by The global phytonutrients market holds great promise for improving consumer health and wellness. Phytonutrients, also known as phytochemicals, are bioactive compounds naturally found in plant foods that work with nutrients to protect against disease. They display antioxidant and anti-inflammatory properties to reduce the risks of chronic illnesses like heart disease, diabetes and cancer. Common phytonutrients include carotenoids in orange/yellow fruits and vegetables, flavonoids in tea and berries, and terpenoids in citrus. Consuming a diet rich in phytonutrients has been linked to many health benefits.
The global phytonutrients market is estimated to be valued at US$ 8619.5 Bn in 2024 and is expected to exhibit a CAGR of 20% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving growth in the phytonutrients market is the rising health consciousness among consumers. People are increasingly making lifestyle changes and food choices to boost immunity, energy levels and overall well-being. The COVID-19 pandemic has further highlighted the importance of nutrition in maintaining health resilience. As awareness grows about phytonutrients and their disease-preventive properties, demand is rising for dietary supplements, functional foods and beverages enriched with these plant compounds. Phytonutrient-rich products are marketed as promoting heart, brain, eye and skin health. Research on new phytonutrient sources and their health benefits will also expand the commercial scope of this market in coming years.
Porter’s Analysis
Threat of new entrants: The phytonutrients market requires sizable R&D investments and capital to develop new products. Established players enjoy economies of scale which makes market entry challenging for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and presence of many suppliers. However, differentiated products allow companies to exercise some pricing power.
Bargaining power of suppliers: Suppliers of raw materials such as carotenoids and polyphenols have low to moderate bargaining power due to availability of substitute suppliers.
Threat of new substitutes: Substitutes include other sources of antioxidants and nutrition. Established applications in food and beverages poses challenge for substitute products.
Competitive rivalry: The market is moderately competitive due to presence of multiple regional and global players. Differentiation strategies and research capabilities intensify competition.
Key Takeaways
The Global Phytonutrients Market Share is expected to witness high growth over the forecast period driven by rising health consciousness.
Regional analysis: North America is the largest phytonutrients market currently. U.S. accounts for the major share due to growing dietary supplement consumption. Asia Pacific is expected to grow at fastest pace led by rising incomes in China and India. Growing awareness about preventive healthcare is supporting market expansion in the region.
Key players: Key players operating in the Phytonutrients market are Ather Energy, bike-energy, Bikeep, Flower Turbines, Get Charged, Inc., Giulio Barbieri SRL, Ground Control Systems, Magment GmbH, Perch Mobility, Robert Bosch GmbH, Solum PV, SWIFTMILE, and the Mobility House GmbH. These players are focusing on new product launches and partnerships to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
