Phytonutrients Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Phytonutrients Market is segmented by Type (Carotenoids, Phytosterols, Flavonoids, Phenolic Compounds, Vitamin E), By Application (Food & Beverages, Pharmaceuticals, Cosmetics, Feed, Others), and Geography ( North America, Europe, Asia-Pacific, South America, and the Middle East & Africa). For each segment, the market sizing and forecasts have been done on the basis of the value (in USD million).

Market Snapshot

Phytonutrients Market Growth
Study Period: 2016 -2027
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: Europe
CAGR: 7.1 %

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Market Overview

The global phytonutrients market is projected to grow at a CAGR of 7.1% during the forecast period (2022 - 2027).

The COVID19 crisis has significantly affected the phytonutrient market, as consumers demanded healthy, functional food. Further, with the enhanced use of these ingredients in 2021 vitamin-E segment experienced a growth rate of around 6.27%.

Owing to the considerable shift in people's lifestyles and diet habits over the past two decades, people are gradually moving toward functional foods and beverages, promoting the phytonutrients market.

The rich sources of phytonutrients are legumes, grains, vegetables, nuts, and fruits. Thus, the variety in this segment is preferred by most consumers, which elevates the demand and usage of the phytonutrients in the daily routine. This factor is one of the essential factors that is driving the market.

Scope of the Report

Phytonutrients are chemical compounds produced by plants, generally to help them resist fungi, bacteria, and plant virus infections, and also consumption by insects and other animals. The global phytonutrient market is segmented by type and application. Based on type, the market is segmented into carotenoids, phytosterols, flavonoids, phenolic compounds, and vitamin E. Based on application, the market is segmented into food & beverages, pharmaceuticals, cosmetics, feed, and others. Based on geography, the study analyzes the phytonutrients market in the emerging and established markets across the globe, including North America, Europe, Asia-Pacific, South America, and Middle East & Africa. For each segment, the market sizing and forecasts have been done based on the value (in USD million).

By Type
Carotenoids
Phytosterols
Flavonoids
Phenolic Compounds
Vitamin E
By Application
Food & Beverages
Pharmaceuticals
Cosmetics
Feed
Others
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
United Kingdom
Germany
France
Russia
Italy
Spain
Rest of Europe
Asia-Pacific
India
China
Japan
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle-East & Africa
South Africa
Saudi Arabia
Rest of Middle-East & Africa

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Key Market Trends

Increased Consumption of Phytonutrients-based products

With the changing lifestyle of the consumers, the trend for a healthy diet is drastically increasing among the consumers. Consumers are more into healthy foods such as vegetables, fruits, nuts, etc.; these products are rich in phytonutrients and other vitamins. Moreover, these food products escalate several health benefits to the consumers; thereby, consumer demand is also rising. Due to the increasing demand for phytonutrient products, many pharma companies are also innovating several techniques to innovate several health supplements to meet the consumer's preference. In addition, rapidly increasing blindness, cancer, heart diseases, and stroke cases stimulate the demand and supply of phytonutrients. All these factors increase the probability of phytonutrients being utilized in dietary supplements and pharmaceutical drugs, driving the market.

Phytonutrients Market Share

Europe is the largest market

Rising health consciousness among European consumers resulted in the elevated demand for phytonutrients in the market. Seeking the demand growth, the pharmaceutical, cosmetics, and food & beverage industries are likely to propel the demand for phytonutrients. Manufacturers are actively investing in their R&D to cater to the growing demand. For Instance, in 2020, Deinove, a biotech company, launched Luminity®, a concentrate of neurosporene, an extremely rare carotenoid that contributes to skin vitality and a beautiful complexion.

Phytonutrients Market Size

Competitive Landscape

The market studied is highly competitive in nature due to the presence of domestic and international players in this sector. Some major vital global phytonutrient markets include Archer Daniels Midland Company, Chr. Hansen Holding A/S, BASF SE, DSM Nutritional Products Ltd, and Cyanotech Corporation Company. Key players are focusing on product development and innovation to meet the consumer's needs by offering a variety in taste and product quality to maintain premiumization. Some of the major players use mergers and acquisitions as their key strategy. The strategy to follow mergers and acquisitions by these top players is to sustain and secure a leading position in the industry; this will enable the companies to maintain dominance over other players, and also, the companies can keep intense competition for other players in the market.

Recent Development

In 2022, DSM Corporation launched HiPhorius™, which is a phytase solution. According to the company, the respective solution will help the poultry farm producers achieve sustainable and profitable protein production. The major strategy behind the company to innovate HiPhorius™ is to expand the company's business in different segments by increasing the company's product portfolio.

In 2021, Cyanotech Corporation Company launched new labels for its phytonutrient brands, BioAstin® Hawaiian Astaxanthin® and Hawaiian Spirulina Pacifica® products. According to the company, the strategy behind this new launch of titles is to sustain the company's original product from the third-party product in the market. The primary process behind this movement of the company is to offer the actual consumer product of the company, which will boost brand loyalty among the consumers and increase company growth.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions & Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Force Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Type

      1. 5.1.1 Carotenoids

      2. 5.1.2 Phytosterols

      3. 5.1.3 Flavonoids

      4. 5.1.4 Phenolic Compounds

      5. 5.1.5 Vitamin E

    2. 5.2 By Application

      1. 5.2.1 Food & Beverages

      2. 5.2.2 Pharmaceuticals

      3. 5.2.3 Cosmetics

      4. 5.2.4 Feed

      5. 5.2.5 Others

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

        4. 5.3.1.4 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 United Kingdom

        2. 5.3.2.2 Germany

        3. 5.3.2.3 France

        4. 5.3.2.4 Russia

        5. 5.3.2.5 Italy

        6. 5.3.2.6 Spain

        7. 5.3.2.7 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 India

        2. 5.3.3.2 China

        3. 5.3.3.3 Japan

        4. 5.3.3.4 Australia

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East & Africa

        1. 5.3.5.1 South Africa

        2. 5.3.5.2 Saudi Arabia

        3. 5.3.5.3 Rest of Middle-East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Active Companies

    2. 6.2 Most Adopted Strategies

    3. 6.3 Market Position Analysis

    4. 6.4 Company Profiles

      1. 6.4.1 Archer Daniels Midland Company

      2. 6.4.2 BASF SE

      3. 6.4.3 Chr. Hansen Holding A/S

      4. 6.4.4 DSM Nutritional Products Ltd

      5. 6.4.5 CYANOTECH CORPORATION

      6. 6.4.6 KEMIN INDUSTRIES INC.

      7. 6.4.7 Allied Biotech

      8. 6.4.8 Arboris, LLC

      9. 6.4.9 Givaudan Company

      10. 6.4.10 Takasago International Corporation

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. IMPACT OF COVID19 ON THE MARKET

**Subject to Availability

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Frequently Asked Questions

The Phytonutrients Market market is studied from 2016 - 2027.

The Phytonutrients Market is growing at a CAGR of 7.1% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Europe holds highest share in 2021.

Archer Daniels Midland Company, Chr. Hansen Holding A/S, Cyanotech Corporation Company, DSM Corporation, BASF Chemicals company are the major companies operating in Phytonutrients Market.

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