Phytosterols Market : Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019
According to a new report published by Transparency Market Research Phytosterols (B-Sitosterol, Campesterol, Stigmasterol, Ergosterol) Market for Food Ingredients, Pharmaceuticals, Cosmetics: Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019 the global demand for phytosterols was valued at USD 347.9 million in 2012 and is expected to reach USD 678 million in 2019, growing at a CAGR of 10.0% from 2013 to 2019. In terms of volume, the global demand for phytosterols was 14,075.0 tons in 2012.
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\The growing consumption of phytosterol-fortified products in medical applications on account of rising number of coronary heart diseases has been one of the major factors for the growth of the phytosterols market. In addition, high awareness regarding various health benefits from the consumption of phytosterols has also contributed towards the growth of the market. However, increasing substitution of phytosterols by certain substances such as omega 3 fatty acids due to provision of additional health benefits in comparison to phytosterols is expected to slow down the growth of the market. Focus of manufacturers towards technological innovation as well as market expansion in emerging regions such as Asia Pacific is expected to provide new opportunities for the growth of the market.
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β-sitosterol accounted for the largest market share in the phytosterols market acquiring over 65% of the market share in 2012, followed by campesterol. β-sitosterols are the most widely consumed phytosterols owing to the widespread availability of its source. They are found across a large segment in plants. Moreover, the product is also expected to witness the fastest growth rate over the forecast period.
Demand for phytosterols was the largest from food ingredients, accounting for over 50% of total market volumes in 2012 largely due to the large consumption of supplements in North America and Europe and the high level of awareness of phytosterols in these regions. However, future market growth is expected to be from pharmaceuticals due to technological innovation as well as increased application scope of phytosterols in the pharmaceutical industry. The pharmaceutical application segment is anticipated to grow at a CAGR of 9.3% between 2013 and 2019. Other applications of phytosterols such as cosmetics accounted as niche segments on account of stiff competition from substances providing similar application benefits.
Europe accounted for the largest market share in the phytosterols market, acquiring over 50% of the market share in 2012, followed by North America and Asia Pacific. Moreover, Europe is anticipated to witness the fastest growth rate on account of high consumption of formulation and pharmaceuticals in the region. Other regions such as Asia Pacific is expected to grow at a faster rate than North America due to the high number of coronary heart disease cases (CHD) in the region as well as rising awareness regarding the benefits of phytosterols in prevention of CHD. In addition, the cosmetic industry in this region is expected to have the highest growth rate and with increased usage of phytosterols in cosmetics, Asia Pacific is anticipated to be one of the major forces in the phytosterol market in the next few years.
Phytosterols Market: Product Segment Analysis
- Others (Ergosterol and Brassicasterol)
Phytosterols Market: Application Analysis
- Food Ingredients (Supplements and Beverages)
Phytosterols Market: Regional Analysis
- North America
- Asia Pacific
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