Medical mobile applications to drive the Phytochemicals Market
The global market for phytochemicals is expected to surge at a CAGR of 9.8% over the next ten years, as per a newly revised study by Persistence Market Research. Phytochemicals are compounds found in plants and plant-based foods and have a number of health benefits. They help in providing flavor, color, and fragrance to food. Increased research in the sector has helped scientists discover different uses of phytochemicals in the pharmaceuticals industry. Phytochemicals have been known to reduce the risk of cancer and many other chronic diseases such as diabetes, heart diseases, stroke, Alzheimer’s, and Parkinsons. The pharmaceutical industry is keenly looking for its increased use in the preparation of various medicines for such diseases.
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- In 2020, BASF SE approved five active ingredients through the COSMOS-standard as the products were sourced and produced ethically and organically. The company is the largest provider of active ingredient natural cosmetics. 145 cosmetic ingredients of BASF SE are COSMO-registered globally.
Key Takeaways from Market Study
- East Asia, Latin America, and the Middle East and Africa have high potential for market growth, at expected CAGRs of 11.5%, 10.7%, and 10.1%, respectively.
- Europe and North America hold the highest share in the market on the basis of consumption of plant-based and healthy nutritious food, with a market share of more than 55% collectively.
- Based on type of phytochemicals, polyphenols and carotenoids are consumed more since they are extensively used in food & beverages, pharmaceuticals, dietary supplements, and cosmetics, collectively accounting for more than 60% of phytochemicals being consumed worldwide.
- Demand for carotenoids and flavonoids are expected to rise at a greater CAGR as they are used to treat skin diseases and as dietary supplements. Expected CAGR is 10.6% and 10.0% for carotenoids and flavonoids, respectively, for the forecast period.
- Along with pharmaceuticals, the cosmetics and personal care sector is expected to achieve a greater market share in phytochemical application, rising at a CAGR of 10.7%.
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