Phytochemicals Market Segmented By Phytochemicals and Plant Extracts, Phytochemical API, Fruit and Vegetable Phytochemicals
Industry: Food and Beverages
Published Date: January-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 275
Report ID: PMRREP29875
The market for phytochemicals is expected to grow at an value-based CAGR of 9.0% and currently valued at 6,969.2 Mn in 2033 and expected to reach 16,478.2 Mn by 2033.
| Attributes | Key Insights |
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Phytochemicals Market Size (2023E) |
US$ 6,969.2 Mn |
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Projected Sales of Phytochemicals (2033F) |
US$ 16,478.2 Mn |
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Value CAGR (2023-2033) |
9.0% |
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Value Share of Top 4 Countries (2022E) |
22.5% |
The global phytochemical market has witnessed significant growth in the historical period registering a CAGR of 8.5% in the historical period and was valued at US$ 6,969.2 Mn in 2023. The market is expected to grow steadily due to the dominance of food & beverage as well as the cosmetic industry, which is a prominent factor for the growth in the phytochemical industry globally.
Phytochemicals over the years has found various uses in different industries including food & beverages industry, pharmaceutical, skin care & cosmetics, nutraceuticals, animal feed and others. Phytochemicals are used in food & beverages industry as a food additive as it helps to improve taste, textures, moisture absorption, dough rheology, browning, flavour and helps to increase shelf-life of food items. Due to the health benefits it also being utilised in pharmaceutical industry. Phytochemicals is natural ingredients that is used in cosmetics and skincare industry for skin lightening due to its appealing constancy. Several industries are utilizing phytochemicals product owing to the health benefits and natural occurrence along with the popularity of herbal extracts.
In this food & beverage industry, the product can be effectively utilized for bakery, dairy, salad dressing, cereals & snacks, sports nutrition, functional food, etc. Demand rises for phytochemicals as it is natural plant-based ingredients and have numerous health benefits. In the global markets various industries are utilizing phytochemicals solutions essential ingredients as it is rich in anti-oxidants, antiseptic, phenolic acids and rich source of nutritional values. The beverages industry is also utilizing it an additive in various beverages.
The global market for phytochemicals is estimated to reach an approximate valuation of US$ 16,478.2 Mn in the forecast period i.e. 2033.
“Plant Extracts Ingredients in Pharmaceuticals Industry Propel growth of the market”
In the pharmaceuticals sector, several plants are being used as a traditional treatment for human diseases in various regions since the ancient period. In rural areas of developing countries, people are still using plants as their crucial medicine for their health care. The goods obtained from medicinal plants are clinically proven, which means plants are a rich source of biologically active natural compounds. Many medicinal plants also help to develop chemical for pharmaceutical products. Plants such as amla, bilberry, ashwagandha, jamun, karela, Alchemilla Vulgaris, propolis, mulethi, and others are rich with medicinal properties including anti-inflammatory, anti-oxidants, antimicrobials, and others. These help to boost immunity and reduce the risk of cardiovascular disease, help to reduce blood pressure, can protect against cancer, reduce the growth of a tumor and also promote eye health.
“Phytochemicals in food and beverage industry drive the global market of phytochemicals”
Consumers have transformed their eating preferences radically and are including naturally sourced ingredients in their diet, which leads to selecting natural active ingredients over synthetic additives that are able to upsurge the shelf-life and safety of food products. In food items, demand for antioxidant-rich ingredients is growing as it has the capability to inhibit the expansion of oxidative rancidity in fat-based meat foods, food items, and dairy products. Natural ingredients such as phytochemicals are becoming popular for food products to cater to the increasing demand of customers. Phytochemicals can be used in several food items such as bakery, beverages, dairy, and others. Thus, increases the demand for natural ingredients in the market as it offers different colors, flavors, increased the shelf-life of food items and provides nutritional benefits to consumers.
