Phytonutrients Market is Estimated to Witness High Growth Owing to Opportunity of Fighting Chronic Diseases
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Phytonutrients Market |
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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