Phytosterols Market

The phytosterol market is projected to reach USD 1.6 billion by 2028 from USD 1.0 billion by 2023, at a CAGR of 8.3% during the forecast period in terms of value. Owing to the increase in demand for health awareness and nutritional foods.

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Market Dynamics

Driver : Growing Demand for Personal and Healthcare Products Fueled by Aging Populations

The World Health Organization predicts that the aging population will continue to grow, with 1 in 6 individuals being aged above 60 years by 2030. Furthermore, Asian economies such as Japan, South Korea, and Singapore are considered to be "advanced agers," with over 14% of their populations being over 60 years of age. As a consequence, the demand for high-quality personal and healthcare products is increasing, especially in the Asia Pacific region. Phytosterols, which are frequently used in anti-aging creams and suncare lotions, are among the key ingredients used in the cosmetics and personal care industry. Additionally, phytosterols' anti-inflammatory effects make them suitable for the treatment of atopic eczema and infant skin protection.

Restraint : Vitamin Deficiency and its Serious Consequences on Physiological Processes

Vitamins are categorized as either water-soluble or fat-soluble, and are absorbed by the body in a similar manner to dietary fats such as cholesterol. Since phytosterols bear a resemblance to cholesterol in terms of structure, their high consumption could lead to a reduction in the absorption of fat-soluble vitamins that are crucial for maintaining good vision, strong bones, and a healthy immune system. Research published in PubMed in 2011 confirmed this fact, demonstrating that phytosterols market can impede the intestinal absorption of vitamin D in vitro as well as in mice. This, in turn, could lead to deficiencies in fat-soluble vitamins, which could severely impact these physiological processes. Consequently, concerns regarding vitamin deficiency pose a restriction on the phytosterols market to some extent.

Opportunity: Rise in the prevalence of Chronic diseases

Cardiovascular illnesses (CVD) are becoming a rising global problem, with study released in February 2021 stating that CVD, which includes heart disease and stroke, was responsible for one-third of all fatalities globally in 2019. According to the World Health Organisation (WHO), CVD was responsible for 38% of the 17 million premature deaths (under 70 years old) caused by noncommunicable illnesses in 2019. According to the Centres for Disease Control and Prevention, high cholesterol is a key risk factor for a variety of cardiac illnesses. Diabetes, overweight and obesity, poor eating habits, physical inactivity, and excessive alcohol intake are all key contributors to the increased prevalence of heart disease.

Challenge: Lack of consumer awareness in developing and under-developed world

The phytosterols market is mainly driven by its health-imparting properties awareness. As a result, developed regions with high health awareness are a major market for this industry particularly in food, feed, and cosmetics applications. Phytosterols is a very distant concept for people in underdeveloped world and some emerging economies such as Africa and Asia. Most of the phytosterols in these countries are used in pharmaceutical applications. Players and countries in the Asian markets are mostly export-oriented, with respect to phytosterols market.

Various macroeconomic factors such as low development, political instability, poverty, and unemployment are responsible for this status quo in the underdeveloped world. There is a significant lack of health awareness in these regions. They also lack high incomes to dispose in such high-end functional food and personal care products. These factors together pose a major challenge for the players in the phytosterol industry to penetrate the underdeveloped market.

Phytosterol Market Ecosystem

Prominent companies in phytosterols market include well-established, financially stable manufacturers of phytosterol products. These companies have been operating in the market for several years and possess a diversified product portfolio, state-of-the-art technologies, and strong global sales and marketing networks. Prominent companies in this market include ADM (US), BASF SE (Germany), Cargill, Incorporated (US), International Flavors & Fragrances Inc. (US), Ashland (US)Matrix Life Science (India), AOM (Argentina), Lipofoods (Spain), Avanti Polar Lipids (US), DRT (France), Wilmar International Ltd (Singapore), VITAE NATURALS (Spain), TAMA BIOCHEMICALS CO., LTD (Japan), BOC Sciences (US), Herbo Nutra (India).

Adoption of food and beverages application is projected to drive the demand for phytosterol market

Aside from the health advantages of phytosterols, there is a growing need for nutritious and healthful foods and drinks. Consumers are becoming more conscious of the influence of their diet on their health and are seeking for items that will assist them in maintaining a healthy lifestyle. This has resulted in an increased interest in functional foods, which are goods that give health advantages in addition to basic nourishment. Because of their cholesterol-lowering qualities, phytosterols are commonly employed as a component in functional meals. They may be found in a variety of food products including as spreads, dairy products, and baked goods. The demand for these items is likely to increase as people become more health-conscious and seek methods to enhance their diet.

Additionally, only developed regions use phytosterols in nutritious and healthy foods. There is a chance for the phytosterol business to expand its market to undeveloped and emerging nations as knowledge of the health advantages of phytosterols rises in these countries. As was stated in the original article, there are a number of obstacles to be addressed, such as low incomes and the high price of functional meals. Nevertheless, by facilitating access to functional foods that can enhance people's diets and general health, the phytosterol industry has the potential to have a positive impact on the health and well-being of people in these areas.

