Phytonutrients are bioactive food components which play a crucial role in promoting good health. They are natural compounds produced by plants but are highly beneficial for human health as well. They are generally found in fruits and vegetables, whole grains, nuts, beans, tea, and spices. They exhibit antioxidant and anti-inflammatory properties due to which they find application across various industries such as food beverages, supplements, pharmaceuticals, and cosmetics. Market Research Future (MRFR) has thoroughly studied the trends and patterns in the global phytonutrients market share over the forecast period of 2017-2023 in an exclusive report. MRFR has asserted that the phytonutrients market is poised for impressive CAGR of 6.2% and is likely to reach a significant valuation by the end of 2023.

The prevalent trend of healthy living across the globe has sparked greater interest in nutritious food items. Fast-paced lifestyle and an increase in the prevalence of chronic diseases have prompted consumers to resort to various supplements to fulfill their nutrition requirements. Realization of the health benefits associated with them has increased the demand for phytonutrients.

Phytonutrients are capable of influencing chemical processes inside human bodies. They can stimulate the immune system, inhibit the growth rate of cancer cells, regulate hormones, reduce inflammation, and reduce oxidative damage to cells. Such properties make them highly desirable for application in the pharmaceutical and supplement industry. Phytonutrients have demonstrated huge potential in the treatment of cancer. They may help in the prevention of cancer by protecting cells from becoming cancerous, limit the production of cancer cells and limit the production of cancer-related hormones.

The rise in vegan population and adoption of various dietary trends have further induced demand within the phytonutrients market. Additionally, development in extraction technologies coupled with continued innovation in extracts across various ingredients type is expected to augment the growth of the phytonutrients market.

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Segmentation

The global phytonutrients market has been segmented based on type and application.

By type, the phytonutrients market has been segmented into carotenoids, phytosterols, flavonoids, vitamins, and others. The carotenoids segment is leading the market and is followed by the flavonoids segment. However, the phytosterols segment is expected to showcase substantial growth over the forecast period.

By application, the phytonutrients market has been segmented into food beverages, supplements, pharmaceuticals, cosmetics, and others. The food beverage segment is dominating the market while the supplements segment is anticipated to perform well.

Regional Analysis

By region, the phytonutrients market has been segmented into North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW).

Europe is domineering the phytonutrients market. Germany, Italy, and France are the key markets within Europe where high health awareness and spending capacity of the population is considerably high. Meanwhile, the majority of the market players are based in North America due to which the market is experiencing substantial growth. High health awareness paired with consumption of functional foods generates demand for phytonutrients.

North America and Europe are mature market and are likely to expand at a relaxed pace while Asia Pacific market stores ample scope for market expansion. Increasing health awareness in the region has induced high demand for healthy foods in the region. Additionally, increasing spending capabilities of consumers in the region has prompted market players to expand their activities in the region which further favors the growth of the market. The APAC market is expected to grow at a relatively faster rate and capture the highest CAGR over the forecast period.

Competitive Landscape

RAISIO PLC. (Finland), FMC CORPORATION (U.S.), CYANOTECH CORPORATION (U.S.), Dohler GmbH (Germany), DSM N. V. (The Netherlands), Chr. Hansen A/S (Denmark), KEMIN INDUSTRIES INC. (U.S.), BASF SE (Germany), Archer Daniels Midland Company (U.S.), and CARGILL INC (U.S.) are the distinguished players in the phytonutrients market.

Industry Updates

March 2019 - KahlWax, a leader in natural waxes, launched a new skincare product 6427 Megasoft Complex. The product is enriched with natural phytosterol mixture obtained from pine trees which is suitable for all types of skin and hair applications.