The phytochemicals market is predicted to grow 4.7% year-over-year to $5.2 billion by the end of 2019, up from $4.9 billion in 2018, and to hit $9 billion by the end of 2029, according to a new report from Persistence Market Research.
“The preference for naturally-sourced ingredients is increasing,” notes a press release on the report. Chemical-based ingredients are on the decline, and phytochemicals are rising to meet the demand: Consumer desire for clean label products is pushing suppliers to find plant-based alternatives to conventional products, and phytochemicals can be used in food products to provide different flavors and colors, and can increase the nutritional value of foods.
Food & beverages is expected to remain a prominent segment; the growth of the natural and organic sectors and of functional food products is giving the segment a boost. That said, the report notes that phytochemicals are likely to find a home in the nutraceuticals market, as well, given that certain phytochemicals have shown anti-inflammatory and antioxidant effects useful in that market.
The cosmetics and personal care industries are also finding uses for phytochemicals: Healthy aging and anti-aging are growing trends, and the application of phytochemicals towards these goals is likely to help boost the market 4% in 2019 over 2018.
In terms of specific phytochemicals, carotenoids are continuing to gain momentum—and they already accounted for 40% of the total phytochemical sales in 2018: Evidence is showing that these phytochemicals have a range of health benefits, and both the food & beverage and supplements industries have found uses for them. Phytosterols and polyphenols, while not such a big driver, are still likely to show an increase of around 5% in 2019, thanks to the promotion of natural ingredients in medicine formulation and to technological progressions in the food industry.
Key players include Kemin Industries, Naturex, Indena SpA, Sabinsa Corporation, and Chr. Hansen Holding.
The full report can be purchased here.