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Phytonutrients Market:business Opportunities, Current Trends,challenges In 2020
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Phytonutrients are certain specific, organic components found in plants, said to promote health benefits. Phytonutrients are gaining importance globally due to their potential health benefits and are facing growing demand from the fortified foods and dietary supplements industries. Vegetables, legumes, nuts, grains, fruits, and teas, are rich sources of phytonutrients
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Phytonutrients are added to food for their disease-preventing properties. There are numerous commercial products, both raw materials and finished products, containing phytonutrients in different proportions. The phytonutrients market is projected to exhibit a growth potential (7.2%) in the next five years. As assessed, the growth of this market is to be propelled by the health benefits, increasing end-use applications, and government promotions regarding the consumption of phytonutrients.
The global phytonutrients market, in terms of value, is projected to reach $4.63 Billion in 2020, at a CAGR of 7.2% from 2015 to 2020. The market is projected to grow significantly in the next five years in almost all parts of the world, especially in European and North American countries. The high rate of adoption of phytonutrients by manufacturers drives the European market.
The phytonutrients market is highly fragmented with the key market players driving the growth with agreements, expansions, acquisitions, and new product launches to develop their position in the market. The market is competitive with leading players being involved in the research & development of new products and new application of phytonutrients.
The phytonutrients industry has many players, (small, medium, and large); however the industry is dominated by a few. Raisio Plc. (Finland), FMC Corporation (U.S.), DSM N.V. (The Netherlands), Chr. Hansen A/S (Denmark) and BASF SE (Germany) collectively account for around ~35% of the total phytonutrients market. Acquisitions were found to be the most preferred growth strategy in the phytonutrients market. The purpose of adopting this strategic expansion is that it results in increasing geographic presence, clientele, and product portfolio. Other players such as Pharmachem Laboratories, Inc. (U.S.), Archer Daniels Midland Co. (U.S.), Cargill Inc. (U.S.), Allied Biotech Corporation (U.S.), Arboris, LLC (U.S.), Dohler Group (Germany), Carotech Berhad (Malaysia), and D.D. Williamson & Co. (U.S.) also have a strong presence in the market.
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