Phytonutrients Market

Global Phytonutrients Market Size (2023 to 2028)

The global phytonutrients market is expected to reach USD 8.59 billion by 2028 from USD 5.2 billion in 2023, growing at a compound annual growth rate (CAGR) of 7.3% during the forecast period from 2023 to 2028.

Global Phytonutrients Market Share Insights:

• Europe is most dominating in the phytonutrient market as it is characterized by a growing interest in natural and organic products.
• Foods and beverages dominate the application of Phytonutrients due to the increasing consumer focus on natural and plant-based products. 

MARKET DRIVERS:

An increase in consumer awareness regarding the health benefits of phytonutrient-rich foods is driving the growth of the phytonutrients market. As individuals are becoming health-conscious, there is also a rising demand for proper dietary supplements, which is filled with phytonutrients. This heightened awareness is a growing understanding of the positive impact these bioactive compounds, found in plants, can have on overall well-being. Consumers are actively seeking products that offer nutritional value and contribute to preventive healthcare. This market trend aligns with the broader shift towards wellness and better plant-based solutions. Hence, with an expanding market for phytonutrient-infused products, manufacturers are innovating to meet market demand, driving the industry's growth in the global health and nutrition landscape.

The rising aging global population has a transformative impact on the Phytonutrients. With an increasing demand for nutrition and health factors among elderly consumers, phytonutrients have emerged as an important component in preventing age-related diseases. These natural compounds found in plants are gaining significant attention for their potential health benefits. As individuals approach this well-being, the demand for products rich in phytonutrients has risen. The aging demographic's growing awareness of the positive impact of phytonutrients on overall health has led to the development of innovative dietary supplements and functional foods. Manufacturers are responding to this market trend by incorporating diverse phytonutrient sources into products, contributing to the expansion and dynamism of the phytonutrients market in response to the unique health needs of the elderly population.

MARKET RESTRAINTS:

The phytonutrient market faces a significant restraint in the form of high production costs, posing challenges to widespread consumer affordability. The intricate processes involved in cultivating and extracting high-quality phytonutrient-rich products contribute to elevated production expenses. This cost factor limits accessibility for a broader consumer base, impeding market growth. As the industry strives to overcome these cost-related hurdles, advancements in technology and efficient supply chain management are crucial elements for fostering a more cost-effective and consumer-friendly phytonutrients market.

The Phytonutrients market faces a critical restraint in limited extraction technologies, impacting both the cost and availability of these health-promoting compounds. Inefficient extraction processes hinder the industry's ability to meet growing demand and maintain cost-effectiveness. Overcoming this hurdle necessitates a strategic focus on developing and implementing advanced extraction technologies. Innovations in extraction methods can streamline production, enhance yield, and improve the overall quality of phytonutrient-rich products. Industry stakeholders must invest in research and development to discover more efficient and sustainable extraction techniques. By addressing these technological limitations, the Phytonutrients market can unlock new growth opportunities, ensuring a more robust supply chain and making these essential compounds more accessible to a broader consumer base. 

Impact of COVID-19 on the global phytonutrients market

The COVID-19 pandemic has posed both challenges and opportunities for the Phytonutrients market. On the downside, disruptions in the global supply chain, lockdown measures, and restrictions on movement have impacted the production and distribution of phytonutrient-rich products. These disruptions have led to increased costs, logistical challenges, and a slowdown in market growth. But, over time, the pandemic has heightened consumer awareness of the importance of health and nutrition, which is driving a greater interest in phytonutrient-rich foods and supplements. As individuals seek their immune systems, there has also been an increased demand for products containing phytonutrients known for their potential health benefits. The pandemic has acted as a catalyst for the industry to adapt more innovatively and align with changing consumer priorities and growth in the phytonutrient market.

REPORT COVERAGE:

This research report on the global phytonutrients market has been segmented and sub-segmented based on the following categories.

Global Phytonutrients Market – By Application:

• Food and beverages
• Feed
• Cosmetics
• Pharmaceuticals 

Foods and beverages are dominating the application of the phytonutrients market due to the increasing consumer focus on natural and plant-based products as consumers are seeking functional foods and beverages that offer health benefits beyond basic nutrition. However, the demand for products has increased as people incorporate them into their daily diets for preventive health and well-being. Innovations in incorporating phytonutrients into a variety of food items, from snacks to beverages, have expanded their market presence.

