The global Phytonutrients Market is estimated to be valued at US$ 8.2 Bn in 2022 and is expected to exhibit a CAGR of 8.2% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Phytonutrients are plant-based compounds that have been found to have numerous health benefits. They are known for their antioxidant, anti-inflammatory, and immune-boosting properties. These compounds are naturally found in fruits, vegetables, and whole grains. The increasing health consciousness among consumers and their focus on preventive healthcare is driving the demand for phytonutrients. These compounds are believed to help in reducing the risk of chronic diseases such as cancer, diabetes, and cardiovascular diseases. The growing popularity of functional foods and dietary supplements is further fueling the market growth for phytonutrients.
B) Market Key Trends:
One key trend in the phytonutrients market is the increasing demand for organic and natural products. Consumers are becoming more aware of the harmful effects of synthetic additives and chemicals in food products. They are opting for organic and natural products that are free from pesticides, herbicides, and genetically modified organisms (GMOs). This trend is driving the demand for phytonutrients derived from organic sources. For example, organic fruits and vegetables are rich in phytonutrients and are preferred by health-conscious consumers.
C) PEST Analysis:
- Political: Governments across the globe are promoting healthy eating habits and encouraging the consumption of fruits and vegetables. This is creating a favorable political environment for the phytonutrients market.
- Economic: The rising disposable income of consumers in developing countries is driving the demand for functional foods and dietary supplements, which in turn is boosting the market growth for phytonutrients.
- Social: The increasing awareness about the health benefits of phytonutrients among consumers is fueling the market growth. Moreover, the growing trend of plant-based diets and veganism is also contributing to the demand for phytonutrients.
- Technological: Advancements in technology have made it possible to extract and concentrate phytonutrients from plant sources, thereby increasing their availability for commercial use.
D) Key Takeaways:
- The global phytonutrients market is expected to witness high growth, exhibiting a CAGR of 8.2% over the forecast period, due to increasing health consciousness among consumers, growing demand for functional foods, and rising disposable income.
- North America is expected to dominate the market, driven by the presence of a large number of health-conscious consumers and the popularity of dietary supplements in the region.
- Key players operating in the global phytonutrients market are MC Corporation, Royal DSM N.V., Raisio Plc., Archer Daniels Midland Company, Cargill Inc., BASF SE, DowDuPont Inc., Kemin Industries, Chr Hansen A/S, and Sabinsa Corporation. These players are focusing on product innovation, expanding their product portfolios, and entering into strategic partnerships to gain a competitive edge in the market.
In conclusion, the global phytonutrients market is witnessing high growth due to increasing health consciousness among consumers and their preference for organic and natural products. The market is expected to grow at a significant rate over the forecast period, driven by the demand for functional foods and dietary supplements. North America is expected to dominate the market, while key players are adopting strategies such as product innovation and strategic partnerships to stay competitive in the market.