Market Size of Phytonutrients Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Phytonutrients Market Analysis
The Global Phytonutrients Market is poised to grow at a CAGR of 7.1% during the forecast period.
The phytonutrient market is driven by the rising consumer demand for functional food and dietary supplements which holds potential for plant nutrients as they can't be synthesized naturally in the human body and hence, it needs to be taken externally. Subsequently, the growing trend of vegan food among consumers is further rising the sales of plant-fortified food products in the market. This, in turn, increases the consumption of phytonutrients in the food industry.
The increasing demand for organic food and beverages is propelling the growth of phytonutrients in the market. The demand for phytonutrients is also increasing in the field of nutraceuticals as consumers prefer vegan or plant-based alternatives more than animal-based products. Additionally, phytonutrients are witnessing increasing demand from the animal feed industry.
Furthermore, phytonutrients are witnessing a higher need in the personal care and cosmetic industry as commonly used in skincare and cosmetics, due to their positive effect on maintaining the skin's health and youth. Creams and cosmetic products containing these compounds smoothen the skin and moisturize it, prevent the formation of wrinkles, and help in collagen synthesis. As a result, the growing demand for phytonutrients in the cosmetic industry is anticipated to fuel market growth.
Phytonutrients Industry Segmentation
Phytonutrients are chemical compounds produced by plants, generally to help them resist fungi, bacteria, and plant virus infections, and also consumption by insects and other animals. The global phytonutrient market is segmented by type, application, and geography. Based on type, the market is segmented into vitamins, minerals, probiotics, omega-3 & 6 fatty acids, carotenoids, proteins & amino acids, and other types. Based on application, the market is segmented into bakery & cereals, dairy & dairy alternative products, meat & seafood, confectionery, beverages, and other applications. Based on geography, the study analyzes the phytonutrients market in emerging and established markets across the globe, including North America, Europe, Asia-Pacific, South America, and Middle East & Africa. For each segment, the market sizing and forecasts have been done based on the value (in USD million).
| Type | |
| Vitamins | |
| Minerals | |
| Probiotics | |
| Omega-3 & 6 Fatty Acids | |
| Carotenoids | |
| Proteins & Amino Acids | |
| Other Types |
| Application | |
| Bakery & Cereals | |
| Dairy & Dairy Alternative Products | |
| Meat & Seafood | |
| Confectionery | |
| Beverages | |
| Other Applications |
| Geography | |||||||||
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Phytonutrients Market Size Summary
The phytonutrients market is experiencing significant growth, driven by increasing consumer demand for functional foods and dietary supplements. This demand is fueled by the rising popularity of vegan diets, which has led to a surge in plant-fortified food products. As phytonutrients cannot be synthesized naturally in the human body, their external consumption through these products is becoming more prevalent. The market is further bolstered by the growing interest in organic foods and beverages, as well as the preference for plant-based alternatives in the nutraceuticals sector. Additionally, the animal feed industry is also contributing to the demand for phytonutrients. In the personal care and cosmetics industry, phytonutrients are valued for their benefits in maintaining skin health, which is driving their increased use in skincare products.
The market landscape is highly competitive, with major players like Cargill, DuPont, BASF, Kerry Group, and Archer-Daniels-Midland Company focusing on product innovation and strategic mergers and acquisitions to maintain their market positions. Europe is expected to dominate the global market due to the high demand for plant-based food products and the increasing consumption of non-GMO products. The region's market growth is also supported by government regulations recognizing phytonutrients as safe, alongside the rising health issues and an aging population. The market's expansion is further supported by the development of new phytonutrient products, such as Artemis International's BerryActive5 and DSM Corporation's HiPhorius‚Ñ¢, which aim to enhance food fortification and sustainable protein production.
Phytonutrients Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Vitamins
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2.1.2 Minerals
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2.1.3 Probiotics
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2.1.4 Omega-3 & 6 Fatty Acids
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2.1.5 Carotenoids
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2.1.6 Proteins & Amino Acids
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2.1.7 Other Types
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2.2 Application
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2.2.1 Bakery & Cereals
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2.2.2 Dairy & Dairy Alternative Products
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2.2.3 Meat & Seafood
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2.2.4 Confectionery
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2.2.5 Beverages
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2.2.6 Other Applications
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.1.4 Rest of North America
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Russia
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2.3.2.5 Italy
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2.3.2.6 Spain
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2.3.2.7 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 India
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2.3.3.3 Japan
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2.3.3.4 Australia
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle-East and Africa
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2.3.5.1 United Arab Emirates
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2.3.5.2 South Africa
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2.3.5.3 Rest of Middle-East and Africa
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Phytonutrients Market Size FAQs
What is the current Phytonutrients Market size?
The Phytonutrients Market is projected to register a CAGR of 7.10% during the forecast period (2024-2029)
Who are the key players in Phytonutrients Market?
Cargill, Incorporated, DuPont de Nemours, Inc., BASF SE, Kerry Group plc and The Archer-Daniels-Midland Company are the major companies operating in the Phytonutrients Market.