Pharmaceuticals are projected to hit the dominant CAGR during the forecast period. Phytonutrients are increasingly recognized for their potential therapeutic properties and preventive health benefits. They are utilized in the development of pharmaceutical formulations targeting various health conditions.  

Global Phytonutrients Market – By Source:

• Fruits and vegetables
• Herb and trees
• Cereals
• Pulses and oilseeds
• Other sources

Fruits and vegetables are the most dominating source and hold the largest share in the phytonutrients market, as they provide a diverse range of compounds such as flavonoids, carotenoids, and polyphenols. Also, they dominate the market due to their rich nutritional profiles, and an association has been established between fruit and vegetable consumption and various health benefits. 

Herbs and trees hold the second largest CAGR in the Phytonutrients market, offering a wide array of bioactive compounds, including essential oils, flavonoids, and terpenes. Herbs like turmeric and trees like neem have gained attention for their medicinal properties. 

Cereals, including whole grains, contribute to the phytonutrient market share by providing compounds such as lignans and phytosterols. The emphasis on whole grain consumption for health has increased the visibility of cereals in the market. Consumer education about the phytonutrient content in cereals, especially whole grains, is crucial to further enhance their market presence.

Global Phytonutrients Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

Europe is leading with a prominent share of the phytonutrient market, characterized by a growing interest in natural and organic products. The region's stringent regulations and emphasis on sustainable practices align with consumer preferences for phytonutrient-rich foods. Increasing consumer awareness of the health benefits associated with phytonutrients, along with a preference for functional foods, contributes to Europe's importance in the market.

Asia Pacific's phytonutrient market is esteemed to have the strongest growth rate in the coming years as it has rich agricultural diversity, including a wide variety of fruits, herbs, and traditional medicinal plants, contributing to the availability of diverse phytonutrient sources. Traditional medicine practices, such as Ayurveda and Traditional Chinese Medicine, emphasize the use of plant-based remedies, influencing consumer preferences towards phytonutrient-rich products.

North American phytonutrients market size is driven by a well-established health and wellness culture. Consumers in this region are increasingly motivated towards more plant-based diets, which has led to a rise in the demand for phytonutrient-rich products. The presence of a diverse range of fruits, vegetables, and herbs in the region also helps in hyping the market growth.

Latin America, with its natural abundance of fruits and botanicals, holds considerable potential in the Phytonutrients market. The region's biodiversity contributes to a diverse array of phytonutrient sources. Economic considerations and the development of sustainable agricultural practices can impact the region's market growth.

The Middle East and Africa are also witnessing a growing interest in health and nutrition by contributing to the expansion of the phytonutrient market. This adoption of healthier lifestyles and an increasing awareness of the benefits of plant-based nutrition are driving factors that are leading to market growth.

KEY MARKET PLAYERS:

BASF SE, Cargill, Incorporated, Koninklijke DSM N.V., Archer Daniels Midland Company (ADM), Dupont Nutrition & Biosciences, Naturex (Givaudan), Raisio PLC, Kemin Industries, Inc., Syngenta Group, Döhler Group, Amax NutraSource, Inc., Valensa International, Phytochem India, Sabinsa Corporation, Pharmachem, Laboratories, Inc., Fytexia, Cyanotech Corporation, PLT Health Solutions, FutureCeuticals are playing a dominant role in the global phytonutrients market.

RECENT HAPPENINGS IN THIS MARKET:

• In 2023, BASF continue to focus on research and development to enhance the extraction and formulation of phytonutrients. They may have worked on creating innovative solutions for the food and dietary supplement industries.
• In 2022, Cargill have concentrated on sustainable sourcing and processing methods for phytonutrients. They could have worked on expanding their portfolio of plant-based extracts.
• In 2022, ADM has developed new technologies for extracting and incorporating phytonutrients into various food and beverage products to meet consumer demand for health and wellness.
• In 2023, DuPont has continued to explore advanced methods for incorporating phytonutrients into functional foods and dietary supplements. Their focus could include improving bioavailability and stability.