NEWARK, Del, March 16, 2023 (GLOBE NEWSWIRE) -- According to estimates, phytochemical sales worldwide are estimated to reach US$ 7,436 million in 2023. In a detailed industry analysis, the global phytochemical market is projected to register a CAGR of 7.1% and reach US$ 14,821 million by 2033.
Phytochemical applications are expected to continue to grow in a variety of end-use sectors, including food and beverages, nutraceuticals, and pharmaceuticals. While the food and beverage application segment is expected to hold a massive share by 2033, whereas, animal nutrition sales are predicted to increase by 13.4%.
In the nutraceutical industry, phytochemicals and plant extracts are used as health supplements and anti-aging agents. This results in high demand for phytochemicals. The use of plant extracts and phytochemicals in dietary supplements is expected to grow significantly in the future.
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A growing awareness of the harmful effects of chemically processed foods may continue to increase the popularity of plant extracts and ingredients. Lack of raw materials, fluctuating prices, trade in raw materials, and availability of other plant-derived products are the primary factors restricting the phytochemical market's growth.
It is important to note that phytochemicals and herbal extracts are derived directly from crude plant material, and their composition, quality, and therapeutic effects can differ considerably. The recent surge in the consumption of traditional medicines, or ayurvedic, has resulted in an unexpected increase in the use of natural plant ingredients in ayurvedic manufacturing.
“Phytochemicals are products derived from organic plants and are used in the manufacturing of organic food and supplement manufacturing. The nutraceutical industry has seen an increase in demand for phytochemicals and plant-based products due to the growth in organic agriculture.” – says a lead analyst at Future Market Insights.
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Key Takeaways from Market Study
- The phytochemical market is expected to record a CAGR of 7.1% over the forecast period.
- It is estimated that the phytochemical market in North America may remain strong during the forecast period.
- The phytochemical market of Germany is estimated to be valued at US$ 468.8 million by 2033.
- The United Kingdom is predicted to thrive at a CAGR of 2.8% due to the rising trend of 'veganism' and 'vegetarianism'.
- Powder phytochemical product type is estimated to account for more than 82% of the market share in 2023 with a CAGR of 6.7%.
- Flavonoids are estimated to account for more than 35.0% of the market share in 2023 with a CAGR of 8.8%.
Competitive Landscape:
In the phytochemical market, intense competition has resulted from the growing demand for nutritional supplements and the emergence of new players. In a market that focuses more on innovation than sales, small-scale players are creating growth opportunities.
Small-scale companies are merging with substantial companies to offer their products to a broader consumer base and include innovative products in their product portfolios.
Several prominent companies dominate this market, including Döhler GmbH, Naturex SA, Kemin Industries Inc, Linnea SA, Sabinsa Corporation, Kothari Phytochemicals & Industries Ltd, Indena SpA, Alkaloids Corporation, Arboris LLC, Allied Biotech Corp., Organic Herb Inc. (OHI), LIPO Foods, Nektium, FYTEXIA, Chr. Hansen Holding A/S, BASF SE, and others.
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Recent Developments:
- Cargill acquire Delacon, a producer of photogenic chemicals derived from plants, in 2022. Through the acquisition, the company plans to manufacture nutrient-dense foods and gain a deep understanding of feed additives.
- An exclusive and long-term supply agreement was signed between BASF and Mazza Innovation in July 2018. The company Mazza Innovations specializes in botanical extractions. In order to develop new solutions for cosmetic applications, the company supplies BASF with specific plant extracts.
Market Segmentation by Category
By Molecule Type:
- Alkaloids
- Anthocyanins
- Carotenoids
- Coumestans
- Flavon-3-ols
- Flavonoids
- Hydroxycinnamic Acids
- Isoflavones
- Lignans
- Others
By Form:
- Powder
- Liquid
By Application:
- Food and Beverages
- Nutraceutical
- Pharmaceutical
- Personal Care and Cosmetics
- Animal Nutrition
- Others
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Table of Content
1. Executive Summary | Phytochemical Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
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Explore FMI’s Extensive Coverage on Food & Beverage Domain:
Phytogenic Market Size: The market value is projected to increase from US$ 891.9 million in 2022 to US$1,371.8 million by 2032.
Phytosterol Market Demand: The global phytosterols market is expected to be valued at US$ 0.8 Bn in 2022 and is projected to grow at a CAGR of 9.1% during the forecast period (2022-2032).
Phytonutrients Market Growth: The industry's estimated value will increase from US$ 4,339.0 Million in 2023 to US$ 7,482.2 Million in 2033.
Feed Phytogenic Market Share: The feed phytogenic market size is anticipated to rise from US$ 782.3 Mn in 2022, and it is projected to surpass US$ 1,510.4 Mn by 2032.
Plant-Based Protein Market Value: The global plant-based protein market enjoyed a year-on-year (YOY) growth of 6.7% in 2021 to total sales of USD 11.3 Bn and is projected to surpass USD 22.5 Bn in 2032
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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