Use of beta-sitosterol in phytosterol is expected to boost the phytosterols market growth

A popular phytosterol because of its many health advantages is beta-sitosterol. Alcohol can dissolve this waxy, white powder that has a unique smell. Due to its greater absorption, its effectiveness surpasses that of other phytosterols. Because beta-sitosterol and cholesterol share a similar structural makeup, they compete for absorption in the intestine, preventing absorption of cholesterol and lowering blood cholesterol levels. Avocados, pumpkin seeds, cashew fruit, excellent bran, wheat germ, maize oils, soybeans, dandelion coffee and cashews are some of the foods that are high in beta-sitosterol. With beta-sitosterols available in their product portfolios for both human and animal use, major market participants including Balso Plc. (Finland), BASF SE (Germany), and Bunge Limited (US) occupy a sizeable portion of the worldwide phytosterol market. Beta-sitosterol is commonly used as a dietary supplement to improve prostate health and to alleviate symptoms of BPH (Benign Prostatic Hyperplasia), a common condition in older men

Use of dry form in phytosterol is expected to rise the phytosterols market growth

The demand for dry form of phytosterols is being fueled by factors such as longer shelf life, lesser processing, and convenient packaging. Phytosterols are typically manufactured in granular and powdered form as this is an easy and efficient process. The dry segment is heavily commercialized due to the fact that phytosterols are naturally available in this form, requiring less processing than their liquid counterparts, which may involve complex techniques such as esterification and ansesterification of phytosterols and fatty acids. Moreover, using phytosterols in dry form ensures precise dosage incorporation in products, making them a preferred choice for use in animal feed, pet food, and feed meals. The Global Food Outlook published in June 2021 reported that compound feed production is increasing globally. As a result, with the rise in food and phytosterol-based meal manufacturing, the demand for phytosterols in dry form is also expected to rise. Additionally, powdered or dry form food ingredients and additives such as phytosterols offer numerous benefits, including longer shelf life, convenient packaging, ease of use in recipes, and ease of storage and transportation.

Europe is expected to dominate the market during the forecast period

The greatest market share belongs to the phytosterols sector in Europe, which is largely driven by increased consumer knowledge of the health advantages of functional food products and their capacity to spend money on luxury personal care items because of high disposable incomes. The well-established cosmetics business in Europe is also active in terms of innovation, and the popularity of cosmetics made from sustainable and natural extracts is what motivates the incorporation of phytosterols into these goods.

In addition, the European Commission encourages the use of plant-based goods and is developing ways for doing so. The per capita consumption of pig, beef, and sheep meat in Europe and other industrialized nations is anticipated to drastically fall by 2030, according to the Agricultural Outlook 2021-2030 by the Organization for Economic Co-operation and Development-Food and Agriculture Organisation (OECD-FAO). The demand for phytosterols in the region is being fueled by the shift in European consumers' eating habits towards flexitarian and vegan diets, since they are utilised in vegan butter substitutes such margarines and spreads. The phytosterols market, especially in the margarine category, will be driven by this change in consumer desire for plant-based food items.

Key Market Players

The key players phytosterols market include ADM (US), BASF SE (Germany), Cargill, Incorporated (US), International Flavors & Fragrances Inc. (US), Ashland (US)Matrix Life Science (India), AOM (Argentina), Lipofoods (Spain), Avanti Polar Lipids (US), DRT (France), Wilmar International Ltd (Singapore), VITAE NATURALS (Spain), TAMA BIOCHEMICALS CO., LTD (Japan), BOC Sciences (US), Herbo Nutra (India). These players in this market are focusing on increasing their presence through agreements and collaborations. These companies have a strong presence in North America, Asia Pacific and Europe. They also have manufacturing facilities along with strong distribution networks across these regions.

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Scope of the Report

Report Scope:

Phytosterols Market:

By Composition

• Beta-Sitosterol
• Campesterol
• Stigmasterol
• Other Compositions2

By Application

• Food & Beverage
• Dairy Products
• Bakery & Confectionery
• Nutritional Products
• Snacks & Cereals
• Beverages
• Other Food & Beverage Applications1
• Pharmaceuticals
• Cosmetics & Personal Care Products

By Form

• Dry
• Liquid

By Source

• Vegetable Oils
• Nuts and Seeds
• Whole Grains
• Other Sources3

By Region

• North America
• Europe
• Asia Pacific
• South America
• RoW

2Other Compositions include avenasterol, ergosterol, brassicasterol, lupeol, and cycloartenol
3Other Sources include legumes, fruits, and vegetables

Recent Developments

• In January 2022, ADM recently announced the opening of its first Science and Technology (S&T) Center in China. This opening is an important milestone in the Company’s continued investment in order to bring new nutrition and health innovation to meet growing demand in China.
• In November 2021, AOM leading producer of specialty Natural Tocopherols, Vitamin E and Plant Sterols, has recently announced the launch of a major industrial expansion. This project will enhance  the company’s manufacturing operations in Spain, making it the first fully integrated manufacturer of tocopherols, sterols and sterol esters in Europe.

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