An approximately US$1.5 Bn global flavonoids market (2020) awaits strong growth prospects, majorly because of food industry’s strictly growing adherence to natural food colourants.
Wellness Trend and Health Awareness to Promote Demand in Flavonoids Market
Nutraceuticals and functional foods are rapidly being incorporated into the mainstream and well accepted by the general population. This is mainly owing to increasing awareness regarding lifestyle disorders and their fatal consequences resulting in high economic and social burden on individuals. This has accelerated the use of flavonoids in functional food products on the back of their health benefits. Flavonoids offer anti-inflammatory benefits and promote skin health. In addition, these dietary antioxidants facilitate prevention of diseases such as cancer, cardiovascular ailments, diabetes, and other cognitive disorders such as dementia, and Alzheimer’s. Moreover, flavonoids carry out neutralisation of free radicals thus helping in temper inflammation. Additionally, increasing demand for pain relief, cholesterol lowering, and anti-inflammatory products are projected to drive the growth of the flavonoids market. In this backdrop, growing awareness apropos to consumption of nutritional food backed by growing wellness trend in the food and beverage industry is expected to drive sales of flavonoids.
Rising Demand for Anthocyanins to Augur Well for Flavonoids Market
The use of anthocyanins is expected to increase at a significant rate owing to their functional benefits. They are widely used in the food and beverage industry owing to their ability to impart colours. Moreover, they are used in traditional herbal medicines owing to the diverse physiological properties they offer that can treat several conditions including pyrexia, hypertension, dysentery, common cold, urinary problems, diarrhoea, and liver disorders. Given this background, use of anthocyanins as functional food ingredients is expected to further fuel their demand, in turn contributing towards growth of the flavonoids market.
Asian Countries to Present Lucrative Growth Opportunities for Flavonoids Market
Rising demand for flavonoids such as anthocyanin as a natural food colour in the food and beverage sector remains instrumental in driving the growth of flavonoids market in the region. Moreover, owing to their anti-inflammatory, antioxidative, and antimicrobial properties, they are widely used in treating cancer, cardiovascular disorders, eye diseases and other metabolic disorders. Complementing this, increasing prevalence of major chronic and lifestyle ailments including cancer, diabetes type 2, cardiovascular disorders, and obesity across emerging economies in Asia Pacific continue to drive the growth of the flavonoids market. For instance, according to NCBI (National Centre for Biotechnology Information), 77 million individuals in India suffered from diabetes and the count is expected to increase to cross 134 million by end of 2045. Likewise, as per NCBI analysis, cancer remains the leading cause of death in China and in 2022 around 4,820,000 new cancer cases are likely to be registered with a projected death count of 3,210,000 in the country. This has led to an increase in the consumption of fruits and vegetables filled with flavonoids, in turn contributing towards their market growth.
Furthermore, flavonoids are also used in different applications such as cosmetics, nutraceuticals, functional food products, and beverages and pharmaceuticals. Also, demand for convenience foods owing to busy lifestyles coupled with increasing awareness regarding health issues and unplanned diets has propelled use of flavonoids in such products. This aspect is expected to give an impetus to the demand of flavonoids in turn supplementing growth of the flavonoids market in Asia Pacific. Alternatively, developed nations in North America are also poised to showcase significant market attractiveness for flavonoids. This can be attributed towards increase in hypertension cases. High blood pressure has been one of the common lifestyle problems among individuals in the United States. According to the Centres for Disease Control and Prevention (CDC), around 50%, corresponding to 116 million individuals in the US alone suffer from hypertension resulting in a significant number of deaths due to the disorder. This has fuelled the consumption of nutrient-rich foods containing flavonoids that can lower blood pressure and facilitate heart health. This is projected to generate momentous opportunities for the flavonoids market in North America.
Flavonoids Market: Competitive Landscape
New launches, collaborations, joint ventures, and partnerships have been witnessed in the flavonoids market. Key players are leveraging these strategies to strengthen their position to gain competitive edge. For instance, in 2022, Taiyom an ingredients manufacturing company, launched water soluble supplement – Sunactive IsoQ – which is a quercetin precursor. This is a new flavonoid series launched by the ingredient manufacturer. Same year, Lantana Bio and Danish biotech company Biosyntia entered into a joint venture to innovate sustainable flavonoids and use them in the fortification of food and beverages, personal care products and dietary supplements. Similarly, in 2021, Longevity by Nature partnered with United Natural Foods Inc. and National Sales Association LLC for expansion with regards to marketing, sales, and distribution. This partnership aims towards expanding the footprint by offering superior food products to consumers.
A few of the major players in global flavonoids market include Cayman Chemical Company, Foodchem International Corporation, Indena S.p.A, Merck KGaA, Extrasynthese, Toroma Organics Ltd., Quercegen Pharmaceuticals, Pharmachem Laboratories Inc., and INDOFINE Chemical Company Inc.
The Global Flavonoids Market Is Segmented As Below:
Key Elements Included In The Study: Global Flavonoids Market
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