Phytonutrients, also known as phytochemicals, are naturally occurring biologically active chemical compounds found in plant-based foods. These compounds protect plants from environmental stressors and also provide health benefits to humans. Some common phytonutrients include carotenoids, flavonoids, alkaloids, nitrogen-containing compounds, and phenolic compounds. They play an important role in promoting optimal health and reducing the risk of chronic diseases. Phytonutrients act as antioxidants, help in controlling blood sugar levels, promote heart health, boost immunity, and protect skin from damage. Increasing health consciousness among consumers and awareness about phytonutrient-rich diets have boosted the demand for various phytonutrient-rich fruits and vegetables. However, consuming a nutritionally balanced diet may not always provide sufficient quantities of phytonutrients. This has augmented the demand for dietary supplements rich in phytonutrients.

The global Phytonutrients Market is estimated to be valued at Us$ 7,482.2 Mn in 2023 and is expected to exhibit a CAGR Of 5.6% 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 development of innovative formulations. Researchers are exploring new techniques to stabilize and standardize phytonutrient levels in extracts to enhance their bioavailability. Micro- and nanoencapsulation technologies are being used to encapsulate sensitive phytonutrients and protect them from degradation during processing, storage, and digestion. This helps deliver phytonutrients effectively to target tissues. Companies are also investing in the development of novel delivery systems like emulsions, liposomes, and complexes to solubilize fat-soluble phytonutrients and enhance absorption. Furthermore, combinations of multiple phytonutrients are being studied for synergistic health benefits. These formulation advancements are expected to drive the demand for innovative phytonutrient supplements.

Porter’s Analysis

Threat of new entrants: The threat of new entrants into the phytonutrients market is moderately low due to the presence of established players and requirement of high capital to enter this market. However, opportunities still remain for specialized and regional players.

Bargaining power of buyers: The bargaining power of buyers in the phytonutrients market is moderate. Buyers can negotiate for prices, discounts, and better terms of trade.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. The availability of substitutes and differentiation of products balances the power scale in favor of buyers.

Threat of new substitutes: The threat of substitution is low in this market. Phytonutrients have unique health benefits that are difficult to substitute.

Competitive rivalry: The competitive rivalry in the phytonutrients market is high due to the presence of numerous regional and international players competing for market share.

Key Takeaways

The Global Phytonutrients Market Demand is expected to witness high growth over the forecast period. North America is expected to dominate the market over the forecast period owing to high health awareness and demand for nutritious food and beverages.

Key players operating in the phytonutrients market are Archer Daniels Midland Company, BASF SE, Cargill, Incorporated, DowDuPont (now Corteva Agriscience), Koninklijke DSM N.V. The global phytonutrients market is segmented on the basis of type and application. Key types include carotenoids, phytosterols, flavonoids, phenolic compounds, vitamin E, and others. The major applications include food & beverages, pharmaceuticals, cosmetics, and feed.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it