Molecule Type:
- Alkaloids
- Anthocyanins
- Carotenoids
- Coumestans
- Flavon-3-ols
- Flavonoids
- Hydroxycinnamic Acids
- Isoflavones
- Lignans
- Others
By Form:
- Powder
- Liquid
By Application:
- Food and Beverages
- Nutraceutical
- Pharmaceutical
- Personal Care and Cosmetics
- Animal Nutrition
- Others
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Table of Content
- Market Overview
1.1. Market Coverage / Taxonomy
1.2. Market Definition / Scope / Limitations
- Key Market Trends
2.1. Key Trends Impacting the Market
2.2. Advancement in Phytochemical
2.3. Key Developments Impacting the Market
- Key Success Factors
3.1. Key Promotional Strategies, By Key Manufacturers
3.2. Key Regulations
About FMI
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