Chemicals

Phytonutrients Market Forecast 2024-2033: Growth Rate, Drivers, And Trends|Raiso PLC, FMC Corporation, Royal DSM N.V, Chr Hansen A/S, BASF SE

The Phytonutrients Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Phytonutrients Global Market Report 2024, The phytonutrients market size has grown strongly in recent years. It will grow from $4.31 billion in 2023 to $4.7 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to increased consumer awareness of health benefits, growing interest in plant-based diets, nutraceutical and functional food trends, scientific research supporting health claims, consumer demand for natural antioxidants..

The phytonutrients market size is expected to see strongly grown in the next few years. It will grow to $6.64 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to emphasis on prevention-oriented healthcare, diverse applications in functional foods and beverages, expansion of nutraceutical industry, rising interest in plant-based supplements, increasing integration in personalized nutrition.. Major trends in the forecast period include utilization of exotic and novel sources, focus on clean label and natural products, integration of phytonutrients in skincare products, collaboration and partnerships in the industry, consumer education and awareness campaigns..

The increasing incidence of cardiovascular diseases is expected to propel the growth of the phytonutrient market. Cardiovascular disease affects the heart or blood vessels. Phytonutrients reduce low-density lipoproteins oxidation, thereby increasing the lipid profile and regulating the apoptotic process in the endothelium. For instance, in October 2022, according to the Centers for Disease Control and Prevention, a US-based national public health agency reported heart attacks and strokes were responsible for 85% of these deaths. Therefore, the increasing incidence of cardiovascular diseases drives the phytonutrient market.

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The phytonutrients market covered in this report is segmented –

1) By Type: Carotenoids, Flavonoids, Isothiocyanates, Monoterpenes, Organosulfur, Phenolic, Saponins
2) By Source: Fruits And Vegetables, Cereals, Pulses And Oilseeds, Herbs And Trees, Other Sources
3) By Application: Food And Beverages, Pharmaceuticals, Cosmetics, Supplements, Other Applications

Product innovation is a key trend in the phytonutrients market. Major companies operating in the phytonutrients sector are focused on developing new products to meet customer demand. For instance, in January 2022, DSM Corporation, a Netherlands-based company operating in phytonutrients launched HiPhorius, a full phytase solution designed to assist poultry breeders in producing sustainable and lucrative protein. For optimal broiler performance, which offers more consistent performance improvements and higher nutrient matrix values, the product’s special phytate-degrading capabilities enable targeted nutrition through digestible calcium. HiPhorius raises the bar for phytase technology, providing producers with greater choice in diet optimization for poultry, swine, and aquaculture species. It also improves animal lifetime performance while lowering livestock emissions and making better use of natural resources.

The phytonutrients market report table of contents includes: