USD 4.32 Billion
Report ID: SQSG35I2037 | Region: Global | Published Date: April, 2023 | Pages: 244 | Tables: 68 | Figures: 68
Powdered Phytochemical Derivatives Market was valued at USD 4.32 Billion in 2022, and it is expected to reach a value of USD 6.73 Billion by 2030, at a CAGR of 5.70% over the forecast period (2023 - 2030).
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.
Global Market Size
USD 4.32 Billion
Functional Food & Beverages
Functional Food & Beverages
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The global powdered phytochemical derivatives market is segmented based type and application. Based on type, the Powdered Phytochemical Derivatives Market is segmented into carotenoids, carbohydrate, lipids, phenolics, terpenoids alkaloids, and others. Based on application, the Powdered Phytochemical Derivatives Market is segmented into personal care, functional food & beverages, food supplements, animal feed, and others. Based on the region Powdered Phytochemical Derivatives Market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Powdered Phytochemical Derivatives Market Analysis by Application
Based on application, the market is segmented into personal care, functional food & beverages, food supplements, animal feed, and others. Among these, the food supplements segment of the market is projected to hold the most substantial share in the market. Food supplements including nutraceuticals is seeing a rapid growth in the market for the treatment of chronic diseases, health supplements, anti-ageing products. These food supplements, nutraceuticals, highly utilize powdered phytochemical derivatives owing to their various health advantages and benefits; which is likely to contribute to the segmental growth of the market. A significant demand for nutraceuticals from the geriatric/ elderly population is also supporting the growth for global powdered phytochemical derivatives market.
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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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Powdered Phytochemical Derivatives Market Driver
Powdered Phytochemical Derivatives Market Restraint
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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.
Powdered Phytochemical Derivatives Market Top Company Profiles
Powdered Phytochemical Derivatives Market Recent Developments
In order to create consumer-friendly health food products, the food industry commonly uses plants including gooseberry, turmeric, ginger, beetroot, and ginseng. Phytochemicals, which are found in all plants, are crucial for protecting the plant from environmental challenges. A diet rich in phytochemicals can lower the risk of developing a number of chronic and lifestyle diseases. These compounds have been linked to the consumption of dietary items connected to diets high in fruits, vegetables, legumes, and cereals.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global powdered phytochemical derivatives market is segmented based type and application. Based on type, the carbohydrate segment of the market is projected to witness a growth in the upcoming years. Based on the application, the food supplements segment of the market is projected to witness a growth in the upcoming years. While, based on the region, the Asia-Pacific region of the market is projected to witness a growth in the upcoming years.
|Market size value in 2022||USD 4.32 Billion|
|Market size value in 2030||USD 6.73 Billion|
|Forecast period||2023 - 2030|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Powdered Phytochemical Derivatives Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Powdered Phytochemical Derivatives Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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