Food Products Segment to Account for 27.92% Global Phytonutrients Market Share

The widespread availability of feedstock is generating a huge opportunity for the phytonutrients market to flourish. The overall production of coarse grains in 2016-2017 was estimated to be 1,369,834 thousand metric tons, according to the United States Department of Agriculture's Report on World Grain Market and Trade 2018. Phytonutrients, also known as phytochemicals, are bioactive substances obtained from plants that have a dynamic metabolism and operate as a nutrient. Plants high in phytonutrients are being cultivated and used to prevent and treat a variety of human diseases. They are important for human health because they help with hormone balancing, immune system functioning, converting beta-carotene to vitamin A, cell-to-cell communication, DNA damage repair, and cancer cell elimination.

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Data Bridge Market Research analyses that the phytonutrients market is expected to grow at a CAGR of 7.4% in the forecast period of 2022 to 2029 and is expected to reach USD 11,941.70 million by 2029. The growing need for food supplements in the food and beverage industry is driving the market for phytonutrients. Phytonutrients are commonly employed as a nutrient additive in bread items, yoghurts, spreads, margarines, sausages, milk, and spicy sauces in the food and beverage business. Changes in consumption pattern and an increase in disposable income are likely to promote the expansion of the phytonutrients market.  

Rising prevalence of chronic diseases across the globe is expected to drive the market's growth rate during the forecast period.

The market for phytonutrients is growing because of their numerous health benefits. Phytonutrients help you stay healthy and energetic by combating the effects of ageing. Carotenoids, flavonoids, and other phytonutrients have been shown to help treat chronic diseases including cancer, heart disease, high blood pressure, and diabetes in extensive medical studies. When compared to those who did not eat phytonutrients, a study conducted by the University of California Los Angeles indicated that daily consumption of 8 ounces of pomegranate juice boosted the stability of prostatic antigens in prostate cancer survivors by approximately four times. Phytonutrients are widely used in medicinal medications and nutritional supplements because of these advantages. Hence, increasing prevalence of such diseases is anticipated to propel the market's growth rate.

Report Scope and Market Segmentation

Segment Analysis:

The phytonutrients market is segmented on the basis of type, source, form, category, nature, function, and application.

• On the basis of type, the global phytonutrients market is segmented into Flavonoids, Carotenoids, Polyphenols, Alkaloids, Phytosterols, Vitamins, Monoterpenes, Resveratrol, Phytoestrogens, Isothiocyanates, Allyl Sulfides, Glucosinolates, Lignans, Betalains, and Others. In 2022, the flavonoids segment is expected to dominate the global phytonutrients market with a 28.57% market share owing to the growing consumer demand for nutraceuticals, which holds potential for plant flavonoids.
• On the basis of form, the global phytonutrients market is segmented into dry and liquid. In 2022, the liquid segment is expected to dominate the global phytonutrients market with a 73.73% market share due to the growing demand for liquid phytonutrients in various food applications such as instant and processed foods.

In 2022, the liquid segment is projected to hold the largest share of form segment in the phytonutrients market.

In 2022, the liquid segment is anticipated to hold the largest share of global phytonutrients market owing to the growing demand for liquid phytonutrients in various food applications such as instant and processed foods. The liquid segment is growing with a CAGR of 7.5% in the forecast period of 2022 to 2029.

• On the basis of category, the global phytonutrients market is segmented into organic and conventional. In 2022, the conventional segment is expected to dominate the global phytonutrients market with a 60.48% market share owing to the easy availability and low cost of conventional phytonutrients.
• On the basis of nature, the global phytonutrients market is segmented into pure and blended. In 2022, the blended segment is expected to dominate the global phytonutrients market with a 62.23% market share because blended phytonutrients have more antioxidants than pure phytonutrients.

In 2022, the blended segment of nature segment is anticipated to dominate the phytonutrients market.

