The global market for phytosterols is expected to reach USD 989.8 million by 2020, according to a new study by Grand View Research, Inc. Phytosterols are widely used as additives in food products such as dairy, sausages, cold cuts, etc. One of the major drivers for the growth of phytosterols market is the favorable regulatory scenario, promoting their use in functional foods and nutraceuticals. In addition, proven ability of phytosterols, to reduce cardiovascular disorders is also expected to have positive impact on market demand. Increasing prevalence of coronary heart diseases is further expected to augment the demand for phytosterols over the next six years.
Food ingredients were the largest application segment for phytosterols, accounting for close to 25,000 tons of global demand in 2013. Increasing consumption of functional foods and beverages in North America and Europe and rising awareness of phytosterols in these regions is expected to play a major role in the development of the application. Pharmaceuticals were the second largest application segment, with market demand exceeding 19,354.0 tons in 2013.
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Further key findings from the study suggest:
- The global phytosterols demand was 49,299.6 tons in 2013 and is expected to reach 80,535.9 tons in 2020, growing at CAGR of 7.2% from 2014 to 2020.
- Europe was the largest regional market for phytosterols, with revenue estimated at USD 292.8 million in 2013. Favorable regulatory scenario in this region is expected to propel market growth. In addition, Europe is also expected to witness fastest growth, at an estimated CAGR of 8.8% from 2014 to 2020.
- North America and Asia Pacific phytosterol demand is expected to grow at an estimated CAGR of 6.6% and 6.3% from 2014 to 2020, respectively.
- In 2013, beta-sitosterol accounted for the largest market share of 65.48% and is expected to witness fastest demand growth, at an estimated CAGR of 7.4% from 2014 to 2020. Its use in a wide range of medical applications such as prevention from colon cancer, cervical cancer etc. is expected to boost its demand over the next six years.
- The global market for phytosterols is oligopolistic in nature and is dominated by three companies including ADM, Cognis-BASF and Raisio Life Sciences.
For the purpose of this study, Grand View Research has segmented the global phytosterols market on the basis of application, product and region:
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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