Increase in Demand of Herbal Products to Boost Polyphenol Market Growth by 8.26%
Polyphenol Market Report, published by Allied Market Research, forecasts that the global market was valued at $757 million in 2015, and is expected to reach $1,121 million by 2022, supported by a CAGR of 8.26% during the forecast period 2016 - 2022. Functional beverages dominated the market in 2015, with two-fifths share, in terms of revenue.
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Rise in demand for herbal products, increase in health benefits offered by polyphenol, and growth in geriatric population are the major factors that fuel the polyphenol market growth. The anti-aging properties associated with polyphenols coupled with antitumor and anti-carcinogenic properties result in their applications in cosmetics and medical sectors, respectively. In addition, brewing industries are expected witness increased consumption of polyphenols owing to their application in liquors and wines. Increase in aged population has given rise to the demand for fortified food supplements to reduce the effects of chronic diseases, which is expected to positively impact the polyphenol market.
In 2015, grapeseed polyphenols occupied more than half of the total share by revenue, owing to application in treatments of atherosclerosis (hardening of the arteries), high blood pressure, high cholesterol and poor circulation, complications related to diabetes, nerve and eye damage, vision problem, swelling after injury or surgery, and cancer prevention. Furthermore, investments in R&D activities and technological advancements are anticipated to propel the demand for polyphenols with potential scope for expansion.
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Key findings of Polyphenol Market
• In 2015, green tea occupied approximately one-fourth of the total share, in terms of revenue.
• North America is expected to expand with a CAGR of 4.78% in grape seed polyphenol market from 2016 to 2022.
• In 2015, functional food occupied approximately one-third of the total share, in terms of revenue.
• Europe and North America together occupied approximately half of the total share in 2015.
Europe is expected to expand with a CAGR of 8.02%.
In 2015, Asia-Pacific dominated the market with two-fifths of the total share, followed by North America. Rise in health awareness coupled with increase in application of polyphenols in cosmetics and dietary supplements is estimated to boost the market in these regions with potential growth in coming years.
Top market players in this sector include Naturex, Layn Natural Ingredients, DuPont-Danisco, ADM, Ajinomoto Omnichem Natural Specialities, Barry Callebaut, PROVA, and CEMOI.
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