Recent technological advancements have made phytosterols fit for commercial extraction. In the last few years demand for phytosterols has considerably increased across developed countries as they witness a high incidence of heart diseases. Despite being structurally quite similar to cholesterols, phytosterols have cholesterol lowering properties. The knowledge regarding the same has been fuelling their demand across countries with high prevalence of obesity, which is a primary cause of heart diseases.
Nevertheless, the prospects for the market in Asia Pacific seem very lucrative, as India and China witness a rising incidence of coronary heart diseases. Spurred by these factors, the global phytosterols market is expected to report a CAGR of 10% between 2015 and 2021. The market is expected to reach US$926.7 mn in 2021 from a valuation of US$473.8 in 2014.
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Europe and North America Emerge as Most Lucrative Markets for Phytosterols
Geographically, Europe accounted for 40.27% of the demand witnessed in the global phytosterols market in 2014. The increasing application of phytosterols across end-use industries such as pharmaceuticals, cosmetics, and food and beverages has been fuelling demand for phytosterols from the region. Besides this, the increasing incidence of coronary heart diseases is a key factor fuelling demand for phytosterols from Europe and North America, alike.
The high prevalence of obesity has emerged as a major cause of concern for policymakers in North America. Since phytosterols are cholesterol reducing agents, they are considered ideal for preventing increased cholesterol level in human body. Their demand is thus expected to increase substantially across these developed regions through the forecast period.
In contrast, the lack of awareness about the benefits of phytosterols is limiting the market’s expansion across Asia Pacific and Rest of the World (RoW). However, TMR, expects, the phytosterols market in Rest of the World to rise at the highest pace during the forecast period. The rising disposable income of consumers in RoW has led them to upgrade their lifestyle. This will subsequently boost prospects for the phytosterols market.
Use of Phytosterols as Food Ingredients to Increase Rapidly
Phytosterols exhibit diverse applications across industries such as pharmaceuticals, cosmetics, and food and beverages. In 2014, the use of phytosterols as food ingredients held the largest market share in terms of value. According to TMR, demand from food ingredients segment accounted for over 50.45% of the market in 2014. The rising use of phytosterols as food ingredients due to their cholesterol lower properties is expected to fuel demand from the segment during the forecast period. Manufacturers operating in the food and beverages industry are including phytosterols in many of their food products to cater to their consumers’ health requirements.
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However, during the forecast period demand from the pharmaceuticals segment is expected to rise at the highest rate. The increasing awareness among consumers about the benefits of phytosterols in reducing the risk of heart diseases is fuelling demand from the segment. Furthermore, the incidence of heart ailments is expected to increase in India and China, thereby escalating phytosterols demand from these countries.
Besides this, the cosmetics industry is a niche segment in the global phytosterols market. However, the demand from this segment is also expected to rise in the forthcoming years. The rising disposable income of consumers will be the primary factor bolstering use of phytosterols in the cosmetics industry.