by Phytonutrients are bioactive compounds found in plant-based foods like fruits, vegetables, whole grains, tea, and other plant foods that may provide health benefits beyond basic nutrition. Phytonutrients have been shown to help reduce the risk of chronic diseases like heart disease and cancer. The rising prevalence of chronic diseases and increasing health awareness among consumers has led to higher demand for phytonutrient-rich foods and dietary supplements.
The global phytonutrients market is estimated to be valued at US$ 7482.2 Mn in 2023 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 key trends:
The increasing health awareness has significantly propelled the demand for phytonutrient-rich foods and supplements in recent years. Various health organizations and dietary guidelines recommend increasing the consumption of plant-based foods rich in phytonutrients to maintain good health and reduce the risk of chronic diseases. Moreover, growing consumer preference for natural and plant-based products over synthetic supplements has further augmented the demand. Manufacturers are focusing on developing innovative product formulations containing concentrated levels of phytonutrients along with introducing more delivery formats like powders, tablets, and gummies to appeal to a larger consumer base. Advancements in extraction and stabilization technologies have also enabled the production of phytonutrient-rich formulations. The surging investments in research and development of phytonutrient products are expected to open new avenues for market players over the forecast period.
SWOT Analysis
Strength: Phytonutrients have many health benefits like boosting immunity, reducing inflammation and chronic disease risks. They provide antioxidants that protect cells from damage.
Weakness: Poor solubility and stability of some phytonutrients makes standardization and commercial production challenging. Consumption of concentrated doses requires more research on safety.
Opportunity: Growing health conscious consumer base and research showing phytonutrients’ role in reducing the risks of lifestyle diseases like heart disease and cancer is driving market demand. Consumers are interested in phytonutrients dietary supplements.
Threats: High prices of natural phytonutrient extracts compared to synthetic variants. Environmental and agricultural conditions affect the yield and composition of phytonutrients in plants potentially impacting supply.
Key Takeaways
Global Phytonutrients Market Demand is expected to witness high growth.
Regional analysis: The North America phytonutrients market dominates currently due to increased consumer awareness about preventive healthcare and expenditure on superfoods and dietary supplements. Asia Pacific is expected to be the fastest growing market due to rising health consciousness, growing food & beverage industry and economic growth in countries like India and China.
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. They are investing in R&D to develop novel extraction and delivery methods to enhance phytonutrients bioavailability and stability for integrating in various application industries like food, beverages, personal care, etc. Partnerships with ingredient suppliers and manufacturers of end use products are helping expand their business.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
