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Global phytonutrient market is set to grow from its initial estimated value of USD 4.77 billion in 2018 to an estimated value of USD 8.52 billion by 2026, registering a CAGR of 7.5% in the forecast period of 2019-2026. This rise in market value can be attributed to the increased demand and applications of it in the food & beverage industry and food supplements.
Few of the major competitors currently working in the phytonutrient market are FMC Corporation, BASF SE, Pharmachem Laboratories LLC., Koninklijke DSM N.V., Raisio Plc., Chr. Hansen Holding A/S, Archer Daniels Midland Company, Cargill Incorporated, Allied Biotech Corporation, Arboris LLC, Döhler, DDW The Colour House, Cyanotech Corporation, Kemin Industries Inc., DowDuPont, and Takasago International Corporation.
- Increased adoption of phytonutrients in a number of food products and supplements as additives due to their high nutrition and disease altering capabilities is expected to drive the market growth
- Rising income and growing concerns regarding human health is also expected to drive the market growth
- Side effects associated with increased and excessive usage and consumption of phytonutrient is expected to restrain the market growth
- Absence of appropriate and standardized equipment used for the extraction of phytonutrient from plants is also expected to restrain the market growth as it affects the quality of extraction and phytonutrient product
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Key Developments in the Market:
- In April 2017, Kemin Industries Inc. announced the expansion and establishment of its manufacturing facility in Lipetsk, Russia. This expansion will help to meet the growing demand of the market globally and increase the market share of the company.
- In September 2018, Cyanotech Corporation announced that they have agreed to purchase production and research facility including the equipment and resources from Cellana LLC. This expansion of production facility is expected to help in research and development of new products and production techniques for the company.
Segmentation: Global Phytonutrient Market
- By Type
- Phenolic Compounds
- Vitamin E
- Ellagic Acid
- By Application
- Food & Beverage
- Personal Care & Hygiene
- Animal Nutrition
- By Source
- Fruits & Vegetables
- Cereals & Oilseeds
- Herbs & Trees
- By Geography
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East & Africa
Competitive Analysis: Global Phytonutrient Market
Global phytonutrient market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of phytonutrient market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
Key Insights in the report:
- Competitive analysis of key competitors involved in the market
- Complete analysis of Market Segmentation and which segments are set to flourish in the forecast period of 2019 to 2026
- Market Drivers and Restraints analysis along with the analysis of the market structure
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