Phytonutrients Market Size, Share, Industry Trends and Forecast to 2030

Phytonutrients Market Size & CAGR in 2021

The global phytonutrients market is expected to witness a CAGR of 4.5% from 2021 to 2026. The market size is anticipated to reach USD 4.56 billion by 2026. Phytonutrients are bioactive compounds found in plants that are known to have numerous health benefits. These compounds are essential for overall well-being and play a crucial role in preventing various diseases.

COVID-19 Impact on the Phytonutrients Market

The COVID-19 pandemic has significantly impacted the phytonutrients market. With the increased focus on health and wellness, there has been a surge in demand for phytonutrient-rich products among consumers. The pandemic has highlighted the importance of maintaining a strong immune system, leading to increased consumption of fruits, vegetables, and plant-based supplements rich in phytonutrients.

However, the disruption in the supply chain and production process has posed challenges for the phytonutrients market. The closure of manufacturing facilities and restrictions on transportation have affected the availability of phytonutrient-rich products in the market. Despite these challenges, the market is expected to recover as the situation stabilizes.

Phytonutrients Dynamics

The phytonutrients market is driven by the growing awareness among consumers regarding the health benefits of plant-based nutrition. Phytonutrients are known to have antioxidant, anti-inflammatory, and immune-boosting properties, making them essential for overall health and well-being. The increasing focus on preventive healthcare and the rising demand for natural and organic products are fueling the growth of the phytonutrients market.

Moreover, the growing trend of plant-based diets and the rising prevalence of chronic diseases are driving the demand for phytonutrient-rich foods and supplements. The pharmaceutical and nutraceutical industries are also incorporating phytonutrients into their products due to their proven health benefits, further contributing to the market growth.

Segments and Related Analysis

The phytonutrients market can be segmented based on type, application, and region. Types of phytonutrients include carotenoids, flavonoids, phenolic compounds, and others. Applications of phytonutrients include food and beverages, dietary supplements, pharmaceuticals, cosmetics, and animal feed. Regionally, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

By Region Analysis

North America

North America is expected to dominate the phytonutrients market due to the high awareness of health and wellness among consumers. The region is witnessing an increasing demand for organic and natural products, driving the growth of the phytonutrients market. The presence of key market players and the growing adoption of plant-based diets are further contributing to the market expansion in North America.

Europe

Europe is projected to witness significant growth in the phytonutrients market owing to the rising demand for functional foods and dietary supplements enriched with phytonutrients. The increasing focus on preventive healthcare and the adoption of healthy lifestyles are driving the market growth in the region. Government initiatives promoting plant-based nutrition and the presence of a well-established pharmaceutical industry are also boosting the market in Europe.

Asia Pacific

Asia Pacific is anticipated to be the fastest-growing region in the phytonutrients market. The region is witnessing a surge in the demand for natural and plant-based products due to the growing awareness of the health benefits of phytonutrients. The rising disposable income, changing dietary preferences, and the increasing prevalence of chronic diseases are driving the market growth in Asia Pacific.

Key Market Players and Competitive Landscape

Some of the key players in the phytonutrients market include Archer Daniels Midland Company, Associated British Foods, BASF SE, Cargill, Incorporated, Chr. Hansen Holding A/S, Cyanotech Corporation, DSM Nutritional Products AG, DowDuPont, Taiyo International, and Tate & Lyle plc. These players are focusing on product innovations, strategic partnerships, and acquisitions to strengthen their market presence and gain a competitive edge.

Recent Happenings in the Phytonutrients Market

- In April 2022, Archer Daniels Midland Company launched a new line of plant-based food and beverage products enriched with phytonutrients to cater to the growing demand for healthy and natural products.

- In May 2022, DSM Nutritional Products AG announced a strategic partnership with a leading botanical extracts company to develop a new range of phytonutrient supplements for the dietary supplement market.

- In June 2022, Cyanotech Corporation introduced a new line of spirulina-based products rich in phytonutrients to tap into the increasing demand for natural and plant-based superfoods.