In an increasingly crowded marketplace for phytonutrients, companies looking forward to strengthen their positions must aim for rising set of opportunities in emerging markets such as Asia Pacific, Middle East and Africa, and Latin America. To encourage new consumers in these regions to increase their uptake of products with phytonutrients, companies need to focus on innovative marketing strategies and ways of raising awareness about the vast health benefits of these bio-active compounds, observes Transparency Market Research in a recent study.
Prominent players in the global phytonutrients market include Archer Daniels Midland Company, BASF SE, Chr. Hansen, Kemin Industries, Inc., Pharmachem Laboratories, LLC, Döhler GmbH, Koninklijke DSM N.V., Raisio PLC, DowDuPont Inc., and Takasago International Corporation.
According to this report, the global phytonutrients market was valued at US$4,331.5 mn in 2016 and is projected to rise to a valuation of US$7,929.5 mn by 2025, registering a CAGR of 7.1% from 2017 to 2025.
Rising Set of Applications of Carotenoids to Keep Demand High
In terms of the type of phytonutrients, the segment of carotenoids held the dominant share in the global phytonutrients market in 2016, primarily due to the anti-oxidation and anti-inflammatory properties of carotenoids. The rising set of application areas for carotenoids, including treatment of diseases and conditions such as cataract, diabetes, macular degeneration, and skin damage, is expected to keep their demand steady in the global market in the next few years.
Geographically, the market in North America presently holds a dominant share in the global market while Asia Pacific is likely to remain the regional market exhibiting growth at the most promising pace in the near future. Conversely, because North America and Europe are matured markets for phytonutrients, they are likely to exhibit growth at a rather sluggish pace over the forecast period.
Rising Awareness Regarding Health Benefits to Work Well for Global Demand for Phytonutrients
The phytonutrients market is chiefly driven due to the rising demand for phytonutrients from the food and beverage industries. The rising awareness among the global population regarding the need for including nutritional food products in their daily meals and the consequent rise in demand for food products containing vitamins, minerals, folate, herbal extracts, and nutrients is also anticipated to drive the global phytonutrients market. Phytonutrients exhibit exceptional health benefits as they have anti-inflammatory, anti-bacterial, anti-viral, and anti-oxidant properties, which have positive impact on the immune system and hormones. Increasing awareness regarding these health benefits of phytonutrients is also expected to fuel the demand for phytonutrients products in the market.
Phytonutrients are also increasingly being used in animal feed products owing to their nutritional features. Increase in livestock production in the recent years has ultimately led to increase in the production of animal feed products, which, in turn, is also anticipated to drive the phytonutrients market. Shifting consumer preferences from conventional to organic and natural beauty products is also expected to drive the phytonutrients market. However, excessive intake of phytonutrients may affect the health of the consumer, which is likely to hamper the growth of the phytonutrients market.
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This analysis of the global phytonutrients market is based on a recent market research report by Transparency Market Research, titled “Phytonutrients Market (Type – Carotenoids, Flavonoids, Phenolic Compounds, and Phytosterols; Application – Pharmaceutical, Food & Beverage, Personal Care & Hygiene, Animal Nutrition, and Human Nutrition) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast – 2017–2025.”