According to estimates, phytochemical sales worldwide are estimated to reach US$ 7,436 million in 2023. In a detailed industry analysis, the global phytochemical market is projected to register a CAGR of 7.1% and reach US$ 14,821 million by 2033.
Phytochemical applications are expected to continue to grow in a variety of end-use sectors, including food and beverages, nutraceuticals, and pharmaceuticals. While the food and beverage application segment is expected to hold a massive share by 2033, whereas, animal nutrition sales are predicted to increase by 13.4%.
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In the nutraceutical industry, phytochemicals and plant extracts are used as health supplements and anti-aging agents. This results in high demand for phytochemicals. The use of plant extracts and phytochemicals in dietary supplements is expected to grow significantly in the future.
A growing awareness of the harmful effects of chemically processed foods may continue to increase the popularity of plant extracts and ingredients. Lack of raw materials, fluctuating prices, trade in raw materials, and availability of other plant-derived products are the primary factors restricting the phytochemical market’s growth.
It is important to note that phytochemicals and herbal extracts are derived directly from crude plant material, and their composition, quality, and therapeutic effects can differ considerably. The recent surge in the consumption of traditional medicines, or ayurvedic, has resulted in an unexpected increase in the use of natural plant ingredients in ayurvedic manufacturing.
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“Phytochemicals are products derived from organic plants and are used in the manufacturing of organic food and supplement manufacturing. The nutraceutical industry has seen an increase in demand for phytochemicals and plant-based products due to the growth in organic agriculture.” – says a lead analyst at Future Market Insights.
Key Takeaways from Market Study
- The phytochemical market is expected to record a CAGR of 7.1% over the forecast period.
- It is estimated that the phytochemical market in North America may remain strong during the forecast period.
- The phytochemical market of Germany is estimated to be valued at US$ 468.8 millionby 2033.
- The United Kingdom is predicted to thrive at a CAGR of 2.8% due to the rising trend of ‘veganism’ and ‘vegetarianism’.
- Powder phytochemical product type is estimated to account for more than 82%of the market share in 2023 with a CAGR of 6.7%.
- Flavonoids are estimated to account for more than 0%of the market share in 2023 with a CAGR of 8.8%.
Competitive Landscape:
In the phytochemical market, intense competition has resulted from the growing demand for nutritional supplements and the emergence of new players. In a market that focuses more on innovation than sales, small-scale players are creating growth opportunities.
Small-scale companies are merging with substantial companies to offer their products to a broader consumer base and include innovative products in their product portfolios.
Several prominent companies dominate this market, including 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.
Recent Developments:
- Cargill acquire Delacon, a producer of photogenic chemicals derived from plants, in 2022. Through the acquisition, the company plans to manufacture nutrient-dense foods and gain a deep understanding of feed additives.
- An exclusive and long-term supply agreement was signed between BASF and Mazza Innovation in July 2018. The company Mazza Innovations specializes in botanical extractions. In order to develop new solutions for cosmetic applications, the company supplies BASF with specific plant extracts.
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Market Segmentation 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
By Region:
- North America
- Latin America
- Europe
- The Middle East and Africa
- East Asia
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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