Phytonutrients Market is Estimated to Witness High Growth Owing to Opportunity of High Health Benefits

Phytonutrients Market


Phytonutrients are plant-derived compounds that are naturally present in many commonly consumed fruits and vegetables. They are non-nutritive plant chemicals that have protective or disease preventive properties. Some common types of phytonutrients include carotenoids, flavonoids, alkaloids, and nitrogen-containing compounds. These phytonutrients promote optimal health and reduce the risk of many lifestyle diseases like heart disease, cancer, diabetes, and obesity. The global phytonutrients market encompasses a wide range of products derived from plants sources containing these bioactive compounds.

The global Phytonutrients Market is estimated to be valued at US$ 7482.2 Mn in 2023 and is expected to exhibit a CAGR of 20.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity
Increasing health concerns among consumers regarding the intake of a balanced diet rich in vitamins, minerals, and antioxidants is expected to drive the demand for phytonutrient-rich supplements. The growing geriatric population worldwide also contributes to the demand as aged people are more prone to various diseases and deficiencies. Promoting the high health benefits of consuming phytonutrients through varied marketing initiatives can attract new customers looking for healthy supplements, presenting significant market opportunities over the forecast period.

Porter's Analysis
Threat of new entrants: Low capital requirements poses a threat of new entrants in the market. However, established brands have strong presence which makes difficult for new players.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes. They can switch to alternative nutrition sources easily.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes. Growers and extractors face less threats.
Threat of new substitutes: Threat of substitution is high as nutrition sources like vitamins, prebiotics, protein etc. can replace phytonutrients. Technology is enabling innovative healthy sources.
Competitive rivalry: Intense competition exists among existing players to gain market share and customize offerings for various applications. Players focus on new product launches and strategic deals.

SWOT Analysis
Strength: Phytonutrients offer several health benefits. Rising health awareness and preventive healthcare is driving demand.
Weakness: Limited understanding among consumers. Fragmented market creates supply challenges.
Opportunity: Untapped rural markets and developing countries present growth potential. Nutraceuticals and functional foods adoption to boost sales.
Threats: Stringent regulations. Supply chain disruptions and climate change impacting agricultural production.

Key Takeaways
Global Phytonutrients Market Demand is expected to witness high growth over the forecast period 2023 to 2030.

Regional analysis shows Asia Pacific to emerge as the fastest growing market attributed to increasing health consciousness. North America currently dominates the global market owing to rising preventive healthcare spending and investments in R&D activities by players.

Key players operating in the phytonutrients market are Ather Energy, bike-energy, Bikeep, Flower Turbines, Get Charged, Inc., Giulio Barbieri SRL, Ground Control Systems, Magment GmbH, Perch Mobility, Robert Bosch GmbH, Solum PV, SWIFTMILE, and the Mobility House GmbH. Ather Energy and Robert Bosch GmbH have strong presence in India while Bikeep dominates European market due to technology superiority. To gain competitive edge, players focus on new product innovations catering to specific diseases and tailored nutritional needs.

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