The global Phytochemical Market is set to record a market value of USD 7,436 million in 2023, pushing the market size to USD 14,821 million in 2033. The overall market is expected to witness healthy growth at 7.1% CAGR.
Surging applications across diverse end-use sectors such as food & beverages, nutraceuticals, and pharmaceutical continue to augment growth in the phytochemical market. While the food and beverages application segment may hold the leading share, sales in the animal nutrition segment are to record a 13.4% CAGR through 2033.
The nutraceuticals industry uses phytochemicals and plant extracts to treat chronic diseases, provide health supplements, and treat anti-aging. This drives demand for phytochemicals. In the future, plant extracts and phytochemicals are expected to see significant growth in dietary supplements.
Due to increased awareness about the harmful side effects of chemically processed products, plant extracts and ingredients may continue to popularize in the market. The primary factors restraining the phytochemical market growth are lack of raw materials, price fluctuations, trade in raw materials, and availability of other plant-derived products.
Phytochemicals and herbal extracts are extracted directly from crude plant material. They can differ considerably in composition, quality, and therapeutic effects. There has been an unexpected increase in natural plant ingredients in ayurvedic manufacturing due to the recent surge in the consumption of traditional medicines, or ayurvedic.
Phytochemicals are products derived from organic plants and used in manufacturing organic food and supplement manufacturing. The nutraceutical industry has seen an increase in demand for phytochemicals and plant-based products due to the growth in organic agriculture.
Plant extracts and ingredients prevent various diseases as plants derived products are considered more beneficial than other chemical-based medicines for healthy people.
Since consumers have become more aware of the harmful effects of chemically processed products, the demand for phytochemicals and other organic plant-based products has increased dramatically in recent years.
As a result of the paradigm shift in consumer preference toward natural phytochemicals and plant-derived nutraceuticals, wholesalers and retailers are increasingly accepting plant-based extracts over chemically synthesized ones.
| Attributes | Details |
|---|---|
| Phytochemical Market Value (2023) | USD 7,436 million |
| Phytochemical Market Expected Value (2033) | USD 14,821 million |
| Phytochemical Market Projected CAGR (2023 to 2033) | 7.1% |
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Over the past few years, phytochemicals have been increasingly used as medications and recently discovered as an added nutrient value in food products. Consequently, the phytochemicals market recorded a healthy 5.6% CAGR between 2017 and 2022.
Phytochemicals, unlike nutritional components such as vitamins and minerals, are not considered nutrients because they have no nutritional value and only serve to enhance the flavor or color of the plant.
Consumers are seeking numerous ways to enhance their diets, manage health and well-being, and combat growing cases of obesity and complex diseases. Hence, the global food sector is undergoing several changes. Consumer preferences are rapidly changing, necessitating corporations' big pockets for innovation.
Food firms are taking the functional foods and nutrition space by storm with goods focusing on phytochemicals. As customers increasingly want non-GMO or natural ingredients and clean-label products with medicinal properties, key players are increasingly finding new ways to address the growing demand for organic food.
Due to the possible dangers of artificial food additives, the natural food additives market has grown at an exponential rate over the years, increasing the demand for phytochemicals.
Research studies advocate that phytochemicals found in functional foods and nutraceuticals have anti-inflammatory, antioxidant, anti-allergic, and other pharmacological effects on human health.
The move in healthcare from treatment to prevention has given sales of nutraceuticals a boost. This is anticipated to create lucrative growth opportunities for phytochemical market players to boost their profits. Forecasts for growth may remain optimistic, as the phytochemicals market is projected to register a CAGR of 7.1% between 2023 and 2033.
Short Term (2023 to 2026): The short-term growth prospects have had a positive impact on the phytochemicals market as they created scope for expansion in existing applications within the pharmaceutical industry. As people became more conscious of their health, consumption of plant-based food products and dietary supplements increased. As a result, there is a greater demand for phytochemicals.
| Historical CAGR | 5.6% |
|---|---|
| Historical Market Value (2022) | USD 6,968.5 million |
| Forecast CAGR | 7.1% |
Consumers are looking for multi-component products, which are readily available in the market and also help compensate for the fast-paced lifestyle. With the growing demand for nutrient-rich health foods, the need for the development of healthy foods with healthier ingredients has also surged.
New food ingredients have been sought by researchers to increase the product's functionality and nutritional worth. As a result, producers are opting for phytochemicals to produce a sufficient amount of vegan, nutrient-rich food for human consumption.
