Phytonutrients are plant-derived compounds found in fruits, vegetables, grains, and other plant foods. They help protect the cells from damage caused by free radicals and may help reduce the risk of heart disease, cancer, diabetes, and other chronic diseases. Key phytonutrients include anthocyanins, flavonoids, carotenoids, and polyphenols. There is growing awareness among consumers about the health benefits of consuming a diet rich in fruits, vegetables, and whole grains which are rich sources of phytonutrients. The phytonutrient-rich diet plays a vital role in boosting immunity, aiding weight management, and reducing inflammation.
The global Phytonutrients Market is estimated to be valued at US$ 8619.5 Bn in 2024 and is expected to exhibit a CAGR of 20% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The increasing prevalence of chronic diseases like cancer, cardiovascular diseases, and diabetes owing to sedentary lifestyles and consumption of junk food provides major growth opportunities for the phytonutrients market. According to the World Health Organization, chronic diseases accounted for approximately 60% of all deaths globally in 2020 As phytonutrients have anti-inflammatory, antioxidant and anticancer properties, rising awareness about the health benefits of these compounds in fighting chronic diseases is expected to drive higher demand for dietary supplements and functional food and beverages fortified with phytonutrients over the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants into the phytonutrients market is moderate. New players require large capital investments and established distribution channels to gain market share from existing brands.
Bargaining power of buyers: The bargaining power of buyers is high. Buyers have several options from established brands to choose from at competitive prices. Buyers can negotiate on price and demand customized products.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Majority of raw materials used in phytonutrients are agricultural products that face price fluctuations based on harvests. Suppliers have medium switching costs.
Threat of new substitutes: The threat of substitutes is low. There are limited substitutes that can match the health benefits offered by phytonutrients. Phytonutrients have loyal customer bases.
Competitive rivalry: Competition in the phytonutrients market is high among major brands to capture market share.
SWOT Analysis
Strengths: Phytonutrients have various health benefits. Demand is increasing globally due to growth of nutraceuticals and functional foods industries.
Weaknesses: Market still faces lack of consumer awareness. High R&D costs involved in product development and clinical trials.
Opportunities: Scope for new product innovations, custom blends and delivery formats. Growing health-conscious population in emerging regions.
Threats: Stringent regulations. Price fluctuations of raw materials. Intense competition.
Key Takeaways
The Global Phytonutrients Market Share is expected to witness high growth during the forecast period of 2024 to 2031. The market size for 2024 is estimated at US$ 8619.5 Bn and projected to reach over US$ 15000 Bn by 2031, growing at a CAGR of 20%.
Regional analysis shows that Asia Pacific region dominates the global phytonutrients market currently and is expected to maintain its leading position over the forecast period. Factors such as growing population, rising income levels and health awareness are driving the growth of nutraceuticals markets across many countries in the region.
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. These companies are focusing on new product innovations, partnerships and expanding their global presence through mergers and acquisitions.
For more details on the report, Read- https://www.marketwebjournal.com/phytonutrients-market-trends-size-and-share-analysis/
Get more insights on this topic: https://captionssky.com/threaded-elegance-weaving-stories-through-time-in-textile-and-apparel-craftsmanship/
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