Phytochemicals Market Forecasts to 2030 - Global Analysis By Molecule Type, Form, Application and By Geography

According to Stratistics MRC, the Global Phytochemicals Market is accounted for $5.56 billion in 2023 and is expected to reach $8.47 billion by 2030 growing at a CAGR of 6.2% during the forecast period. Phytochemicals are naturally occurring compounds found in plants that contribute to their colour, flavor, and disease resistance. These compounds have gained significant attention due to their potential health benefits for humans. Phytochemicals have protective effects against various diseases. It offers several health benefits, including antioxidant, anti-inflammatory, anti-cancer, and cardiovascular protective effects.

According to the National Center for Biotechnology Information (NCBI), growth conditions such as nutritional deprivation, pathogen assault, competitive cohabitation of plant species, insect predation and herbivore attack hugely accumulates phytochemicals in plants.

Market Dynamics:

Driver:

Rising demand for functional foods

Consumers are becoming more health-conscious and are actively seeking foods that offer additional health benefits. Phytochemicals are well known for their various health-promoting properties, including antioxidant, anti-inflammatory, and anti-cancer effects. Many phytochemicals exhibit strong antioxidant properties, helping to neutralize free radicals in the body. Consumers are increasingly drawn to natural and plant-based products. Further, collaboration between the phytochemicals industry and the food sector has led to the development of innovative products which intern propelling the market demand.

Restraint:

Seasonal variability

Phytochemicals are often derived from plant sources, such as fruits, vegetables, herbs, and other botanicals. Seasonal changes, including variations in temperature, precipitation, and sunlight, can affect the growth and development of these plants. This, in turn, leads to fluctuations in crop yields, impacting the availability of raw materials for phytochemical extraction. This thereon increases competition among buyers, resulting in price volatility and inhibits the market expansion.

Opportunity:

Technological advancements in extraction techniques

Technological advancements in extraction techniques play a crucial role in fueling the phytochemicals market by enhancing the efficiency, yield, and quality of phytochemical extraction from plant sources. Advanced extraction technologies, such as supercritical fluid extraction (SFE), microwave-assisted extraction (MAE), and ultrasound-assisted extraction (UAE), offer higher extraction efficiencies compared to traditional methods. Also, their enhanced selectivity and purity, reduced processing time, improved sustainability and scalability prompts the product demand.

Threat:

Competition from synthetic alternatives

Synthetic alternatives to phytochemicals are compounds that are artificially produced in a laboratory setting rather than being extracted from natural sources such as plants. Depending on the market and consumer preferences, there may be a preference for synthetic alternatives due to factors like taste, odour, or appearance. Also, synthetic flavours and fragrances provide consistent and cost-effective flavours and scents. In addition, synthetic polyphenol, alkaloids, cannabinoids and steroids have huge popularity due to their health benefits. These elements are shackling the market growth.

COVID-19 Impact

The impact of COVID-19 on the phytochemicals market, like many other industries, was influenced by disruptions in the global supply chain, changes in consumer behaviour, and shifts in market demand. Changes in consumer behaviour during the pandemic, such as increased interest in health and wellness, had both positive and negative impacts on the phytochemicals market. Further, increased interest in exploring the potential antiviral or immune-boosting properties of certain phytochemicals, lead to new product development during the epidemic.

The flavonoids segment is expected to be the largest during the forecast period

The flavonoids segment is estimated to have a lucrative growth, due to its antioxidant properties and anti-inflammatory effects. Flavonoids help in lowering blood pressure, improve blood vessel function, and reduce the risk of heart disease. Some studies suggest that flavonoids may also contribute to cancer prevention. Further, it also support brain health and enhance memory and learning abilities. Flavonoids also contribute to skin health by protecting the skin from UV radiation and oxidative stress. All these elements fuel the segment growth.

The pharmaceutical segment is expected to have the highest CAGR during the forecast period

The pharmaceutical segment is anticipated to witness the highest CAGR growth during the forecast period. Phytochemicals can serve as lead compounds for the development of new drugs. Phytochemicals exhibits antidiabetic properties, neuroprotective compounds, cardioprotective agents and antioxidant properties. Its wide range of potential uses and benefits in the pharmaceutical industry is boosting the segment growth.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period. Asia Pacific has a rich history of traditional medicine, such as ayurveda, traditional chinese medicine (TCM), and traditional herbal remedies in various Southeast Asian countries. The market for phytochemicals in Asia Pacific is likely to be influenced by the presence of key market players, their strategies, and competition dynamics. The use of phytochemicals in these traditional practices may contribute to the growth of the market in the region.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to the increasing consumer awareness of health and wellness, demand for natural and plant-based products, and the emphasis on preventive healthcare. European consumers have been increasingly adopting plant-based diets, driven by concerns about health, sustainability, and animal welfare. Also, European research institutions and companies often collaborate to advance knowledge in the field. The regulatory environment in Europe plays a significant role in shaping the phytochemicals market.

Key players in the market:

Some of the key players profiled in the Phytochemicals Market include Cargill Incorporated, DSM Nutritional Products, Dohler Gmbh, Naturex SA, Kemin Industries Inc, Linnea SA, Sabinsa Corporation, Kothari Phytochemicals & Industries Ltd, Indena SPA, Alkaloids Corporation, Arboris LLC, Allied Biotech Corporation, Organic Herb Inc. (OHI), LIPO Foods, Nektium, Roelmi HPC, Chr. Hansen Holding A/S, BASF SE, Archer Daniels Midland Company (ADM) and Martin Bauer Group.

Key Developments:

In June 2023, Roelmi HPC has launched the SelectSieve nutraceutical line, a balanced blend of active phytochemical compounds to support mental wellness. The ingredient targets conditions of stress and anxiety and improves sleep quality by reducing the time it takes to fall asleep, per the company.

In September 2022, BASF launched Phytocine™ signifying a new generation of scientifically inspired actives based on Traditional Chinese Medicines (TCM), an advancement made possible through combination of modern skin biology science and TCM plants grown in the Pan-Himalaya region of YunNan China.

Molecule Types Covered:

• Coumestans
• Alkaloids
• Anthocyanins
• Carotenoids
• Lignans & Stilbenes
• Flavon-3-ols
• Flavonoids
• Terpenoids
• Phenolic Acids
• Isoflavones
• Hydroxycinnamic Acids
• Other Molecule Types

Forms Covered:

• Powder
• Liquid
• Capsules/Tablets
• Oleoresins
• Gels & Creams
• Other Forms

Applications Covered:

• Nutraceutical
• Pharmaceutical
• Animal Nutrition
• Food & Beverages
• Herbal Medicine
• Personal Care & Cosmetics
• Other Applications

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances