ALBANY, New York, December 20, 2018
ALBANY, New York, December 20, 2018 /PRNewswire/ --
The global phytosterol market has a consolidated market structure as few top leading companies hold a major share in the market. BASF SE, Archer Daniels Midlands Co., and Raisio plc are dictating most of the competition in this market. Pharmachem Laboratories, Bunge Ltd, E.I. DuPont De Nemours, Triple Crown AB, and others also play a crucial role in this market. Product differentiation, innovation, and mergers and acquisition are the key strategies used by these players. With the growing competition, the global phytosterol market is expected to rise significantly in the coming years.
To give a complete insight into the global phytosterol market, Transparency Market Research has come up with its recent report. In this report, it shows this market will progress at a healthy 10% CAGR over the projected tenure from 2015 and 2021. During this period, the market is likely to earn US$ 0.92 bn by 2021. In 2014, the market valuation was 0.47 bn.
Application of phytosterol is widely seen on numerous food ingredients. A large number of manufacturers uses phytosterol to meet their customers' health requirement. However, its demand is projected to increase in pharmaceuticals as it helps in reducing the risk of heart diseases. On regional front, Europe led the phytosterol market by holding a major share in the market in 2014. High demand for phytosterol in various end-use industries such as cosmetics, food and beverages, and pharmaceuticals led its demand in the region. North America is also expected to offer lucrative growth opportunities in the near future.
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Growing Prevalence of Cardiovascular Diseases to Boost Demand for Phytosterol
According to the report, the demand for phytosterol has increased many folds mainly because of the rising incidence of cardiovascular diseases. Changing lifestyle, smoking habits, and rising intake of junk food causes various cardiovascular diseases. This has led to the growth of phytosterol as it helps in reducing cholesterol.
Government support on the use of phytosterol as additives to meet nutritional requirements in food and beverages is another factor driving the growth in this market. The rising number of population suffering from coronary heart diseases has further fueled the phytosterol market. The use of phytosterol is also seen in the cosmetic industry. The rising disposable income of people is likely to expand this market in the near future.
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Limited Knowledge in Developing Economies to Deter Market Growth
Despite, the growing demand for phytosterol in various industries, there are still many factors that might obstruct the market to grow at its full potential. Limited knowledge about phytosterol and its benefits in developing economies like Asia Pacific restricts the growth in this market. In addition, the availability of substitute products having similar functions might also deter the demand for phytosterol. On the other hand, approval from regulatory bodies on using phytosterol in various pharmaceuticals and food products might help in reducing the effect of these restraints and boost the market's growth.
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The information presented in this review is based on a TMR report, titled "Phytosterols Market (Product Type - B-sitosterol, Campesterol, and Stigmasterol; Application Type - Food Ingredients, Pharmaceuticals, and Cosmetics) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021."
The Global Phytosterol Market has been segmented as presented below:
Global Phytosterols Market, by Product Type
Global Phytosterols Market, by Application Type
Global Phytosterol Market: Geography
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