Phytonutrients Market size to exceed USD 5 billion by 2024
Europe, driven by UK, Italy, France and Germany phytonutrients market size, dominated the market owing to strong outlook for consumer health consciousness in this region. EU accounted for over 38% of total market revenue in 2015. Favorable regulatory approval from the EU may positively influence industry growth. Increase in health issues owing to hectic lifestyle along with rise in aging population should drive product demand.
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Global carotenoids application may generate revenue over USD 2 billion by 2024, growing at 3.5%. Increasing dietary food supplement demand due to rising health concerns such as heart disease, obesity, cancer, blindness and stroke and rising natural coloration may favor natural carotenoids market demand. They help to slow aging process, reduce diabetes related difficulties and improve lung utility. Increasing application scope in cosmetics and pharmaceutical industries should drive phytonutrients demand.
Change in consumption pattern owing to phytosterols usage in food & beverages industry may drive industry growth. They are used as additives of food products such as bakery products, milk sausages, spicy sauces, yogurts, spreads and margarine. Global phytosterols market size was over USD 440 million in 2015 and may surpass USD 730 million by 2024.
Rising functional food demand coupled with increasing health concerns may support flavonoid market growth. Growing nutritional supplement and dietetic demand in the U.S. and Canada may drive phytonutrients market demand. In addition, pharmaceutical, food & beverage and nutraceutical industry may generate potential growth in flavonoid market.
Pharmaceutical application should surpass USD 1 trillion by 2024. APAC, led by India pharmaceutical production growth, may witness over USD 60 billion by 2024. Increase in health diseases such as cardiovascular diseases, cancer and diabetes are key trending drivers which may fuel industry growth.
Increase in consumer health concerns owing to change in food habits may fuel phytonutrients market in food & beverage application. Global food & beverage industry valuation was over USD 16 trillion in 2015 and should show significant growth up to 2024. Rising per-capita income along with increase in leisure time which resulted in reduction of physical activities should drive product demand. Increase in beverage consumption such as energy drinks and sports drinks may drive nutraceutical supplements demand.
Vitamin E market may surpass 165 kilo tons by 2024. Increase in animal feed additives due to rise in livestock production should drive phytonutrients market growth. Animal feed application accounted for over 81% of the total demand in 2015. It maintains meat color and taste.
Global cosmetic market size was over USD 465 billion in 2015 and may generate USD 680 billion by 2024. Key products include skin care, sunscreen lotions, hair care and perfumes. Rise in disposable income along with consumer preference for natural ingredients in product formulation should fuel phytonutrients market in cosmetics industry. Shift in towards organic and natural beauty products mainly in the U.S. should drive regional industry growth.
Increase in livestock production such as poultry, cattle and swine for meat consumption will fuel animal feed market growth. FAO estimated that over 50% more food will be required by 2024 with significant growth expected in livestock and fish production. They develop shield to plant, protect from damagesand provide color, flavor and smell. Unlike vitamins and minerals, they do not have any RDA (Recommended Daily Allowance) which may hinder industry profitability and put pressure on phytonutrients market price trend.
Global phytonutrients market share is competitive and highly fragmented with presence of large and small scale manufacturers. Key market players include BASF, DSM, Raiso, FMC Corporation and Pharmachem Laboratories. These players possess a significant product development along with expansions which may propel industry profitability. Other industry participants include Cargill, ADM, Chr. Hansen, Cyanotech, Kemin, Allied Biotech, Arboris and Carotech Berhad.