Phytonutrients are defined as compounds found in plants that serve various functions, including protecting the plant’s vitality. A new report on the global Phytonutrients Market, published by Market Research Future (MRFR), explains that this market could notice extension at 6.2% CAGR between 2019 and 2027.
There are market driving factors elevating the global phytonutrients market growth that include high inclination of consumers towards functional foods & supplements, and the trend of living a healthy lifestyle. Other factors progressing the market growth include the increasing vegan population, immense health beneficial properties of phytonutrients, growth of supplements market, and use of phytonutrients in animal feed. Continuous research & development (R&D) is enhancing the efficiency to extract phytonutrients and assisting the manufacturers in meeting the growing demand for phytonutrients.
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A geographical outlining of the global phytonutrients market covers Europe, North America, Asia Pacific, and Rest of the World (RoW).
Europe holds the major chunk of global market revenue, followed by North America. In these two regions, the market is growing due to high investment by key market players on R&D. The technological advancements are propelling the market growth in these regions. France, Germany, and Italy contribute maximum revenue to the growth of the phytonutrients market in Europe. The UK is the fourth most important country-specific market in Europe. The presence of key market players is booting market in both Europe as well as North America.
In North America, the market is surging due to the high inclination of the consumers towards functional food and supplements. Although most of the important market players in this region are based in USA, Canada and Mexico are two other country-specific markets that contribute significant revenue to the North American market.
With China and India being the major revenue contributors, the Asia Pacific region can be the fastest growing regional market due to increasing health awareness as well as the consumption of healthy foods. Japan is the third major country-specific market in this region.
The RoW segment covers Latin America. In Latin America, moderate market growth is expected during the forecast period, with Brazil emerging as the biggest revenue contributor to the Latin American market.
The global Phytonutrients Market segmentation encompasses application and type. MRFR ‘s take on the market explores various facets of the market in-depth.
The application-based segmentation of the market covers cosmetics, food & beverages, pharmaceuticals, supplements, and others. Although the food & beverages segment holds the lion’s share in the market, the second-largest share and third-largest share are held by supplements segment and pharmaceuticals segment, respectively.
By type, the market has been segmented into carotenoids, flavonoids, phytosterols, vitamins, and others. Carotenoids segment holds the largest market share, followed by flavonoids segment. The market for carotenoids is growing due to the feasibility of their use as antioxidants. During the forecast period, phytosterols segment can also witness significant growth.
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Prominent players in the global phytonutrients market include Archer Daniels Midland Company (USA), BASF SE (Germany), Cargill Inc. (USA), Chr. Hansen A/S (Denmark), Cyanotech Corporation (USA), Dohler GmbH (Germany), DSM N. V. (The Netherlands), FMC CORPORATION (USA), Kemin Industries Inc. (USA), and Raisio Group (Finland).
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