“Rising Trend for Ayurvedic Products to mark opportunity for Phytochemicals”
Phytochemicals or Herbal extracts are directly extracted from the crude plant material. The ingredients can show substantial variation in composition, quality, and therapeutic effects. The recent surge in the consumption of traditional medicines or ayurvedic has led to unexpected rise in natural plant ingredients in the ayurvedic manufacturing industry. In India, there are a huge number of small-scale, medium-scale, and large-scale manufacturers, which are establishing their businesses to manufacture natural ingredients for medicinal, personal care, and consumption for nutrition. In rural areas, a huge number of ayurvedic physicians (Vaidya's) also launch small manufacturing units to manufacture phytochemicals or herbal extracts for medicinal purposes. Growing awareness among consumers about the benefits of phytochemicals leads to an increase in demand for them in pharmaceuticals, cosmetics, nutraceuticals, and food and beverage industries.
“Increasing Phytochemicals Consumption in Personal Care Industry to Provide Growth Opportunities”
Phytochemicals are becoming quite popular in the personal care industry because of changes in consumer behavior. Consumers are becoming aware of the ingredients that are being used in personal care products or supplements. In the cosmetics industry, phytochemicals are used as a humectant to retain moisture in the products, maintain the fragrance and nourish the skin. Anti-aging products are the most in-demand products in the cosmetics and personal care industries. Phytochemicals contain anti-aging properties and can be utilized in cosmetics to offer stable solutions to overcome anti-aging problems. For example, extracts obtained from Lagerstroemia speciose and Lagerstroemia floribunda are suitable as anti-aging ingredients in various skincare formulations.
Why is the U.S. market holding the largest share of phytochemicals in North American market?
Currently, the U.S. holds 57.7% of total market share in North America and the market value accounts for US$ 815.5 Mn as on 2022 and grows at a CAGR of 8.4%.
The consumption for phytochemicals is growing in the U.S. due to the growing aging population who is health conscious which is leading to an upsurge in the consumption of phytochemicals and plant extracts. Moreover, the claims from nutraceuticals of preventing chronic diseases improving health, and delaying the aging process have added the best driver for phytochemicals in the U.S.
How will use of Carotenoids bring more Growth in the Target Market?
Carotenoids accounts for a market share of 27.4% of total phytochemicals. As on 2022, carotenoids valued at US$ 1,713.9 Mn and grows at a CAGR of 10.6%. Carotenoids are mainly ruling the health and wellness industry. Research have shown that dietary carotenoids play a vital role in reducing the cardiovascular diseases and the risk of cancer, and it is also used in the treatment of cataract. Moreover, it is also used in the cosmetics industry as an anti-aging agent as it contains anti-oxidant properties.
What are the end use application industries for phytochemicals and which one holds the major share?
Phytochemicals are used in the food and beverage Industry, cosmetics & personal care products, pharmaceuticals, nutraceuticals, animal feed and others. Among all these application industries, phytochemicals are majorly used in the food and beverage industry, it accounts for 34.6% of the total market share.
Key players in the global phytochemicals market are motivated at capitalizing comprehensively in research, and development, innovation, practices to uncover augmented applications of phytochemicals. With the use of technology, the players are also focusing on ensuring customer satisfaction, safety, and quality for captivating an amplified customer base. Increasing demand for phytochemicals in the food and beverage industry, nutraceutical, cosmetics, and personal care industries makes them dependent suppliers or significant position in the market for the end-user companies.
| Attribute | Details |
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Forecast period |
2023-2033 |
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Historical data available for |
2017-2022 |
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Market analysis |
USD million for value |
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Key countries covered |
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Key market segments covered |
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Key companies profiled |
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Customization & pricing |
Available upon request |
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The global market for phytochemicals has a value of US$ 6,969.2 Mn in 2023.
The global market for phytochemicals has a value CAGR of 8.5% from 2018-2022.
The global market for phytochemicals has a value of US$ 16,478.2 Mn in 2033.
The global market for phytochemicals has a value CAGR of 9.0% from 2023-2033.
The top players in the global phytochemicals market includes BASF SE, Chr Hansen Holdings A/S, Heerlen, DSM NV, Dohler GmbH, Phyto Life Sciences Pvt. Ltd., Kisalaya Herbals Ltd., Chengdu Biopurify Phytochemicals Ltd. and others.
