North America is a colossal market for plant extract and phytochemical ingredients since a majority of the food processing and pharmaceutical companies are established in this region.
(PRWEB) July 05, 2014
The North American region is popular for its niche consumers, who have large amounts of disposable income due to a stable economic structure. However the population in North America faces problems such as cancer, diabetes, hypertension, obesity, etc., to a large extent, due to lavish lifestyles. Consumer concerns related to these diseases have created a massive market for nutraceuticals that incorporate natural plant extract ingredients. North America is a colossal market for plant extract and phytochemical ingredients, since a majority of the food processing and pharmaceutical companies are established in this region.
Browse through the market data tables, figures and detailed ToC on the “North America Phytochemicals & plant extracts (Nutraceuticals) Market”.
Europe Phytochemicals & plant extracts (Nutraceuticals) Market
In Europe, Phytochemicals & Plant extracts market constituted 27.7% in the year 2013 of global nutraceutical market, and is anticipated to reach 28% by 2018. Germany has been a pioneer for the inclusion of plant extracts and phytochemical ingredients in food products, and is a destination for a majority of innovations in the nutraceutical ingredient industry. This has caused Germany to become the largest market for plant extracts and phytochemicals in the European region. The European Union has implemented stringent norms against the utilisation of chemical ingredients in food products, pharmaceuticals, and dietary supplements. This has caused manufacturers to increase their usage of ingredients derived from natural sources. Plant extracts and phytochemicals are the obvious choices for this purpose. Significant amounts of research and development is undertaken to identify the potential applications of plant extracts and phytochemicals, due to their disease prevention properties. Company-wise, Chr. Hansen recorded the largest revenue with $82.6miliion in 2013, and is estimated to reach $125.1 million by 2018 at a CAGR of 8.7%.
Asia-Pacific Phytochemicals & plant extracts (Nutraceuticals) Market
Asia-Pacific is no longer merely a manufacturing destination, but is also gradually transforming into a research and development hub for plant extracts and phytochemical ingredients. Countries such as China, India, Japan, Australia, etc., in the Asia-Pacific region are witnessing a large number of patents daily, which are being registered under plant extracts and phytochemicals. This shows positive signs of intensive research and development activities that are being undertaken to enhance plant extract applications in various products. The inclusion of turmeric extract for preventative medication against cancer is a result of this extensive research and development. Dietary supplement is the largest application segment of phytochemicals and plant extracts market due to the increased usage of natural extract-based dietary supplements in this region. In Asia-Pacific, the phytochemicals & plants extracts market constituted 35.7% in 2013; which is anticipated to reach 35.6% by 2018. Company-wise, Chr. Hansen recorded the largest revenue with $92.1 million in 2013, and is anticipated to reach $150.5 million by 2018 at a CAGR of 8.5%.
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