Global Phytonutrients Market — Global Trends & Forecasts (2017 - 2022)
The global market for phytonutrients was valued at about USD 3.08 billion in 2014 and is expected to reach USD 4.63 billion by 2022. The market has a high potential for growth, owing to the product’s immense health benefits.
In developed countries, about 40% of the consumers are shifting to a healthy lifestyle and are searching for products that complement this lifestyle, in which phytonutrients fit the bill.
Phytonutrients act as a base compound for more than 40% of medications today and are used in the treatment of a wide-range of diseases.
Geographical Growth Complimented by Market Drivers
The trend of living healthy is mostly seen in developed regions, as the consumers have higher disposable incomes, which acts as an important driver for the phytonutrients market. Europe dominated the global phytonutrients market in 2016 and is expected to be the fastest-growing market during the forecast period, owing to the increasing number of deaths from chronic ailments; phytonutrients act as a preventive measure for such ailments.
The net disposable income of Europe increased from EUR 1587000 million in 2014 to an all-time high of EUR 1666307 million in 2016 and is expected grow further in the future.
According to a recent survey conducted in Europe, households spend more than 1/3 of the disposable income on food, and it is the highest compared to other developed regions.
There has been a great increase in deaths from chronic ailments, such as heart diseases and cancer in the region.
The United States, Germany, France, Italy, and China are the top five markets for phytonutrients and account for nearly 50% of the global phytonutrients consumption.
The global market for phytonutrients has significantly changed over the years, due to consumer awareness related to various health benefits and the increasing end-use applications. The carotenoids segment dominated the phytonutrients market, in 2015. Flavonoids are the second most widely used phytonutrients.
Studies have found that carotene foods have anti-inflammatory, and cancer-protective effects, which are among the leading causes of death in the region.
Carotenoids are proven immune system boosters, which are also used to ward off common infections.
The phytonutrients market is in its nascent stage, but growing, with the presence of significant manufacturers, such as DSM N.V. (The Netherlands), Raisio Plc. (Finland), BASF SE (Germany), Chr. Hansen A/S (Denmark), FMC Corporation (U.S.), and Kemin Industries, Inc. (U.S.). The key players adopted growth strategies, such as mergers & acquisitions, to increase their scope in the market.
*Our report on global phytonutrients market covers the following:
MRO market trends & dynamics
Latest News & Developments
Porter’s five forces analysis
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