Phytonutrients are plant-derived compounds that provide protections against diseases and promote optimal health and well-being. They are commonly found in fruits and vegetables and are beneficial for conditions like heart diseases, cancer, diabetes etc. The growing awareness about health benefits of consuming fruits and vegetables rich in phytonutrients is driving the adoption of phytonutrient supplements.
The global Phytonutrients Market is estimated to be valued at US$ 7,482.2 Mn in 2023 and is expected to exhibit a CAGR Of 5.6% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing health consciousness among people is one of the key trends accelerating the growth of the phytonutrients market. With rising obesity and other lifestyle diseases, people are focusing on improving metabolic health and building immunity by incorporating more plant-based foods and supplements in their diet. The COVID-19 pandemic has further highlighted the importance of nutrition and overall wellness, driving the demand for phytonutrient-rich products. The manufacturers are launching new product innovations with combinations of diverse phytonutrients targeting specific health conditions. Various studies have demonstrated the anti-inflammatory and antioxidant properties of phytonutrients, which is encouraging more scientists to conduct research on their disease-prevention and therapeutic potentials.
Segment Analysis
The global phytonutrients market is segmented based on type, source, application and region. By type, the carotenoids segment dominated the market in 2023. This is because carotenoids possess various health benefits such as antioxidant and immune system benefits. By source, the plants segment accounted for major share in 2023 as most phytonutrients are naturally found in plants. Based on application, the food & beverages industry accounted for significant share as phytonutrients are widely used in dietary supplements, functional foods and beverages.
Key Takeaways
The Global Phytonutrients Market Demand is expected to witness high growth during the forecast period of 2023 to 2030. The market size is projected to increase from US$ 7,482.2 Mn in 2023 to reach US$ 12,847.3 Mn by 2030, expanding at a CAGR of 5.6%.
Regional analysis:
North America dominated the global market in 2023 and is expected to remain the largest market during the forecast period. This is attributed to rising health awareness and growing consumption of functional foods & dietary supplements in the region. Asia Pacific is projected to be the fastest growing region due to rising per capita income and changing lifestyles & food habits in countries such as China and India.
Key players:
Key players operating in the phytonutrients market are Archer Daniels Midland Company, BASF SE, Cargill, Incorporated, DowDuPont (now Corteva Agriscience), Koninklijke DSM N.V. Archer Daniels Midland Company captured maximum market share in 2023 owing to its strong product portfolio and global presence.
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