Phytonutrients refer to naturally occurring compounds found in plant foods such as fruits, vegetables, grains, legumes, spices, and other plant foods. They help protect plants from environmental stresses and increase plant survival. Common phytonutrients include carotenoids, flavonoids, phenolic acids, alkaloids, and nitrogen-containing compounds. Phytonutrients are known to have antioxidant and anti-inflammatory properties that may help reduce the risk of chronic diseases. Rising consumer awareness about the health benefits of phytonutrients is driving the demand for phytonutrient-rich foods and dietary supplements.
The global phytonutrients market is estimated to be valued at US$ 7482.2 Mn in 2024 and is expected to exhibit a CAGR of 20% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the major drivers for the growth of the phytonutrients market is the increasing health consciousness among consumers. A sedentary lifestyle and consumption of junk food have increased the risk of obesity, diabetes, cardiovascular diseases and certain types of cancers. To counteract this risk, consumers are increasingly adopting a healthy lifestyle and diet rich in phytonutrients from plant foods. They are also opting for phytonutrient-enriched beverages and supplements. Another driver is the growing awareness about the anticancer properties of phytonutrients. Extensive research has proven the role of various phytonutrients in inhibiting cancer cell growth and proliferation. This is strengthening the demand for phytonutrient-rich products in the cancer care segment.
Segment Analysis
The global phytonutrients market is primarily segmented into carotenoids, phenolic compounds, phytosterols, and others. Carotenoids segment currently dominates the market and accounts for over 40% of the total market share. The segment is anticipated to continue its dominance during the forecast period. This is attributed to significant health benefits offered by carotenoids including antioxidant properties, prevention of cardiovascular diseases, and eye health.
PEST Analysis
Political: Governments across various countries are supporting initiatives to promote adoption of phytonutrients through awareness programs. They are also implementing regulations to promote labeling of phytonutrient content in food products.
Economic: Rising per capita income and health consciousness are major factors driving demand for phytonutrient-rich food products. Growing middle class population especially in developing countries presents significant growth opportunities.
Social: Increasing awareness about various health benefits of phytonutrients is a key factor stimulating market growth. Rapid adoption of healthy dietary patterns influences demand.
Technological: Product innovation is helping market players launch new varieties of phytonutrient-enriched food and dietary supplements. Advances in extraction technologies allow for cost-effective recovery of phytonutrients from plant sources.
Key Takeaways
Global Phytonutrients Market Demand is expected to witness high growth due to rising health consciousness among consumers and increasing adoption of healthy diets. The carotenoids segment holds the largest share and is anticipated to continue dominating the market over the forecast period owing to wide-ranging health benefits of carotenoids.
Regional analysis: North America currently leads the global market and is expected to maintain its dominant position through 2030. This is attributed to growing demand for healthy and nutritious foods in the region. Key players operating in the phytonutrients market are Ather Energy, Bikeep, and Robert Bosch GmbH.
Key players operating in the phytonutrients market are Ather Energy, Bikeep, and Robert Bosch GmbH. The market is highly competitive with major focus on new product launches. Companies are investing heavily in R&D to develop innovative extraction and formulation techniques. Strategic partnerships and collaborations are also among the key strategies adopted by players to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it