According to the new research report available at MarketStudyReport.com under the title ‘Global Phytosterols Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024’, the worldwide phytosterols market is predicted to surpass US $930 million by the year 2024.
Phytosterols include plant stanols and sterols which are similar to cholesterol found in human body but differs in carbon side chains with absence/presence of a double bond. These compounds extracted from plant oils are soluble in alcohol and insoluble in water. Rise in the cases of heart diseases has propelled the demand for phytosterols products, though poor bio availability and associated hazardous effects like bloating, swelling, diarrhea and constipation will hamper the market growth to some extent.
Rising demand for mineral and herbal extracts to be reinforced as food additives in foods & beverages is expected to create various opportunities for the industry over the forecast timeframe. Furthermore, advancements in technology, related health benefits, high prevalence of diseases, and investment opportunities are the major drivers of the phytosterols market.
According to the report, phytosterols market was worth US $590 million in 2019 and is projected to grow with a CAGR of 9.5% by the year 2025. The report also offers a comprehensive insight about segmental contributions, trends, drivers, challenges, and opportunities impacting the industry growth.
Considering the product type, the market is fragmented as campesterol, sitosterol and, others, wherein sitosterol segment dominated the phytosterols market with 60% market share in 2016 and presumed to witness growth rate of 9.6% by the year 2022.
Speaking of the application spectrum, the market is segmented as medicine, food & beverage and others. Phytosterols market from medicine application segment is estimated to grow significantly over the forecast period, owing to the use of product for prevention of colon cancer, skin problems, and cervical cancer. In addition, food & beverage phytosterols market is also expected to expand, pertaining to favorable FDA, EFSA, and Health Canada directives regarding use of product in food supplements, cites the report.
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Based on the regional landscape, the market is divided into five major regions; North America consists of Canada, United States, and Mexico; Europe comprises France, UK, Italy, Germany, and Russia; India, China, Korea, Southeast Asia, and Japan fall under Asia Pacific; Saudi Arabia, Egypt, South Africa, UAE, and Nigeria come under Middle East & Africa; and South America is split into Colombia, Brazil, and Argentina. Moreover, North America and Western Europe are the big players of the market, wherein Europe phytosterols market held 50% revenue share in 2016.
The prominent manufacturers of phytosterols market include Fenchem, Raisio, Enzymotech, BASF, Gustav Parmentier, ADM, DRT, Bunge, Arboris, Dupont, and Cargill.