by The global phytonutrients market includes various plant-derived compounds that play an essential role in human health and nutrition. Some key phytonutrients include carotenoids, phenolic compounds, phytosterols, and others. They are extensively consumed in supplements, functional foods & beverages, and pharmaceuticals owing to their anti-inflammatory, antioxidant, anticancer properties. The carotenoids segment accounted for the largest share of the global market in 2023 due to rising demand for beta-carotene, lycopene, lutein, and zeaxanthin supplements. Further, the functional foods & beverages application is likely to witness higher growth during the forecast period due to growing awareness about the health advantages of consuming food and beverages enriched with fruits & vegetable extracts.
The global phytonutrients Market is estimated to be valued at US$ 8619.5 Bn in 2023 and is expected to exhibit a CAGR of 20% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing consumer awareness regarding health benefits is expected to drive the market growth over the forecast period. Consumers are becoming increasingly conscious about leading a healthy lifestyle and prefer consuming natural products that provide additional health benefits. Escalating demand for dietary supplements, functional food & beverages with phytonutrients is a key factor boosting the industry outlook.
Moreover, the growing occurrence of chronic diseases due to sedentary lifestyle and changing food habits has led to increased adoption of phytonutrient-rich products worldwide. Various research studies have proven the potential of phytonutrients in reducing the risk of lifestyle disorders, including cardiovascular disease, diabetes, and cancer. Such reports have strengthened consumer confidence regarding natural products, thus positively influencing the industry dynamics.
Segment Analysis
The global Phytonutrients market is segmented based on type, application, and region. Based on type, the market is divided into carotenoids, phytosterols, flavonoids, phenolic compounds, vitamin E, and others. Among these, carotenoids dominate the market and account for more than 30% share. Carotenoids have varied health benefits like improved vision, skin health, immune function, and reduced cancer risk which drives their demand.
PEST Analysis
Political: The government policies influencing agriculture and food industry impact the phytonutrients market. Regulations regarding use of nutrients in food and supplementation influence market growth.
Economic: Rise in disposable income and health consciousness raises consumer spending on health supplements containing phytonutrients. Developing economies offer scope for market expansion.
Social: Growing awareness about benefits of nutrients from plant sources and importance of nutrition drives adoption of phytonutrient rich foods and supplements. Customers prefer natural sources over synthetic treatments.
Technological: Advancements in extraction techniques help isolate and process individual phytonutrients. New applications of phytonutrients in personal care, animal feed, and agriculture present business opportunities.
Key Takeaways
The Global Phytonutrients Market Share is expected to witness high growth at a CAGR of 20% during the forecast period of 2024 to 2031. The market size for 2024 is estimated to be US$ 8619.5 Bn.
Regional analysis: North America dominates currently due to lifestyle diseases and health supplement demand. Asia Pacific shows fastest growth led by China and India. Growing health awareness and disposable incomes support market expansion in the region.
Key players: Key players operating in the Phytonutrients market are Ather Energy, bike-energy, Bikeep, Flower Turbines, Get Charged, Inc., Giulio Barbieri SRL, Ground Control Systems, Magment GmbH, Perch Mobility, Robert Bosch GmbH, Solum PV, SWIFTMILE, and the Mobility House GmbH. Ather Energy and Robert Bosch GmbH are prominent players due to innovative product offerings and wider distribution networks.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
