Phytosterols are stanols and sterols mainly found in the fatty tissues of plants, resembling cholesterol in structure. They mostly find usage in industries like food & beverage, pharmaceuticals, and cosmetics, owing to their good nutritional properties. The global market for phytosterols has seen significant growth over the past few years, and this trend is predicted to continue in the next few years as well.
The global phytosterols market is projected to reach a value of USD 721.26 Million by 2020, growing at a CAGR of 8.7% during the forecast period from 2015 to 2020.
Based on type, the market for beta-sitosterol is estimated to hold the largest market share, and is also expected to be the fastest-growing segment in the coming years, registering a growth of 8.91% CAGR by 2020. This growth can be attributed to its growing application in pharmaceuticals and food industries. The market for campesterol and stigmasterol that were valued at USD 81.51 Million and USD 40.53 Million, respectively, in 2015, are projected to grow at a CAGR of 8.65%, while that of stigmasterol is projected to grow at a CAGR of 8.30% by 2020.
Geographical growth scenario of the market
Among regions, Europe dominated the market with the largest share of 38% in 2014, and is also estimated to be the fastest-growing market, registering a healthy growth of 9.1% CAGR between 2015 and 2020, owing to the high rate of adoption of phytosterols by manufacturers. Increasing awareness regarding health and growing beauty consciousness among consumers, especially in developing nations, such as India and Brazil has led to the increased use of phytosterols in supplements and cosmetic products. Moreover, the rising population, especially in North America and Europe, has resulted in the increased consumption of carotenoids and its products in daily diets.
Drivers and restraints for the market
The growth of the global market for phytosterols is being primarily influenced by the following factors:
• Rising number of deaths caused by cardiovascular diseases
• Increasing awareness regarding the health benefits of phytosterols
• Increasing number of applications
• Approval by several regulating bodies
However, government regulation regarding the side effects of phytosterols is the major factor that may hamper the growth of this market to a certain extent. In addition, effective marketing strategy is a key challenge that the companies involved in this market have to tackle in order to remain competitive.
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Key players and strategies adopted for sustenance:
The major players involved in the global market for phytosterols include Bunge Limited (U.S.), BASF SE (Germany), ADM (U.S.), Pharmachem Laboratories Inc. (U.S.), E. I. du Pont de Nemours and Company (Germany), Gustav Parmentier GmbH (Germany), HyPhyto Inc. (U.S.), and Raisio Plc. (Finland), among others. Raisio Plc. (Finland), Bunge Limited (U.S.), and BASF SE (Germany) dominate the market with a collective share of around 50.8% of the total phytosterol market. New product launches, mergers & acquisitions, and partnerships & expansions are the strategies adopted by these companies in order to sustain their growth in the market as well as expand their global presence. Among these, acquisition is the most preferred strategy that was adopted by the leading players in this market.
