by Phytonutrients are natural plant compounds that provide health benefits beyond basic nutrition. They are associated with reducing the risk of various chronic diseases and improving longevity. The increased awareness about health and immunity boosting has boosted the demand for phytonutrient-rich foods and dietary supplements. Phytonutrients such as carotenoids, flavonoids, polyphenols, and alkaloids are found in various fruits, vegetables, legumes, herbs, spices, tea and wine. They provide antioxidant and anti-inflammatory effects that protect cells from damage and reduce disease risk factors. The global phytonutrients market comprises a wide range of products including carotenoids, phenolic compounds, phytosterols and others. Carotenoids accounted for the largest share owing to their use in dietary supplements and extensive research backing their health effects. The growing immunity and longevity demands along with shift towards preventive healthcare has spurred innovations in phytonutrient delivery through various daily diet items and supplements.
The global Phytonutrients Market is estimated to be valued at US$ 7482.2 Mn in 2023 and is expected to exhibit a CAGR of 20.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the phytonutrients market is the growing demand for clean label and plant-based products. Consumers are increasingly preferring products containing recognizable ingredients sourced from plants rather than highly processed isolates and extracts. This has prompted manufacturers to develop phytonutrient-rich formulations using whole foods and communicating the benefits in simple and clear terms. Another trend is the customization of phytonutrient supplement regimens based on an individual’s health goals, lifestyle and genetic makeup. Startups are exploring personalized nutrition approaches involving phytonutrient combinations tailored for distinct wellness needs. This is expected to enhance consumer engagement and drive new product innovations in the coming years.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established distribution channels lower barriers to entry in the phytonutrients market. However, dominant players have significant resources and customer loyalty.
Bargaining power of buyers: Large retailers have significant influence over producers but consumer preference for varied, natural products limits their power.
Bargaining power of suppliers: Key suppliers such as plant extraction firms have some influence over prices but new extraction methods diversify sources of supply.
Threat of new substitutes: Few substitutes match the perceived health benefits of phytonutrients, limiting potential for substitutes.
Competitive rivalry: The global phytonutrients market is highly fragmented with numerous specialist and multinational brands vying for market share through varied formulations and applications.
Key Takeaways
Global Phytonutrients Market Demand is expected to witness high growth over the forecast period supported by rising health consciousness.
Regional analysis: North America currently dominates the phytonutrients market supported by high disposable incomes and awareness levels regarding nutrition and supplements. However, Asia Pacific is expected to grow at the fastest pace due to improving standards of living and changing diets in major countries like India and China.
Key players: Key players operating in the phytonutrients market are Ather Energy, bike-energy, Bikeep, Flower Turbines, Get Charged, Inc., Giulio Barbieri SRL, Ground Control Systems, Magment GmbH, Perch Mobility, Robert Bosch GmbH, Solum PV, SWIFTMILE, and the Mobility House GmbH. These players are focusing on new product launches and partnerships to strengthen their positions in the global market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