Applications of ingredients sourced from plants are creating a relatively stable condition for manufacturers in the food and beverage industry. Manufacturers are increasingly favoring chemicals obtained from plant extracts, as they can be used in different food products and are also associated with multiple health benefits.
Plants such as gooseberry, turmeric, ginger, beetroot, and ginseng are frequently utilized in the food industry to produce consumer-friendly health food products. All plants contain phytochemicals, which are important in defending the plant from environmental stresses.
The risk of several chronic and lifestyle diseases can be reduced by including phytochemicals as an ingredient in the diet. Consumption of food products associated with diets rich in fruits, vegetables, legumes, and cereals has been attributed to these chemicals.
The global demand for phytochemicals is projected to rise as the demand for nutritional supplements increases. Changing lifestyles, stressful work schedules, and increasing unhealthy and unbalanced eating habits are contributing to an increase in the risk and prevalence of numerous health issues.
Another factor pushing the phytochemicals demand is the growing consumption of natural supplements and components. Demand for phytochemicals is rising in response to the increased demand for natural products and the rising intake of dietary supplements.
Phytochemicals have recently acquired popularity due to their potential of reducing the risk of diseases and anti-aging capabilities. Phytochemicals possess the ability to lower LDL cholesterol, or bad cholesterol, lowering the risk of heart disease, cancer, and diabetes.
Demand for phytochemicals is on the rise and is projected to continue to witness an upward trend, as health conditions such as cardiovascular disease, obesity, and others become more common.
The global demand for phytochemicals is projected to rise as the demand for nutritional supplements increases. Changing lifestyles, stressful work schedules, and increasing unhealthy and unbalanced eating habits are contributing to an increase in the risk and prevalence of numerous health issues.
Another factor pushing the phytochemicals demand is the growing consumption of natural supplements and components. Demand for phytochemicals is rising in response to the increased demand for natural products and the rising intake of dietary supplements.
Phytochemicals have recently acquired popularity due to their potential of reducing the risk of diseases and anti-aging capabilities. Phytochemicals possess the ability to lower LDL cholesterol, or bad cholesterol, lowering the risk of heart disease, cancer, and diabetes.
Demand for phytochemicals is on the rise and is projected to continue to witness an upward trend, as health conditions such as cardiovascular disease, obesity, and others become more common.
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In terms of molecules, flavonoids are estimated to account for more than 35.0% of the market share in 2023 with a CAGR of 8.8%. Flavonoids are among the popular phytochemicals.
Flavonoids possess properties that reduce the risk of chronic and lifestyle diseases through a variety of physiologic processes. Antiviral, anti-inflammatory, cytotoxic, antibacterial, and antioxidant properties are among them.
Improved endothelial function, lower blood pressure, and reductions in lipid and insulin resistance are among the mechanisms responsible for reduced heart disease risk. As a result, flavonoids are the most preferred molecule type.
Powder phytochemical product type is estimated to account for more than 82% of market share in 2023 with a CAGR of 6.7%, estimates by Future Market Insights.
Among applications, the food and beverage industry stands out with a share of 34.4% with a compound annual growth rate of 6.7%. Over the past few years, consumers’ eating habits and buying behavior have evolved tremendously.
Consumers are actively seeking out more natural products and components as their awareness regarding health and wellness grow. Hence, the adoption of food products with plant-based is increasing.
As consumers become more health conscious, they are using fewer traditional or chemical-based substances. Phytochemicals can be found in a variety of foods, including bread, dairy, and beverages.
Natural additives, such as phytochemicals, are widely used to give finished goods different flavors and hues. Hence, manufacturers in the food & beverage industry are actively adopting phytochemicals.
| Region | North America |
|---|---|
| Country | United States |
| Historic CAGR | 4.0% |
| Forecasted CAGR | 4.7% |
| Absolute Dollar Growth | USD 1,376.6 million |
| Market Value (2033) | USD 2,180 million |
| Region | Europe |
|---|---|
| Country | Germany |
| Historic CAGR | 2.0% |
| Forecasted CAGR | 2.1% |
| Absolute Dollar Growth | USD 379.8 million |
| Market Value (2033) | USD 468.8 million |
| Region | Europe |
|---|---|
| Country | United Kingdom |
| Historic CAGR | 2.5% |
| Forecasted CAGR | 2.8% |
| Absolute Dollar Growth | USD 325.7 million |
| Market Value (2033) | USD 429.2 million |
| Region | Europe |
|---|---|
| Country | Spain |
| Historic CAGR | 5.1% |
| Forecasted CAGR | 5.5% |
| Absolute Dollar Growth | USD 162.1 million |
| Market Value (2033) | USD 276.1 million |
| Region | Asia Pacific |
|---|---|
| Country | China |
| Historic CAGR | 10% |
| Forecasted CAGR | 12.8% |
| Absolute Dollar Growth | USD 48.5 million |
| Market Value (2033) | USD 161.5 million |
According to FMI, the phytochemical market of Germany is estimated to be valued at USD 468.8 million by 2033. Key players in Germany are relying on strong promotional plans to increase market stimulation.
