Phytonutrients are plant-derived compounds that have protective or disease preventive properties. They are non-nutritive compounds that have protective or disease preventive properties when consumed. Phytonutrients include carotenoids, flavonoids, and polyphenols, which are usually responsible for colors of fruits and vegetables. They play an important role in protecting plants from environmental stressors such as pollution, UV exposure, and pathogens.
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 awareness about the health benefits of consuming phytonutrients is expected to be a major driver for the global phytonutrients market over the forecast period. Phytonutrients have antioxidants that help fight cancer and heart diseases. They help reduce inflammation, lower cholesterol, and blood pressure. Research shows that phytonutrients support brain health and may protect against age-related cognitive decline. Incorporating a diet rich in fruits, vegetables is gaining popularity as it provides various health benefits. Moreover, increasing prevalence of chronic and lifestyle-related diseases is prompting consumers to rely on functional foods, encouraging the growth of the global phytonutrients market.
Another key driver is the increasing adoption of Phytonutrients supplements. Rise in health consciousness and changing lifestyle patterns have increased the demand for supplements containing phytonutrients. Supplement manufacturers are formulating dietary supplements containing concentrated and standardized phytonutrients to cater to consumer demand.
SWOT Analysis
Strength: Phytonutrients have significant health benefits such as anti-inflammatory properties, cardiovascular support, improved cognitive functions, and anticancer effects. They help boost immunity and decrease oxidative stress in the body. The increasing consumer awareness about the health advantages of consuming phytonutrients is driving the growth of the market.
Weakness: Phytonutrients are primarily plant-based compounds and their bioavailability is relatively low compared to other micronutrients like vitamins and minerals. The extraction of phytonutrients from plants can be a costly process. Some phytonutrients have limited research available on their health effects and mechanisms of action in humans.
Opportunity: The rising incidences of chronic diseases worldwide and growing health-conscious consumer base offer lucrative opportunities for phytonutrient market players. Advancements in extraction and enrichment techniques can help enhance the bioavailability of phytonutrients from plant sources. Development of novel delivery formats such as beverages, gummies, and capsules is expanding the scope for incorporating phytonutrients in the daily diet.
Threats: Intense competition among existing market players and entry of new entrants can lead to pricing pressures. Strict regulatory approvals and quality standards set by global regulatory bodies threaten the stability of small phytonutrient producers. Adverse publicity regarding the efficacy and safety of certain phytonutrient supplements acts as a challenge.
Key Takeaways
The Global Phytonutrients Market Share is expected to witness high growth over the forecast period.
The Asia Pacific region dominates the market currently due to rising health problems, growing disposable incomes, and increasing awareness about nutrition supplements among individuals in developing countries of Asia. Countries like India, China, Japan, and South Korea are major consumers as well as producers of various phytonutrient-rich superfoods and dietary supplements.
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. These companies are focusing on new product launches, partnerships, and expansion strategies to consolidate their market presence.
For more details on the report, Read- https://www.trendingwebwire.com/phytonutrients-market-growth-market-size-share-analysis/
Get more insights on this topic: https://captionssky.com/threaded-elegance-weaving-stories-through-time-in-textile-and-apparel-craftsmanship/
