USD 7057.85 million Growth in Phytonutrients Market Size - Industry Analysis, Market Trends, Market Growth, Opportunities

NEW YORK, April 12, 2023 /PRNewswire/ -- As per Facts and Factors study, the global phytonutrients market size was worth USD 4,729.40 million in 2021 and is estimated to grow to USD 7,057.85 million by 2028, with a compound annual growth rate (CAGR) of approximately 6.90% over the forecast period.

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Phytonutrients Market: Overview

To protect themselves from bacterial, viral, and fungal diseases, plants synthesize chemical substances known as phytonutrients. The main phytonutrients are vitamins, phenolic compounds, carotenoids, and flavonoids. Phytonutrients aid in defending them against pests like aphids, insects, and other animals that eat them. These phytonutrients are advantageous to both plants and humans in several ways. They not only reduce inflammation and act as antioxidants, but they also support liver health. These substances benefit several industries, including food, drink, pharmaceuticals, and cosmetics, thanks to their health-promoting qualities. Fruits, vegetables, spices, cereals, beans, and oilseeds are some examples of foods high in phytonutrients. The growth of this market is mainly attributed to the increasing demand for phytonutrients from various industries, such as food & beverages, animal feed, and nutraceuticals, due to the increasing global population. There is an increasing demand for natural ingredients in the market since they offer a variety of colors & flavors, a longer shelf life, and nutritional value.

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Key Insights:

• As per the analysis shared by our research analyst, the global phytonutrient market value is expected to grow at a CAGR of 6.90% over the forecast period.
• In terms of revenue, the phytonutrients market size was valued at around USD 4,729.40 million in 2021 and is projected to reach USD 7,057.85 million by 2028.
• The growth of this market is mainly attributed to the increasing demand for phytonutrients from various industries, such as food and beverages, animal feed, and nutraceuticals, due to the increasing global population.
• By type, the carotenoids category dominated the market in 2021.
• By application, the food & beverages category dominated the market in 2021.
• Europe dominated the phytonutrients market in 2021.

Facts and Factors published the latest report titled "Phytonutrients Market Size, Share, Growth Analysis Report By Type (Carotenoids, Phytosterols, Flavonoids, Phenolic Compounds, Vitamin E, Others), By Application (Food & Beverages, Pharmaceuticals, Cosmetics, Feed), By Source (Fruits & Vegetables, Cereals, Pulses & Oilseeds, Herbs & Trees, Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" into their research database.

Industry Dynamics:

Global Phytonutrients Market: Growth Drivers

• The demand for phytonutrients in food and beverages to drive market growth.

The growing global population is likely to stimulate demand for phytonutrients in the food and beverage industry. In the food and beverage industrials, phytonutrients such as carotenoids are employed as natural colorants. Phytonutrients are utilized as antioxidants in animal feed to improve animal growth and protect animals from oxidative damage caused by free radicals in the animal feed industry. Phytonutrients boost innate immunity in animals, particularly poultry. The increasing demand for nutraceutical goods to prevent and treat health issues such as diabetes, hypertension, obesity, skin and aging disorders, bone issues, cardiovascular illnesses, and others is expected to increase the demand for phytonutrients in nutraceutical applications.

Global Phytonutrients Market: Restraints

• The quality and quantity of the phytonutrients hamper the market growth.

Excessive intake of some phytonutrients can cause side effects. Plant chemicals known as phytotoxins are toxic to humans. Humans are adversely affected by low doses of aristolochic acid, one of the phytochemicals. Some phytochemicals can hinder the absorption of nutrients due to their antinutrient properties. Phytonutrients such as polyphenols and flavonoids can act as prooxidants in high concentrations. It is likely that the quality determination technique for phytonutrients and their products is insufficient, which will hinder the global phytonutrients market's growth.

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Global Phytonutrients Market: Segmentation

• The global phytonutrient market has been segmented into type, application, source, and region.

Based on type, the market is divided into carotenoids, phytosterols, flavonoids, phenolic compounds, vitamin E, and others. Among these, the carotenoids segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period because carotenoids have antioxidant properties, and many industries are adopting them.

Based on the source, the market is classified into fruits & vegetables, cereals, pulses & oilseeds, herbs & trees, and others. In 2021, the fruits & vegetable category dominated the global market. Consumers are becoming more interested in healthy foods such as fruits and vegetables, which are high in phytonutrients and other vitamins. Furthermore, these food products provide many health benefits to customers, increasing market demand.

Based on application, the global phytonutrient market is segmented into food & beverages, pharmaceuticals, cosmetics, and feed. Food & beverages are anticipated to have the highest share of this market in 2021. Phytonutrients will continue to be in high demand in food and beverage manufacturing. To meet the increasing demand from consumers, natural ingredients such as phytochemicals are becoming increasingly popular in food products. Hence, there is an increasing demand for natural ingredients in the market since they offer a variety of colors, flavors, a longer shelf life, and nutritional value.

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List of Key Players in Phytonutrients Market:

• Archer Daniels Midland Company
• BASF SE
• Cargill Inc.
• Chr. Hansen A/S
• DSM N. V.
• Cyanotech Corporation
• FMC Corporation
• Kemin Industries Inc.
• Allied Biotech Corporation
• Arboris Llc
• Carotech Berhad
• D.D. Williamson & Co.
• Döhler Group
• Pharmachem Laboratories Inc.
• Raisio Plc.

Recent Developments:

• October 2021: New labels for the phytonutrient products sold under the BioAstin® Hawaiian Astaxanthin® and Hawaiian Spirulina Pacifica® trademarks have been introduced by Cyanotech Corporation Company.

Key questions answered in this report:

• What are the growth rate forecast and market size for PHYTONUTRIENTS Market?
• What are the key driving factors propelling the PHYTONUTRIENTS Market forward?
• What are the most important companies in the PHYTONUTRIENTS Market Industry?
• What segments does the PHYTONUTRIENTS Market cover?
• How can I receive a free copy of the PHYTONUTRIENTS Market sample report and company profiles?

Report Scope:

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Regional Dominance:

• Europe dominated the phytonutrients market in 2021.

In 2021, the global phytonutrient market was dominated by Europe. Consumers in Europe are becoming more health conscious, which has increased the demand for phytonutrients. The pharmaceutical, cosmetics, and food & beverage industries are projected to drive the need for phytonutrients to meet rising demand. For this, manufacturers are aggressively investing in their R&D. Additionally, several variables, including the prevalence of cardiovascular illnesses, the rise in health concerns, the shift in lifestyles, and the aging population, have fueled the expansion of the European phytonutrient industry.

Global Phytonutrients Market is segmented as follows:

Phytonutrients Market: By Type Outlook (2023-2028)

• Carotenoids
• Phytosterols
• Flavonoids
• Phenolic compounds
• Vitamin E
• Others

Phytonutrients Market: By Application Outlook (2023-2028)

• Food & Beverages
• Pharmaceuticals
• Cosmetics
• Feed
• Others

Phytonutrients Market: By Source Outlook (2023-2028)

• Fruits & Vegetables
• Cereals, Pulses & Oilseeds
• Herbs & Trees
• Others

Phytonutrients Market: By Region Outlook (2023-2028)

North America

• The U.S.
• Canada

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

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