Phytonutrients Global Market Report 2024-2028: A $6.64 Billion Market by 2028 - Growing Plant-Based Diets and a Surge in Nutraceutical and Functional Food Preferences Drives Market Expansion

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Feb 15, 2024, 19:45 ET

DUBLIN, Feb. 15, 2024 /PRNewswire/ -- The "Phytonutrients Global Market Report 2024" has been added to ResearchAndMarkets.com's offering.

The phytonutrients market size is forecast to grow from $4.31 billion in 2023 to $4.7 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The upsurge observed in the historical timeframe is a result of heightened consumer consciousness regarding health advantages, a burgeoning inclination towards plant-based diets, the surge in nutraceutical and functional food preferences, backed by scientific studies validating health assertions, and the rising consumer desire for natural antioxidants.

The market will grow further to reach $6.64 billion in 2028 at a compound annual growth rate (CAGR) of 9%. The anticipated growth in the upcoming period can be ascribed to a focus on proactive healthcare approaches, wide-ranging uses in functional food and beverage sectors, the burgeoning expansion of the nutraceutical industry, heightened interest in plant-based supplements, and an increasing incorporation into personalized nutrition initiatives. Key trends projected in this period encompass the use of unique and innovative sources, prioritization of clean label and natural offerings, integration of phytonutrients into skincare items, industry-wide collaboration and partnerships, as well as comprehensive consumer education and awareness initiatives.

The projected surge in cardiovascular disease cases is anticipated to drive growth within the phytonutrient market. These diseases impact the heart and blood vessels, and phytonutrients play a vital role in reducing oxidation of low-density lipoproteins, consequently improving lipid profiles and regulating endothelial cell apoptosis. As reported by the Centers for Disease Control and Prevention in October 2022, a significant portion (85%) of deaths were attributed to heart attacks and strokes in the US. This substantiates the driving force behind the rising demand for phytonutrients.

The escalating adoption of health-conscious lifestyles is poised to fuel the expansion of the phytonutrient industry. Health-conscious choices encompass deliberate decisions aimed at enhancing overall well-being through mindful selections of food, habits, and lifestyle practices. Phytonutrients, derived from plant-based sources, align with this ethos by providing natural compounds that support preventive health measures. The 2022 Food and Health Survey by the International Food Information Council indicated a substantial increase in dietary consciousness among Americans, with 52% adhering to specific diets or eating patterns, compared to 39% in 2021 and 43% in 2020. This upward trend in health-conscious choices significantly influences the growth trajectory of the phytonutrients market. A prominent trend in the phytonutrients sector revolves around product innovation. Key industry players prioritize the development of novel products to meet evolving customer demands.

The main types of phytonutrients are carotenoids, flavonoids, isothiocyanates, monoterpenes, organosulfur, phenolic, and saponins. Carotenoids are pigments found in plants, algae, and photosynthetic microorganisms, and serve as a form of antioxidant in humans. These are available from various sources including fruits and vegetables, cereals, pulses and oilseeds, herbs and trees, and others that are used for different applications such as food and beverages, pharmaceuticals, cosmetics, supplements, and other applications.

Report Scope

Markets Covered:

By Type: Carotenoids; Flavonoids; Isothiocyanates; Monoterpenes; Organosulfur; Phenolic; Saponins
By Source: Fruits and Vegetables; Cereals, Pulses and Oilseeds; Herbs and Trees; Other Sources
By Application: Food and Beverages; Pharmaceuticals; Cosmetics; Supplements; Other Applications

Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time Series: Five years historic and ten years forecast

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita

Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments

Companies Profiled

Raiso plc
FMC Corporation
Royal DSM N.V
Chr Hansen A/S
BASF SE
Archer Daniels Midland Company
Cargill Inc.
Kemin Industries Inc.
Pharmachem Laboratories Inc.
Allied Biotech Corporation
Arboris LLC
Dohler GmbH
Carotech Berhad
DD Williamson & Co. Inc.
Cyanotech Corporation
DowDuPont Inc.
PhytoSource inc.
Koninklijke DSM N.V.
Takasago International Corporation
Kerry Group plc
Ingredion Incorporated
Tate & Lyle plc
Foodchem International Corporation
Kothari Phytochemicals International Ltd.
Hindustan Herbals Ltd.
Brlb International
Merck Co. & KGaA
ConnOils LLC
Xi'an Healthful Biotechnology Co.
Vitae Caps S.A.

For more information about this report visit https://www.researchandmarkets.com/r/6f3hhi

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