The phytosterol market size is expected to grow from USD 1.0 billion in 2023 to USD 1.6 billion by 2028, reflecting a compound annual growth rate (CAGR) of 8.3% during this period. Globally, there is increasing demand for foods and supplements fortified with phytosterols to achieve dietary objectives and manage high cholesterol levels. Additionally, their anti-aging and anti-inflammatory benefits have made them popular in the cosmetics and personal care sector.
Challenge: Lack of consumer awareness in developing and under-developed world
The phytosterols market is mainly driven by its health-imparting properties awareness. As a result, developed regions with high health awareness are a major market for this industry particularly in food, feed, and cosmetics applications. Phytosterols is a very distant concept for people in underdeveloped world and some emerging economies such as Africa and Asia. Most of the phytosterols in these countries are used in pharmaceutical applications. Players and countries in the Asian markets are mostly export-oriented, with respect to phytosterols market.
Various macroeconomic factors such as low development, political instability, poverty, and unemployment are responsible for this status quo in the underdeveloped world. There is a significant lack of health awareness in these regions. They also lack high incomes to dispose in such high-end functional food and personal care products. These factors together pose a major challenge for the players in the phytosterol industry to penetrate the underdeveloped market.
Increased Adoption in Food and Beverages Anticipated to Propel Phytosterol Market Growth
Phytosterols not only offer health benefits but are also gaining traction in the market for nutritious foods and beverages. As consumers become increasingly aware of how their diets affect their health, they are actively searching for products that support a healthy lifestyle. This shift has sparked greater interest in functional foods—products that provide health advantages beyond basic nutrition. Phytosterols, recognized for their cholesterol-lowering properties, are frequently incorporated into functional foods, appearing in various items such as spreads, dairy products, and baked goods. With a growing emphasis on health and wellness, demand for these products is expected to rise.
Currently, the use of phytosterols in health-focused foods is primarily limited to developed regions. However, there is significant potential for the phytosterol industry to expand into developing and emerging markets as awareness of their health benefits increases. While challenges such as low incomes and the higher cost of functional foods persist, the phytosterol industry can play a vital role in improving access to health-enhancing products, positively impacting the overall health and well-being of populations in these areas.
Beta-Sitosterol: Key to Accelerating Growth in the Phytosterols Market
A popular phytosterol because of its many health advantages is beta-sitosterol. Alcohol can dissolve this waxy, white powder that has a unique smell. Due to its greater absorption, its effectiveness surpasses that of other phytosterols. Because beta-sitosterol and cholesterol share a similar structural makeup, they compete for absorption in the intestine, preventing absorption of cholesterol and lowering blood cholesterol levels. Avocados, pumpkin seeds, cashew fruit, excellent bran, wheat germ, maize oils, soybeans, dandelion coffee and cashews are some of the foods that are high in beta-sitosterol. With beta-sitosterols available in their product portfolios for both human and animal use, major market participants including Balso Plc. (Finland), BASF SE (Germany), and Bunge Limited (US) occupy a sizeable portion of the worldwide phytosterol market. Beta-sitosterol is commonly used as a dietary supplement to improve prostate health and to alleviate symptoms of BPH (Benign Prostatic Hyperplasia), a common condition in older men.
North America is Projected to Dominates the Phytosterols Market Share.
The demand for phytosterols in North America is rising due to several key factors. One significant driver is the growing consumer awareness of the health benefits of phytosterols in fortified foods. As phytosterols occur naturally in plants, the increasing popularity of plant-based diets has further boosted their demand. Additionally, with phytosterols known for their cholesterol-lowering properties that support heart health, the aging population in North America is contributing to this trend.
Moreover, the rising prevalence of diabetes plays a role in the increased demand, as research has shown that phytosterols can enhance insulin sensitivity in individuals with type 2 diabetes. The acceptance of functional foods, designed to provide specific health benefits beyond basic nutrition, is another factor propelling the need for phytosterols. In response to this demand, manufacturers are incorporating phytosterols into these functional products. Overall, phytosterols represent a cost-effective and natural means of promoting cardiovascular health and preventing chronic diseases, which is particularly important given the rising costs associated with treating such conditions in North America.
The key players phytosterols market include ADM (US), BASF SE (Germany), Cargill, Incorporated (US), International Flavors & Fragrances Inc. (US), Ashland (US)Matrix Life Science (India), AOM (Argentina), Lipofoods (Spain), Avanti Polar Lipids (US), DRT (France), Wilmar International Ltd (Singapore), VITAE NATURALS (Spain), TAMA BIOCHEMICALS CO., LTD (Japan), BOC Sciences (US), Herbo Nutra (India). These players in this market are focusing on increasing their presence through agreements and collaborations. These companies have a strong presence in North America, Asia Pacific and Europe. They also have manufacturing facilities along with strong distribution networks across these regions.
ADM (US), ADM mainly manufactures food, animal feed, and feed additives. It is a major participant in the agricultural processing and food ingredient industries. The corporation also trades, transports, stomps, and processes numerous grains and commodities. The company’s global network includes more than 190 nations. Ag services and oilseeds, carbohydrate solutions, nutrition, and other business are the company’s four business segments. It produces phytosterols for human consumption and other food applications via the Nutrition sector. ADM’s production facilities are SEDEX, HACCP, SGS North America, Ecocert ICO, and APHIS certified. In January-2022 ADM recently announced the opening of its first Science and Technology (S&T) Center in China. This opening is an important milestone in the company’s continued investment to bring new nutrition and health innovation to meet growing demand in China.
BASF SE (Germany), a German multinational corporation that works in seven primary business segments: chemicals, materials, industrial solutions, surface technologies, corporate functions, nutrition and care, and agricultural solutions. Phytosterols are offered by the corporation through its human nutrition segment, which is a subsegment of nutrition & care. BASF SE has prioritised innovation since its founding and has many innovation sites across the world. The BASF SE Group has subsidiaries and joint ventures in over 100 countries and runs six integrated manufacturing sites as well as 390 other production sites throughout Europe, Asia, Australia, the Americas, and Africa.
Key Questions Addressed by the Phytosterols Market Report:
Which are the major companies in the Phytosterol market? What are their major strategies to strengthen their market presence?
What are the drivers and opportunities for the Phytosterol market?
Which region is expected to hold the highest market share?
Which are the key technology trends prevailing in the Phytosterols market?
What is the total CAGR expected to be recorded for the phytosterol market during 2023-2028?
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