Key manufacturers are aiming to expand their client base with the use of educational and eye-catching marketing, as buyers become more aware of the benefits of utilizing natural phytochemical-based products.
The adoption of digital media marketing and advertising among key players by using audiovisual and short videos is expected to boost sales through penetrating social media. Players may take use of the massive viewing base of notable influencers to boost sales of their items via social media, which has become an exceptional platform for advertising any product.
The advent of e-commerce has also simplified sales and marketing by allowing key companies to expand their international reach and conduct transactions online, saving time, increasing income, and improving efficiency.
According to FMI’s analysis, India’s phytochemical market is projected to expand at a CAGR of 6.2% between 2023 and 2033. Key players are targeting emerging economies such as India as it holds the true potential for growth due to the developing industrial infrastructure and favorable government policies.
In addition to focusing on organic growth, phytochemical manufacturing companies are adopting go-to-market strategies such as collaborations, partnerships, mergers and acquisitions, and divestitures.
To expand their consumer base, key companies in the global phytochemical market are focused on strategic engagement with local distributors in India. Key players are also benefiting from the rising demand for personal care products across India.
According to FMI’s analysis, the United Kingdom is estimated to record a CAGR of 2.8%. Demand is currently driven by the rising trend of ‘veganism' and ‘vegetarianism,' particularly among millennials.
Increasing emphasis on health and well-being while reducing meat and animal-based goods consumption is boosting the demand for phytochemicals across the United Kingdom. Expansion of the phytochemical sector is also aided by a rising preference for natural or plant-based products.
Phytochemicals, like a variety of other green compounds, are making inroads in cosmetics and personal care products. For the past few years, the beauty industry has been on the rise, with customers on a quest to discover new goods with clean labels and discover new companies.
Phytochemicals, in particular, have played a significant role in studies into the science of healthy aging.
Key players in the phytochemical market Include
Recent Development
Rising demand for nutritional supplements and the emergence of new players in the phytochemical market have led to intense competition in the market. The presence of small-scale players concentrating more on innovation than on the sales of their products is creating growth opportunities for the market.
Leading manufacturers are focusing on mergers and acquisitions with these small-scale companies to include innovative products in their product portfolio and offer the products of smaller companies to a sizable consumer base. Moreover, key market players are also establishing and acquiring manufacturing plants to increase their production capacity.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2017 to 2022 |
| Market Analysis | USD billion for Value and MT for Volume |
| Key Regions Covered | North America; Latin America; Europe; The Middle East and Africa; East Asia |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Chile, Peru, Germany, United Kingdom, Spain, Italy, France, Russia, Poland, China, India, Japan, Australia, New Zealand, GCC Countries, North Africa, South Africa, and Türkiye |
| Key Segments Covered | Molecule Type, Form, Application, Region |
| Key Companies Profiled | Döhler GmbH; Naturex SA; Kemin Industries Inc; Linnea SA; Sabinsa Corporation; Kothari Phytochemicals & Industries Ltd; Indena SpA; Alkaloids Corporation; Arboris LLC; Allied Biotech Corp.; Organic Herb Inc. (OHI); LIPO Foods; Nektium; FYTEXIA; Chr. Hansen Holding A/S; BASF SE; Others |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The United Kingdom is forecasted to register a CAGR of 2.8% from 2023 to 2033.
The market is estimated to secure a valuation of USD 7,436 million in 2023.
The market is forecast to register a CAGR of 7.1% through 2033.
Flavonoids are expected to generate high demand.
The United States is forecasted to register a CAGR of 4.7% from 2023 to 2033.
| Market Size (2023) | USD 36,083 million |
|---|---|
| Market Size (2033) | USD 76,186.6 million |
| Market CAGR (2023 to 2033) | 8.0% |
| Market Estimated Size (2023) | USD 415.0 million |
|---|---|
| Market Forecasted Size (2033) | USD 815.4 million |
| Market CAGR (2023 to 2033) | 7.2% |
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Phytochemical Market
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