Phytonutrients refers to substances that are found in plants and are beneficial to humans as it acts as antioxidants and helps in the prevention of diseases and keeps the body functioning properly. The global phytonutrients market on the basis of product type can be segmented into compounds, phenolic, cartenoids, ellagic acid, phytosterois, resveratrol, flavonoids, glucosinolates, alkaloids and others. In terms of application phytonutrients are used widely in the pharmaceutical, food and beverage, feed and cosmetics industry.
The demand for the phytonutrients is growing as a result of its increasing application in the pharmaceutical industry in order to reduce diabetes related problems and also to slow down the aging process. Moreover, the market for phytonutrients is on the rise on account of it being increasingly used to prevent strokes, heart diseases, cancer and also blindness. Thus the global phytonutrients market is growing as a result of its rising demand from the pharmaceutical industry due to the immense health benefits associated with it. Furthermore, other factors such as easy availability of the raw materials and at a cheaper cost are also responsible for the growth of the phytonutrients market globally. With the increasing demand for phytonutrients due to its various end use applications, the extraction techniques associated with it are also advancing at the same time which acts as a driver for the growth of this market.
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However, one of the major restraints effecting the growth of the market is the absence of any techniques to measure the quality standards. The raw materials that are used to make potent plant extracts are often of inferior quality. The quality of the raw materials greatly affects the quality of the final product and therefore this act as a restraining factor.
Recent trends have shown that increasing health awareness and the consumer knowhow of the various health benefits associated with phytonutrients, provides great opportunity for this market to grow. There is a shift in the consumer preference towards superior quality foods which are nutritious and balanced. Moreover, the market for phytonutrients has huge potential from the various untapped and emerging markets. Furthermore, the manufacturers are constantly engaging in research and development activities to enhance the extraction process of phytonutrients, thus providing competitive advantage over their competitors.
Among the various product categories, carotenoids had the largest market share in terms of revenue in 2014. In terms of revenue, the market for carotenoids is expected to be followed by flavonoids.
In terms of geography, the European market was the largest for the phytonutrients market in terms of revenue due to the heightened health awareness among the people in this region. France, Germany and Italy were the major markets responsible for the growth of the phytonutrients market in Europe. Moreover, the increasing consumption of functional foods is also driving the market in Europe.
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Some of the key players operating in the global phytonutrients market are DSM N.V., Chr Hansen A/S, BASF SE, Raisio Plc., Kemin Industries Sabinsa Corporation and FMC Corporation.