Phytochemical Market Players will register US$ 3.6 Bn Incremental Opportunity in Food & Beverages Industry: FMI
Increasing application of phytochemicals in cosmetics, food & beverages, and pharmaceutical industries is expected to augment sales in the global phytochemicals market over the forecast period.
A recent market study published by Future Market Insights on the phytochemical market offe...
Driven by rising demand in diverse applications, sales of phytochemicals is expected to surge as 7% CAGR between 2021 and 2031, as per latest insights by Future Market Insights (FMI).
Increasing concern about wellness and skincare is improving the adoption of phytochemicals in the cosmetics sector, which will drive the market growth over the forecast period. Cosmetic industry giants have launched new skincare products that include phytochemicals as an active ingredient.
Additionally, research on the development of innovative food products and dietary supplements derived from phytochemicals is expected to aid the growth. Key manufacturers are investing more in the development of products derived from plant extracts. Hence, plant compounds such as phytochemicals are in high demand as the need for plant-based foods and products grows.
Furthermore, phytochemicals are increasingly being used to treat cancers of several organs by inhibiting angiogenesis. Hence, adoption of phytochemicals across pharmaceutical, personal care, and other diverse end-use applications will boost sales.
Key Takeaways from the Phytochemical Market Study:
- Global phytochemical market is estimated to register a value of US$ 12.9 Bn in 2031.
- Based on molecule type, flavonoids are expected to register high demand over the forecast period
- Powder phytochemicals are acquiring immense popularity among manufacturers, expanding at 6.7% CAGR
- In terms of form type, while powder form holds the largest share, liquid phytochemical type will register fastest growth at 8.8% CAGR between 2021 and 2031
- In terms of application, animal and nutrition segment will expand with highest CAGR at 13.6% CAGR during the forecast period.
“Consumers are increasingly seeking multi-component items that are readily available in the market and provide nutritional value. With rising consumption of dietary supplements and nutraceutical food products, key manufacturers are increasing their production capacity and are aiming for strategic alliance with local and regional food & beverage industry giants,” said a lead analyst at FMI.
Who is Winning?
Phytochemical-infused products are widely available thanks to increased market penetration and the availability of a variety of retail formats. Key players are relying on e-commerce platforms and are focusing on improving their digital marketing skills to boost their sales.
Some of the leading companies offering phytochemical are Döhler GmbH, Naturex SA, Kemin Industries Inc, Linnea SA, Sabinsa Corporation, Kothari Phytochemicals & Industries Ltd, Indena SpA, Alkaloids Corporation, Arboris LLC, Allied Biotech Corp., Organic Herb Inc.(OHI), LIPO Foods, Nektium, FYTEXIA, Chr. Hansen Holding A/S, BASF SE, and Others.
Get Valuable Insights into Phytochemical market
Future Market Insights, in its new offering, provides an unbiased analysis of the phytochemical market presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the phytochemical market based on molecule type (alkaloids, anthocyanins, carotenoids, coumestans, flavon-3-ols, flavonoids, hydroxycinnamic acids, isoflavones, lignans, and others), and by form (powder and liquid), by application (food and beverages, nutraceutical, pharmaceutical, personal care and cosmetics, animal nutrition, and others) across seven major regions.
About Food Market Division at FMI
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from across the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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