Improving technological advancements caused a rising demand for phytosterols in commercial extraction-based processes. In recent times, the demand for phytosterols has notably increased across developed countries owing to high incidences of heart diseases. In spite of showing a similar structure to cholesterols, phytosterols have cholesterol lowering properties. This is a major factor fuelling the global phytosterols market among several regions with high prevalence of obesity, which is a primary cause of heart diseases.
However, as per Transparency Market Research (TMR), the phytosterols market is yet to establish a strong footprint across developing countries. The inadequate awareness about the intrinsic health benefits of phytosterols limits scope for the market’s growth across these regions.
As per expert analysts from TMR, the global phytosterols market had accumulated revenue worth US$473.8 in 2014. This revenue is expected to gain valuation worth US$926.7 mn by 2021. According to the experts, the global phytosterols market is anticipated to expand at a splendid CAGR of 10% during the forecast period from 2015 to 2021.
The phytosterols market is mainly segmented on the basis of product type, application, and geography. By product type, the market is mainly segmented into B-sitosterol, campesterol, stigmasterol, and others. Whereas, under application criteria, food ingredients, pharmaceuticals, and cosmetics are key segments present in the global phytosterols market.
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Food Ingredients Segment Comes Out As Winning Sector in the Market
With respect to product type, the Β-sitosterol segment held a leading segment in recent times in the global phytosterols market. Moreover, this segment is expected to remain a leader in the market leader even in the future. Besides Β-sitosterol, campesterol hold a runners-up position in the market, and also is prophesized to maintain its position during the forecast period.
Under applications, the food ingredients segment holds a dominant position in the global phytosterols market. This is mainly due the compounds being used in large amounts to manufacture food ingredients in different domains. The demand from food ingredients segment accounted for over 50.45% of the market in 2014. Moreover, phytosterols also provide a key advantage in the form of reducing cholesterol levels. This could certainly fuel demand for the food ingredients segment as the production for healthy foods is increasing by the day. Several manufacturers operating in the food and beverages industry are including phytosterols in many of their food products to cater to their consumers’ health requirements.
Contrary to food ingredients, the global phytosterols market is expected to showcase the pharmaceuticals segment also maintain a leading position in the market at a high rate. An increasing awareness among consumers about the benefits of phytosterols in reducing the risk of heart diseases is fuelling demand from the segment.
Besides this, the cosmetics industry is a niche segment in the global phytosterols market. However, the demand from this segment is also expected to rise in the forthcoming years. The rising disposable income of consumers also is expected to bolstering use of phytosterols in the cosmetics industry.
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Asia Pacific to Showcase Future Dominance in the Global Phytosterols Market
The global phytosterols market is spread across North America, South America, Asia Pacific, the Middle East and Africa, and Europe. Europe was the largest market for phytosterols and is projected to remain the market leader during the forecast period. North America held the second position in terms of market share. The market shares of Asia Pacific are comparatively less but are expected to witness a rapid growth in the future. Furthermore, the incidence of heart ailments is expected to increase in India and China, thereby escalating phytosterols demand from these countries in Asia Pacific.
The global phytosterols market depicts the presence of high competition by some major players. Partnerships, expansions, mergers and acquisitions, are some of the main strategies adopted by the companies to strengthen their presence in the global phytosterols market. Archer Daniels Midlands Co., BASF SE, Bunge Ltd., Cargill Inc., E.I. DuPont De Nemours, Pharmachem Laboratories are some of the major players operating the global phytosterols market.
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