Market Size of Phytonutrients Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Phytonutrients Market Analysis
The Global Phytonutrients Market is poised to grow at a CAGR of 7.1% during the forecast period.
The phytonutrient market is driven by the rising consumer demand for functional food and dietary supplements which holds potential for plant nutrients as they can't be synthesized naturally in the human body and hence, it needs to be taken externally. Subsequently, the growing trend of vegan food among consumers is further rising the sales of plant-fortified food products in the market. This, in turn, increases the consumption of phytonutrients in the food industry.
The increasing demand for organic food and beverages is propelling the growth of phytonutrients in the market. The demand for phytonutrients is also increasing in the field of nutraceuticals as consumers prefer vegan or plant-based alternatives more than animal-based products. Additionally, phytonutrients are witnessing increasing demand from the animal feed industry.
Furthermore, phytonutrients are witnessing a higher need in the personal care and cosmetic industry as commonly used in skincare and cosmetics, due to their positive effect on maintaining the skin's health and youth. Creams and cosmetic products containing these compounds smoothen the skin and moisturize it, prevent the formation of wrinkles, and help in collagen synthesis. As a result, the growing demand for phytonutrients in the cosmetic industry is anticipated to fuel market growth.
