Phytochemical API Market Estimated to Flourish by 2027
There is a spending shift in the market from illness oriented products such as pharmaceuticals to wellness oriented products in the form of nutraceutical and herbal related products. People are preferring herbal cures over synthetic allopathic drugs. There is a growing inclination towards wellness oriented self-administered products. People are now aware about the need of healthy life, healthy eating and fitness. There is an increasing number of people who are taking nutrient supplements containing phytochemicals for healthy lifestyle. As age increases, there is increasing probability of some alignment. The use of nutraceuticals as preventive care and the need for phytochemical API is thus expected to increase.
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In terms of the manufacturers point of view there has been an increasing number of acquisition with an aim to expand the phytochemical product pipeline. SeQuent Scientific Limited acquired Indo Phyto Chemicals Pvt Ltd (IPC). Through this acquisition, SeQuent would acquire access to 14 APIs along with 20 more products under research and development pipeline. Phytochemical API market has been segmented on the basis of molecules, application and region.
Based on the molecules, phytochemical API market is segmented into the following:
Phenolic Acids .
The use of phytochemicals as antioxidants has help immensely to protect against cancer, heart diseases and other illness. There are around 4000 identified phytochemicals, out of which 150 are extensively studied.
Based on the application, the phytochemical API market is segmented into the following:
Herbal based industries
In the nutraceutical arena, phytochemicals are used as bioactive constituents to promote or sustain health. These phytochemical substances range from dietary supplements, isolated nutrients to herbal products, processed food and beverages. The use of phytochemicals along or in combination has initiated a new market potential in healthcare.
Geographically, phytochemical API market is segmented into regions viz. North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and Middle East and Africa. North America region is projected to maintain its lions share over the forecast period. Due to extravagant lifestyle the population is witnessing problems such as diabetes, cancer, obesity and hypertension. Consumer concern related to such chronic diseases have created a massive market for phytochemicals. Europe follows North America in terms of revenue share. The region is gradually incorporating proven herbal cure in their medical system. Asia-Pacific is expected to be the fasted growing region due to its ancient heritage in herbal medicines. Several countries have incorporated traditional healing methods into modern health system. In Japan, the patients prescribed phytomedicines are covered under insurance.
The market participants are adopting both organic and inorganic strategies to gain maximum markets share. The companies are adopting market strategies such as partnerships. Product development, mergers and acquisitions, facility or capacity expansion. Centroflora CMS acquired manufacturing assets of phytochemical APIs from Boehringer Ingelheim. The company has also signed multi-year agreement with Boehringer to supply the market with phytochemical API. Centroflora CMS will distribute its own pilocarpine APIs to more than 100 pharmaceutical companies in Europe, U.S., Asia, South America, Africa and Australia.
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Some of the key players in the phytochemical API market are Centroflora CMS, Cargill Inc., Chr. Hansen, Kothari Phytochemicals & Industries Ltd., SeQuent Scientific Limited, Doehler Group, Lipo Foods, Arboris LLC, Medipure Pharmaceuticals Inc. and BASF SE.
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