Phytonutrients Market size to exceed USD 5 billion by 2024: Global Market Insights Inc. Phytonutrients Market size was valued over USD 3 billion by 2015 and may surpass USD 5 billion by 2024, with gains at 7% CAGR. Organic compounds found in plants beneficial for human health may fuel product demand. Positive indicators for dietary supplements and fortified food industry growth should drive market growth. Europe, driven by UK, Italy, France and Germany phytonutrients market size, dominated the market owing to strong outlook for consumer health consciousness in this region. EU accounted for over 38% of total market revenue in 2015. Favorable regulatory approval from the EU may positively influence industry growth. Increase in health issues owing to hectic lifestyle along with rise in aging population should drive product demand.
Global carotenoids application may generate revenue over USD 2 billion by 2024, growing at 3.5%. Increasing dietary food supplement demand due to rising health concerns such as heart disease, obesity, cancer, blindness and stroke and rising natural coloration may favor natural carotenoids market demand. They help to slow aging process, reduce diabetes related difficulties and improve lung utility. Increasing application scope in cosmetics and pharmaceutical industries should drive phytonutrients demand. Change in consumption pattern owing to phytosterols usage in food & beverages industry may drive industry growth. They are used as additives of food products such as bakery products, milk sausages, spicy sauces, yogurts, spreads and margarine. Global phytosterols market size was over USD 440 million in 2015 and may surpass USD 730 million by 2024. Rising functional food demand coupled with increasing health concerns may support flavonoid market growth. Growing nutritional supplement and dietetic demand in the U.S. and Canada may drive phytonutrients market demand. In addition, pharmaceutical, food & beverage and nutraceutical industry may generate potential growth in flavonoid market. Pharmaceutical application should surpass USD 1 trillion by 2024. APAC, led by India pharmaceutical production growth, may witness over USD 60 billion by 2024. Increase in health diseases such as cardiovascular diseases, cancer and diabetes are key trending drivers which may fuel industry growth. Increase in consumer health concerns owing to change in food habits may fuel phytonutrients market in food & beverage application. Global food & beverage industry valuation was over USD 16 trillion in 2015 and should show significant growth up to 2024.
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