The worldwide phytochemical sales is witnessing substantial growth, with a projected market value of USD 14,821 million by 2033, driven by a healthy CAGR of 7.1%. Phytochemicals, derived from plants, find applications across various sectors such as food & beverages, nutraceuticals, and pharmaceuticals. The market is propelled by the increasing demand for natural and plant-based products, driven by consumer preferences for healthier alternatives.
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Demand of the Market:
- Growing Awareness and Health Consciousness: Rising awareness about the health benefits of phytochemicals and the shift towards natural and organic products are driving demand for phytochemicals across industries.
- Surging Applications in End-Use Sectors: Phytochemicals are extensively used in food & beverages, nutraceuticals, and pharmaceuticals, fueling market growth as these sectors continue to expand globally.
- Preventive Healthcare Trend: The shift from treatment to prevention in healthcare is boosting the demand for nutraceuticals and functional foods, creating lucrative opportunities for phytochemical market players.
Growing Factors:
- Consumers are increasingly preferring natural and plant-based products over chemically processed ones, driving the demand for phytochemicals across industries.
- The growing prevalence of chronic diseases and lifestyle disorders is fueling the demand for nutraceuticals, driving the consumption of phytochemicals for their health benefits.
- Advancements in extraction methods and cultivation practices are enhancing the availability and quality of phytochemicals, contributing to market growth.
“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.” – Nandini Roy Choudhury, Client Partner 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 million by 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 35.0% of the market share in 2023 with a CAGR of 8.8%.
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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.
Key Takeaways for Investors:
- Focus on Innovation: Investing in companies that prioritize research and development to identify new phytochemicals and their applications in various industries can unlock growth opportunities and drive profitability.
- Diversification of Portfolio: Considering the diverse applications of phytochemicals across food & beverages, nutraceuticals, and pharmaceuticals, investors can benefit from diversifying their portfolio to capitalize on multiple growth avenues.
- Monitoring Market Trends: Keeping abreast of market trends such as the rising demand for natural products, increasing consumption of nutraceuticals, and technological advancements in extraction methods can inform investment decisions and maximize returns.
- Long-Term Growth Prospects: With a projected CAGR of 7.1% between 2023 and 2033, the phytochemical market offers promising long-term growth prospects for investors seeking sustainable returns.
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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 Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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