Future Market Insights (FMI) in its recent market analysis divulges trends, opportunities, threats, and restraints impacting sales of phytochemicals worldwide. The study covers key developments across segments of the market including molecule type, form, and application across seven regions. As per the study, demand for flavonoids to projected to remain high over the forecast period.
DUBAI, UAE, Oct. 18, 2021 /PRNewswire/ -- As per a recent market analysis by Future Market Insights (FMI), demand for phytochemicalsis anticipated to grow at a healthy 7% CAGR, surpassing a valuation of US$ 12.9 Bn by 2031.
Increasing applications of phytochemicals across various end-use sectors such as nutraceuticals, food and beverages, and pharmaceuticals are anticipated to continue pushing sales of phytochemicals in the forthcoming years.
Shifting consumer preference towards natural ingredients and clean labels in food products is spurring the demand for phytochemicals in the food and beverage industry. Phytochemicals, unlike vitamins and minerals, are not considered nutrients. They are used just for their color and flavor.
As demand for natural flavoring and coloring agents continues to rise, sales of phytochemicals are projected to rise in tandem. Besides this, phytochemicals are being incorporated in functional foods for having anti-inflammatory, anti-allergic, and antioxidant effects on human health.
In response to this, manufacturers are focusing on collaborations with research institutes to launch new and innovative phytochemical products to diversify their applications in various end-use sectors.
As per FMI's regional analysis, the U.S. is anticipated to witness high demand for phytochemicals in the forthcoming years. Growth can be attributed to the presence of well-established food & beverage and healthcare sectors, along with growing preference for non-GMO food products in the country.
"Rising application of phytochemicals in animal feed, coupled with increasing demand for nutraceuticals due to rising health-consciousness among individuals are projected to provide impetus to the global phytochemicals market growth in the forthcoming years," says an FMI analyst.
Based on molecule type, the flavonoids segments are projected to account for over 35% of the total phytochemicals market share in 2021.
Powder phytochemicals are anticipated to dominate the product category, holding 82% of the total market share in 2021.
Applications of phytochemicals in the food and beverage industry are anticipated to spur the sales, contributing nearly 34.4% of the total market share.
The U.S. is projected to dominate North America phytochemicals market with sales growing at 4.7% CAGR over the forecast period.
Sales of phytochemicals in China are projected to reach US$ 870.9 Mn in 2021.
The phytochemicals market in Germany is anticipated to reach a valuation of US$ 363.7 Mn in 2021.
Demand for phytochemicals in the U.K. is expected to grow at a 3.8% CAGR owing to rising trend of veganism and vegetarianism in the country.
India will emerge as a lucrative market with sales growing at 6.4% CAGR over the forecast period.
Sales of phytochemicals in Japan and South Korea are projected to rise at 12.3% and 15.7% CAGR, respectively.
Expansion of the vegan and vegetarian population is resulting in high demand for organic ingredients in food and supplements. This is expected to push sales of phytochemicals.
Manufacturers are adopting online retail channels to cater growing demand for phytochemicals. Easy availability of products through eCommerce will continue propelling sales through 2031.
Stringent regulations imposed by the U.S. Food and Drug Administrations (FDA) and other organizations owing to the risk of cancer and tumor promoters associated with consumption of phytochemicals will restraint growth in the market
Leading players operating in the global phytochemicals market are focusing on strategic collaborations, mergers, and acquisitions to expand their distribution networks and to gain a competitive edge in the market.
Apart from this, players are investing in research and development to launch new and innovative products in the market. For instance:
In April 2021, Tokiwa phytochemicals announced the publication of a joint research project in collaboration with the University of Tokyo on a proprietary extract of "Kaempferia parviflora", commonly known as black turmeric.
In August 2021, ingredients supplier Gencor announced positive results for its Gynostemma pentaphyllum extract, ActiveAmp, in a body composition study involving overweight male and female participants.
Leading players operating in phytochemicals market profiled by FMI include:
The latest market study on the phytochemicals market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global phytochemicals market potential, its growth, trends, and opportunities, the market is segmented on the basis of:
By Molecule Type:
Food and Beverages
Personal Care and Cosmetics
Middle East and Africa (MEA)
Key Questions Covered in Phytochemicals Market Report
The report offers detailed insights into phytochemicals market demand outlook for 2021-2031.
The market study also highlights projected sales growth for phytochemicals market between 2021 and 2031.
Phytochemicals market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
Phytochemicals market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.