Persistence Market Research published a report on the phytochemicals market, which includes the global industry analysis 2014–2018 and opportunity assessment 2019–2029. It projects that the phytochemicals market is expected to reach ~ US$ 5.0 Bn by the end of 2019 in terms of value, and is forecasted to reach ~ US$ 9.0 Bn by the end of 2029.
Demand for Phytochemicals Flourishing with Applications in the Food & Beverages Industry
From last few years, behavior of consumers have changed drastically. The preference for naturally-sourced ingredients is increasing. The usage of conventional or chemical-based ingredients is declining due to growing health awareness. Natural ingredients such as phytochemicals, are becoming the new alternatives for use in food products to meet the growing consumer demands. Phytochemicals can be used in different food products such as bakery, dairy, beverages, and others. The primary purpose of adding natural ingredients is providing different flavors and colors to the finished products. Various phytochemicals provide multiple benefits to finished food products.
Carotenoid is a type of phytochemical, which is naturally found in varieties of food and vegetables. It is a prime source of natural colors and widely utilized in food and beverages. Apart from that, phytochemicals are capable of increasing the nutritional value of finished food products. For instance, Epicatechin, a phytochemical, is majorly used for bread making in the food and beverages industry. Furthermore, natural ingredients are also in demand from other industries, as well as nutraceuticals, pharmaceuticals, cosmetics, and animal feed, which will offer added benefits to the phytochemicals market in the future.
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Consumer Inclination towards Clean Label Products
Consumer demand for food products without any artificial ingredients and preservatives is further creating demand for clean label products. Phytochemicals or plant extract products are sourced from medicinal plants and presumed to be clean label ingredients. At present, the food industry uses artificial flavors and synthetic colors to produce food products. The conventional methods of food processing are causing additional harm to health due to the presence of chemical preservatives and additives. As consumers have become more aware, they have started avoiding food additives and preservatives. Moreover, consumer awareness has given the marketplace for clean label products a big boost. Phytochemicals are naturally-sourced from plants and can be the perfect alternatives for chemical additives and preservatives. With the clean label trend growing rapidly, the demand for phytochemicals is expected to increase in near future.
Food and Beverages Expected to Remain a Prominent Segment
By application, food and beverages is a prominent segment in the phytochemicals market. The food and beverages industry continues to show growth due to the change in the food landscape. Natural and organic food products are increasing in demand across the world. Consumers are seeking food products with nutritional and health benefits, therefore, manufacturers are focusing on using natural ingredients in food and beverages to meet the consumer demands. Phytochemicals as food ingredients offer numerous benefits, including natural flavor, natural colors, health benefits, and others. This added advantage of phytochemicals increases their usage in the food and beverages industry. Developed nations are increasingly moving towards natural and organic products, this has benefitted natural food ingredient markets including the phytochemicals market. Developing and emerging nations are experiencing high growth in the consumption of food and beverage products, which further helps the phytochemicals market to achieve potential growth in the food and beverages industry.
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Key Producers of Phytochemicals
Some of the key players included in the phytochemicals market report are BASF, Alkaloids Corporation, Kemin Industries Inc., Naturex SA, Linnea SA, Arboris LLC, Döhler GmbH, Koninklijke DSM N.V., Allied Biotech Corp., Indena SpA, Martin Bauer GmbH &Co. KG, Organic Herb Inc. (OHI), Chr. Hansen Holding A/S, LIPO Foods, Phyto Life Sciences P. Ltd, Sabinsa Corporation, Purextract (DRT), Nektium, Kothari Phytochemicals & Industries Ltd., FYTEXIA, and others.