Phytonutrients, originated from Greek word ‘phyto’ (plants), plays an important role in plants by protecting them against insect attacks or UV rays. Phytonutrients, organic compounds especially found in plants, are important to promote human health. Phytonutrients are antioxidants & anti-inflammatory agents, which helps in enhancing immunity & intercellular communication within the human body.
Market Dynamics
Multiple health benefits offered by phytonutrients is a key factor driving phytonutrients market growth. Phytonutrients help to stay healthy & energetic by protecting against aging effect. Extensive researches in the field of medical sciences have proven benefits of carotenoids, flavonoids, and other phytonutrients in curing chronic diseases such as cancer, heart stroke, high blood pressure, and diabetes. For instance, a study conducted by the University of California Los Angeles found that daily consumption of 8 ounces of pomegranate juice increased the stability of prostate antigens in prostate cancer survivors by nearly four times when compared to those who did not consume phytonutrients. Owing to such benefits, phytonutrients are extensively adopted in pharmaceutical drugs and dietary supplements. Therefore, rising prevalence of such diseases across the world is projected to boost demand for phytonutrients over the forecast period.
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Bulk availability of feedstock across the globe is creating immense opportunity for growth of phytonutrients market. According to the United States Department of Agriculture Report on World Grain Market and Trade 2018, world’s total production of coarse grains in 2016-2017 was pegged at 1,369,834 thousand metric tons.
Market Outlook
Among product types, carotenoids segment accounted for the highest market share in the market in 2017. Carotenoids such as beta-carotene, lycopene, lutein, and zeaxanthin prevent the onset of cancer and eye defects. Other notable health benefits include improved cardiovascular health, increased fertility, and skin health.
Among end-use industries, food & beverages segment dominated in the market in 2017. Owing to extensive applications of phytonutrients in the manufacturing of functional food, beverages, and dietary supplements, the segment is projected to have dominant position in the market over the forecast period.
Europe held highest market share in the global market in 2017. The region is projected to maintain its dominance over the forecast period, owing to increasing demand for organic food products. The organic retail sales in Europe was US$ 30.85 billion in 2014, as estimated by The International Federation of Organic Agriculture Movements.
Asia Pacific is projected to be the fastest growing region in the market over the forecast period. Key factors such as bulk availability of raw materials, increasing population, and rapid penetration of food & beverages and pharmaceutical companies into emerging economies such as China and India are creating immense opportunities for growth of the market. According to the India Brand Equity Foundation 2017 report on food processing, India is world’s 2nd largest producer of fruits and vegetables. The government expects the processing in this sector to grow by 25 per cent of the total produce by 2025. In 2015-2016, the total production of horticulture sector was pegged at 282.5 million tons.
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Key players in Global Phytonutrients Market
Key players operating in the global phytonutrients market include FMC 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
Key market players are launching new phytonutrient products, in order to meet the rising demand for phytonutrients from consumers. For instance, in October 2016, Archer Daniels Midland Company launched a unique line of fruit & vegetable extracts enriched in beta-carotene & anthocyanins for variety of applications in food, beverages & dietary supplements. Such activities by key players are fueling growth of the market.
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