Recent
technological advancements have made phytosterols fit for commercial
extraction. In the last few years demand for phytosterols has
considerably increased across developed countries as they witness a
high incidence of heart diseases. Despite being structurally quite
similar to cholesterols, phytosterols have cholesterol lowering
properties. The knowledge regarding the same has been fuelling their
demand across countries with high prevalence of obesity, which is a
primary cause of heart diseases.
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However,
as per Transparency Market Research (TMR), the phytosterols market is
yet to establish a strong footprint across developing countries. The
inadequate awareness about the intrinsic health benefits of
phytosterols limits scope for the market’s growth across these
regions.
Nevertheless,
the prospects for the market in Asia Pacific seem very lucrative, as
India and China witness a rising incidence of coronary heart
diseases. Spurred by these factors, the global phytosterols market is
expected to report a CAGR of 10% between 2015 and 2021. The market is
expected to reach US$926.7 mn in 2021 from a valuation of US$473.8 in
2014.
Use
of Phytosterols as Food Ingredients to Increase Rapidly
Phytosterols
exhibit diverse applications across industries such as
pharmaceuticals, cosmetics, and food and beverages. In 2014, the use
of phytosterols as food ingredients held the largest market share in
terms of value. According to TMR, demand from food ingredients
segment accounted for over 50.45% of the market in 2014. The rising
use of phytosterols as food ingredients due to their cholesterol
lower properties is expected to fuel demand from the segment during
the forecast period. Manufacturers operating in the food and
beverages industry are including phytosterols in many of their food
products to cater to their consumers’ health requirements.
However,
during the forecast period demand from the pharmaceuticals segment is
expected to rise at the highest rate. The increasing awareness among
consumers about the benefits of phytosterols in reducing the risk of
heart diseases is fuelling demand from the segment. Furthermore, the
incidence of heart ailments is expected to increase in India and
China, thereby escalating phytosterols demand from these countries.
Besides
this, the cosmetics industry is a niche segment in the global
phytosterols market. However, the demand from this segment is
also expected to rise in the forthcoming years. The rising disposable
income of consumers will be the primary factor bolstering use of
phytosterols in the cosmetics industry.
Europe
and North America Emerge as Most Lucrative Markets for Phytosterols
Geographically,
Europe accounted for 40.27% of the demand witnessed in the global
phytosterols market in 2014. The increasing application of
phytosterols across end-use industries such as pharmaceuticals,
cosmetics, and food and beverages has been fuelling demand for
phytosterols from the region. Besides this, the increasing incidence
of coronary heart diseases is a key factor fuelling demand for
phytosterols from Europe and North America, alike.
The
high prevalence of obesity has emerged as a major cause of concern
for policymakers in North America. Since phytosterols are cholesterol
reducing agents, they are considered ideal for preventing increased
cholesterol level in human body. Their demand is thus expected to
increase substantially across these developed regions through the
forecast period.
In
contrast, the lack of awareness about the benefits of phytosterols is
limiting the market’s expansion across Asia Pacific and Rest of the
World (RoW). However, TMR, expects, the phytosterols market in Rest
of the World to rise at the highest pace during the forecast period.
The rising disposable income of consumers in RoW has led them to
upgrade their lifestyle. This will subsequently boost prospects for
the phytosterols market.
Some
of key players operating in the market are Archer Daniels Midland
Co., BASF SE, Bunge Ltd, Triple Crown AB, E.I. DuPont De Nemours,
Pharmachem Laboratories, and others.
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