Global Powdered Phytochemical Derivatives Market

Powdered Phytochemical Derivatives Market Size, Share, Growth Analysis, By Type(Carotenoids, Carbohydrate, Lipids, Phenolics), By Application(Personal Care, Functional Food & Beverages, Food Supplements, Animal Feed), By Region - Industry Forecast 2024-2031

Report ID: SQSG35I2037 | Region: Global | Published Date: April, 2024
Pages: 244 | Tables: 68 | Figures: 68

Powdered Phytochemical Derivatives Market Insights

Powdered Phytochemical Derivatives Market size was valued at USD 5.10 billion in 2022 and is poised to grow from USD 5.39 billion in 2023 to USD 6.73 billion by 2031, growing at a CAGR of 5.70% in the forecast period (2024-2031).

Phytochemicals are the products derived from organic plants and are utilized in the manufacturing of organic food and food supplements. These derivatives are extracted and made from plants are seen to be healthy for living things, consuming plant extracts and components helps prevent a variety of ailments. The nutraceutical industry is seeing an increase in demand for these substances as there is more focus on organic foods and goods. With the major producers investing in the manufacturing of novel and advanced products, the industry is expected to increase. Also, a significant growth in the nutraceutical industry increases the demand for powdered phytochemical derivatives and plant-based products as a result of growing organic agriculture. Hence, this is likely to contribute to the market growth.

US Powdered Phytochemical Derivatives Market is poised to grow at a sustainable CAGR for the next forecast year.

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Powdered Phytochemical Derivatives Market size was valued at USD 5.10 billion in 2022 and is poised to grow from USD 5.39 billion in 2023 to USD 6.73 billion by 2031, growing at a CAGR of 5.70% in the forecast period (2024-2031).

The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions. 'Döhler GmbH (Germany)', 'Naturex SA (France)', 'Kemin Industries Inc. (US)', 'Linnea SA (France)', 'Sabinsa Corporation (US)', 'Kothari Phytochemicals & Industries Ltd. (India)', 'Indena SpA (Italy)', 'Alkaloids Corporation (India)', 'Arboris LLC (US)', 'Allied Biotech Corp. (Taiwa)', 'Organic Herb Inc. (US)', 'Chr. Hansen Holding A/S (Denmark)', 'BASF SE (Germany)'

Increasing awareness regarding veganism is poised to drive the market growth. Consumers seek multi-component products that are readily available on the market and also help them compensate for their fast-paced lifestyle. With increased demand for nutrient-rich health foods, there is a greater need for the production of healthy foods with healthier ingredients. Researchers have been looking for new food additives to improve the functionality and nutritional value of the product. As a result, farmers are turning to powdered phytochemicals derivatives in order to produce enough vegan, nutrient-rich food for human consumption; which is supporting the market growth.

Rising trends for the adoption of plant-based products over animal-based products is contributing to the market growth. Applications of ingredients derived from plants are fostering a situation that is largely constant for the producers in the food and beverage sector. Chemicals derived from plant extracts are becoming more and more popular among manufacturers because they may be utilized in a variety of food products and have numerous health advantages.

In 2021, Asia-Pacific region is expected to have the biggest market share. The regional growth of the market is attributed to the region's rising population, rising disposable income, and raising living standards. A significant factor in the market's growth is projected to be the rising awareness of foods that promote health. The growth of the regional market has also been aided by the rising popularity of functional foods and drinks in Asia-Pacific countries. For instance, in June 2020, the China Food Information Center (CFIC) released a poll report that found that 70% of Chinese people agreed that additional food supplements provide many health advantages. As a result, these are becoming more and more popular among consumers as a way to enhance health, which in turn helps to prevent a number of chronic health disorders. Hence, this is contributing to the growth of the global powdered phytochemical derivatives market growth.

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Global Powdered Phytochemical Derivatives Market

Report ID: SQSG35I2037

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