Phytonutrients Market Drivers, Key Factors And Size Report To 2033
Phytonutrients are naturally occurring compounds found in a variety of plant-based foods, including vegetables, fruits, whole grains, and legumes. These powerful plant chemicals, when combined with essential nutrients, play a vital role in promoting overall health. Many phytonutrients possess antioxidant properties that help protect the body from cellular damage.
Market Size and Forecast
The phytonutrients market has seen significant growth in recent years. Valued at $4.31 billion in 2023, it is projected to reach $4.7 billion in 2024, representing a compound annual growth rate (CAGR) of 9.1%. This upward trend can be attributed to rising consumer awareness about health benefits, the increasing popularity of plant-based diets, the growing demand for nutraceuticals and functional foods, and robust scientific research backing health claims.
Looking ahead, the market is expected to continue its strong growth trajectory, with projections estimating a market size of $6.64 billion by 2028 at a CAGR of 9.0%. Key factors driving this growth include a growing focus on preventive healthcare, expanding applications in functional foods and beverages, the rising popularity of plant-based supplements, and the increasing incorporation of phytonutrients into personalized nutrition. Noteworthy trends include the exploration of exotic and novel sources, a shift toward clean-label and natural products, and the integration of phytonutrients into skincare products.
Market Segmentation
The phytonutrients market is segmented by:
In 2023, Europe emerged as the largest market for phytonutrients, while the Asia-Pacific region is anticipated to be the fastest-growing market during the forecast period. The report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Key Market Drivers
One of the major drivers propelling the growth of the phytonutrients market is the increasing prevalence of cardiovascular diseases. Phytonutrients have been shown to reduce the oxidation of low-density lipoproteins (LDL), thereby improving lipid profiles and regulating the apoptotic process in the endothelium. According to the Centers for Disease Control and Prevention (CDC), heart attacks and strokes accounted for 85% of cardiovascular-related deaths in 2022. This rising incidence of cardiovascular diseases is expected to drive further demand for phytonutrients.
Leading Industry Players
Key companies operating in the phytonutrients market include Raisio plc, FMC Corporation, Royal DSM N.V., Chr. Hansen A/S, BASF SE, Archer Daniels Midland Company, Cargill Inc., Kemin Industries Inc., Pharmachem Laboratories Inc., and others.
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