Views:6 Author:Site Editor Publish Time: 2015-11-11 Origin:Site
The North American phytochemicals & plant extracts market is estimated to grow from $675.9 million in 2014 to $1.01 billion by 2019, at a CAGR of 8.3% during the period under consideration.
The North American region has been witnessing problems such as cancer, diabetes, hypertension, and obesity, among others, across its population in recent years, mainly owing to the extravagant lifestyles. Consumer concerns related to these diseases have created a massive market for nutraceuticals that incorporate natural plant extract ingredients. North America is a large market for plant extracts and phytochemical ingredients, since a majority of the food processing and pharmaceutical companies are established in this region.
The U.S. is the largest market for phytochemicals and plant extracts in the North American region. The U.S. market constituted 50.1% of the region market share in 2014. Nutraceuticals industries are increasingly incorporating phytochemicals and plant extract ingredients in their products to cater to the rising demand from consumers.
The dietary supplements segment for plant extracts and phytochemicals has witnessed significant growth in recent years. There is a void between demand and supply in the North American market, which has led to high imports from other countries. The dietary supplement segment accounted for a share of 30.3% of the North American phytochemicals & plant extracts market in 2014.
The North American phytochemicals & plant extracts market has been segmented on the basis of application into functional food, functional beverages, dietary supplements, animal nutrition, and personal care. The dietary supplement is the most preferred application of phytochemicals & plant extracts. The North American market has been further segmented and forecast on the basis of major countries, such as the U.S., Canada, and Mexico.