Phytonutrients Market Is Estimated To Witness High Growth Owing To Opportunity To Improve Immunity
Phytonutrients, also known as phytochemicals, are naturally occurring compounds found in plant-based foods like fruits and vegetables that provide health benefits beyond basic nutrition. Some key phytonutrients include carotenoids, flavonoids, alkaloids, nitrogen-containing compounds and phenolic compounds which act as antioxidants. Consumption of phytonutrients has been linked to reduced risk of chronic diseases and promotion of overall well-being.
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 Opportunity:
Improving immunity has emerged as one of the major opportunities for the phytonutrients market. During the COVID-19 pandemic, consumer demand for products that enhance immunity surged significantly. Consumption of phytonutrient-rich foods is known to support immune system functioning. As concern for health and immunity continues in the post-pandemic period, the phytonutrients market stands to benefit from increased adoption of dietary sources of phytonutrients and supplementation to boost immunity. Studies show phytonutrients like carotenoids, flavonoids and polyphenols possess antiviral, antibacterial and anti-inflammatory properties which contribute to stronger immunity. The market opportunity lies in fulfilling increasing consumer demand for immunity-boosting options through food and beverage products fortified with clinically-validated phytonutrient blends.
Porter's Analysis
Threat of new entrants: The phytonutrients market requires significant capital investments and R&D efforts to develop new products. This presents barriers for new companies.
Bargaining power of buyers: Buyers in the phytonutrients market have moderate bargaining power due to the presence of many established manufacturers.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of raw materials from various sources.
Threat of new substitutes: Threat of substitution is low as phytonutrients have certain health benefits that cannot be replicated by alternatives.
Competitive rivalry: The phytonutrients market is highly competitive due to presence of major global players investing in new product launches and innovations.
SWOT Analysis
Strength: Phytonutrients offer various health benefits for diseases prevention and treatment. Growing health-conscious population drives the demand.
Weakness: Lack of awareness regarding benefits of specific phytonutrients among consumers. High costs associated with R&D.
Opportunity: Untapped markets in developing countries present growth prospects. Rising use of phytonutrients in functional foods and dietary supplements.
Threats: Stringent regulatory framework and certifications. Vulnerability of raw material production to climate change effects.
Key Takeaways
The Global Phytonutrients Market Demand is expected to witness high growth supported by rising health awareness and nutritional supplement consumption worldwide. North America dominates currently due to high consumer expenditure on health and wellness products in the US and Canada. Key regional growth is anticipated in Asia Pacific driven by Japan, China and India with expanding middle-class population and increasing focus on preventive healthcare.
Key players operating in the phytonutrients market are Archer Daniels Midland Company, BASF SE, Cargill, Incorporated, DowDuPont (now Corteva Agriscience), Koninklijke DSM N.V. ADM and Cargill have a wider global presence with manufacturing facilities across major nations. These companies are investing in new product launches with enhanced phytonutrient profiles to target specific health issues. DSM and BASF are focusing on phytonutrient sales through strategic collaborations with dietary supplement makers.
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