In 2022, the blended segment of this market will dominate the phytonutrients market because blended phytonutrients have more antioxidants than pure phytonutrients. The blended segment is expected reach the highest CAGR of 7.5% in the forecast period of 2022-2029

• On the basis of function, the global phytonutrients market is segmented into immune system, vision, skin health, cardiovascular health, anti-cancer, lung health, blood vessel health, bone health, woman health, anti-cholesterol, and others. In 2022, the immune system segment is expected to dominate the global phytonutrients market with a 20.27% market share increasing prevalence of infectious diseases, diabetes, and several other disorders due to a lack of immunity.
• On the basis of source, the global phytonutrients market is segmented into spice, herb, flower, tea, fruit, vegetables, cereals, legumes, oilseeds, marine plant extracts. In 2022, the fruit segment is expected to dominate the global phytonutrients market with a 31.99% market share increased awareness about fruit phytonutrient health benefits.
• On the basis of application, the global phytonutrients market is segmented into food products, beverages, nutraceuticals and dietary supplements, cosmetics and personal care, animal feed, pharmaceuticals, others. In 2022, the food products segment is expected to dominate the global phytonutrients market with a 27.92% market share owing to the consumers' growing inclination towards maintaining a healthy lifestyle. 

Major Players

Data Bridge Market Research recognizes the following companies as the major phytonutrients market players in phytonutrients market are Merck KGaA (Germany), Cargill, Incorporated (U.S.), Kothari Phytochemicals International (India), Hindustan Herbals (India), Brlb International (India), Bio-India Biologicals (BIB) Corporation (India), ExcelVite (Malaysia).

Market Development –

• In December 2021, Merck KGaA had announced the expansion of its strategic corporate venture capital arm M Ventures. M Ventures' latest investment of € 600 million will be spread out over the following five years. Merck has announced three increases in cash commitment since the inception of M Ventures in 2009. The additional funds will be utilized to boost the quantity and magnitude of investments.

Regional Analysis

Geographically, the countries covered in the phytonutrients market report are U.S., Canada, Mexico, China, Japan, India, South Korea, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines and Rest of Asia-Pacific, Germany, Spain, France, Italy, U.K., Belgium, Netherlands, Switzerland, Russia, Turkey, Rest of Europe, Saudi Arabia, South Africa, Kuwait, U.A.E., Rest of Middle East and Africa.

As per Data Bridge Market Research analysis:

Europe is the dominant region in phytonutrients market during the forecast period 2022 - 2029

Europe will continue to dominate the phytonutrients market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period due to the rising fitness awareness among consumers and changing lifestyle of people in this region.

Asia-Pacific is estimated to be the fastest growing region in phytonutrients market the forecast period 2022 - 2029

Asia-Pacific is anticipated to grow at the highest rate during the forecast period of 2022-2029 due to the rising exports and domestic demand for plant-based ingredients in this region. China dominates the Asia-Pacific region due to the easy availability of raw materials and growth in cosmetics, pharmaceutical, animal feed, and food and beverage industries.

COVID-19 Impact Analysis

The COVID-19 outbreak has wreaked havoc on the supply chain for raw materials used in phytonutrient manufacturing and the supply chain for end-user businesses. It was blamed on a shortage of resources and logistics, which resulted in limited access, delayed stock, and raw material deliveries. Furthermore, many governments imposed restrictions on cross-border trade, causing the entire supply chain to be disrupted. Transportation of raw materials has been halted due to the disrupted supply chain, causing manufacturing to stop. Similarly, high pricing and a standstill in phytonutrient production have resulted in unmet phytonutrient demands in a variety of businesses, including food, drinks, cosmetics, pharmaceuticals, and others.

The food and beverage sector makes extensive use of phytonutrients. As a result, COVID-19 impacted phytonutrient consumption, as the pandemic disrupted the supply chain. The usage of phytonutrients by food makers has decreased as the pace of production has slowed. However, following the pandemic, growing worries about immunity and overall health reignited demand for phytonutrients. Furthermore, the new COVID-19 'Omicron' strain is rapidly spreading worldwide, prompting governments worldwide to reimpose travel restrictions, which will disrupt the supply chain in some way.

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