LONDON, Jan. 25, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s phytonutrients global market report 2024, the phytonutrients market has experienced robust growth in recent years, and this trend is poised to continue. According to the latest Global Market Report, the market size is expected to grow from $4.31 billion in 2023 to $4.7 billion in 2024, reflecting a Compound Annual Growth Rate (CAGR) of 9.1%. This phytonutrients market growth is attributed to increased consumer awareness of health benefits, growing interest in plant-based diets, nutraceutical and functional food trends, scientific research supporting health claims, and consumer demand for natural antioxidants.
Anticipated Surge in the Coming Years
Looking ahead, the phytonutrients market is expected to witness significant growth, reaching $6.64 billion in 2028 at a CAGR of 9.0%. This growth in the forecast period can be attributed to the emphasis on prevention-oriented healthcare, diverse applications in functional foods and beverages, expansion of the nutraceutical industry, rising interest in plant-based supplements, and increasing integration in personalized nutrition.
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Emerging Trends and Shifts in Consumer Behavior
Major trends in the forecast period include the utilization of exotic and novel sources, focus on clean label and natural products, integration of phytonutrients in skincare products, collaboration and partnerships in the industry, and consumer education and awareness campaigns. An increase in health-conscious choices is expected to propel the growth of the phytonutrients market, driven by a surge in dietary consciousness among individuals.
How Health-Conscious Choices Are Driving the Market
As health-conscious choices gain prominence, the phytonutrients market is witnessing increased traction. Phytonutrients, as a health-conscious choice, offer natural compounds found in plant-based foods, contributing to overall well-being and supporting preventive health measures. Notably, the International Food Information Council's 2022 Food and Health Survey reported a significant rise in dietary consciousness among Americans, with 52% adhering to specific diets or eating patterns in 2022, compared to 39% in 2021 and 43% in 2020.
Key Players and Innovations
Major companies in the phytonutrients market, including Raiso PLC, FMC Corporation, and Royal DSM N.V., are actively engaged in developing plant-based blends, such as softgel formulations, to meet evolving consumer demands. For instance, Lycored and Herbalife collaborated to launch Herbalife SKIN LycoGlow, a softgel formulation supporting skin smoothness and brightness, incorporating tomato phytonutrients and rosemary leaf.
In a strategic move, ABF Ingredients (ABFI) acquired Fytexia Group to enhance its product portfolio in nutritional ingredients, particularly in pharmaceuticals, nutrition, and food markets. This acquisition aligns with the industry's commitment to innovation and expanding capabilities.
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Regional Insights and Market Segmentation
In 2023, Europe led the phytonutrients market, while Asia-Pacific is anticipated to be the fastest-growing region in the forecast period. The phytonutrients market is segmented by type, source, and application, covering a diverse range of phytonutrient products.
- Types: Carotenoids, Flavonoids, Isothiocyanates, Monoterpenes, Organosulfur, Phenolic, Saponins
- Sources: Fruits And Vegetables, Cereals, Pulses And Oilseeds, Herbs And Trees, Other Sources
- Applications: Food And Beverages, Pharmaceuticals, Cosmetics, Supplements, Other Applications
Stakeholders across the healthcare industry, including dentists, orthodontists, manufacturers, investors, and policymakers, can leverage this comprehensive phytonutrients market report. The detailed analysis of phytonutrients market trends, growth projections, and emerging opportunities empowers stakeholders to make informed decisions and stay ahead in the dynamic phytonutrients market.
Phytonutrients Global Market Report 2024 by The Business Research Company provides insights on the phytonutrients market size, phytonutrients market segments, phytonutrients market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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