Global
Phytochemicals Market: Overview
Phytochemicals
are the products derived from organic plants and are used in the
manufacturing of organic food and food supplements. Increasing
organic agriculture has resulted in the significant demand for
phytochemical and plant- based products in the nutraceutical
industry. The consumption of plant extracts and ingredients prevents
various diseases as plants derived products are considered more
beneficial in comparison to other chemical based medicines for
healthy people. Due to the growing health awareness among consumers
about the harmful side effects of chemically processed products,
there has been enormous rise in demand for phytochemicals
and other organic plant based product in the recent years coupled
with the paradigm shift in the consumer preference towards natural
phytochemical and plant derived nutraceutical products fuelling the
acceptance for plant based extracts among wholesalers and retailers
in comparison to chemically synthesized products.
Global
Phytochemicals Market: Drivers and Restraints
Nutraceuticals
industries on fast pace are incorporating phytochemicals and plant
extract ingredients in their product range for treatment of chronic
diseases, health supplements, anti-ageing products, which has
generated interest among the aging population particularly in
European region. This acts as prime driver for continuously rising
demand for the phytochemical products. The dietary supplements market
for plant extracts and phytochemicals has shown substantial growth in
past years. But, still there lies a gap between demand and supply in
the American market that directed to high imports of phytochemical
products from other nations, also it has been witnessed that
lifestyles diseases such as diabetes, hypertension, cancer and
obesity cases increased in recent years in North American region.
Major restraining factors to the growth of phytochemical market
growth are raw material unavailability, price fluctuations, trade of
the raw materials, changing price regulations and policies
surrounding natural ingredients and availability of other plant
derived products in the market.
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Global
Phytochemicals Market: Segmentation
On
the basis of form, market is segmented into:-
- Powder derivatives
- Liquid derivatives
On
the basis of functionality, market is segmented into:-
- Carotenoids
- Phytosterols
- Flavanoids
- Others
On
the basis of application, market is segmented into:-
- Functional food
- Functional Beverages
- Dietary Supplements
- Wellness and Personal Care
- Pharmaceuticals
- Cosmeceuticals
- Animal Nutrition
Global
Phytochemicals Market: Region wise Outlook
The
global phytochemicals market is divided into seven regions, namely
seven regions, namely Eastern Europe, Latin America, Asia Pacific
excluding Japan (APEJ), North America, Japan, Western Europe, and
Middle East and Africa (MEA). In the North American region, U.S. is
the largest producer for phytochemicals and plant extracts owing to
robust healthcare market followed by Canada. In Latin America,
companies in Mexico are focused on improving marketing strategies
such as competitive assessment, market diversification, market
penetration, technological advancements, and market and product
development. However, APEJ region holds the key opportunities for
exponential growth in coming years majorly in developing economies
such as India and China. Since, these countries are privileged of
being the hub of the ancient history of herbal extracts a, thereby
sailing a smooth way towards the accelerating demand for the
phytochemical products.
Global
Phytochemicals Market: Key Players
The
phytochemicals market is a highly fragmented market, with leading
companies engaged in strategic alliances including mergers &
acquisitions along with extensive research & development tactics.
Some
of the key players identified in the global phytochemicals market
include:
- Naturex SA
- Indena SpA
- Linnea SA
- BASF SE
- Arboris LLC
- Cargill Inc.
- Dupont De Nemours & Co ltd
- Martin Bauer GmbH &Co. KG
- Hansen A/S
- LIPO Foods
- Doehler Group
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