Sustainable sourcing practices, such as eco-friendly farming and responsible harvesting, are gaining importance among environmentally conscious consumers. As the demand for ethically and sustainably sourced ingredients rises, flavonoid producers that prioritize these practices can capitalize on this trend. This leads to increased consumer trust and a surge in demand for flavonoid-rich products, ultimately boosting the flavonoid market. Genetic testing and advanced technology enable consumers to identify specific dietary needs, increasing demand for flavonoid supplements that address individual health concerns. Such factors drive the demand for the flavonoid market.
PORTLAND, Ore. , March 11, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Flavonoid Market By Product Type (Isoflavones, Anthocyanin, Others), By Form (Powder, Liquid), By Application (Pharmaceuticals, Nutraceuticals, Cosmetics, Food And Beverages).”. According to the report, the global Flavonoid Market generated $1,672.2 million in 2022 and is anticipated to generate $2,926.7 million by 2032, witnessing a CAGR of 5.8% from 2023 to 2032.
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Prime determinants of growth
Flavonoid is largely used in the nutraceuticals industry. This is attributed to the high consumption and demand for nutraceutical supplements containing flavonoids such as isoflavones and anthocyanidins, which in turn is driving the growth of the market. In addition, the flavonoid in the pharmaceutical industry is used for its polyphenolic structure, and for different pharmacological activities. This in turn is also propelling the growth of the market. However, a lack of consumer awareness regarding the availability of flavonoids as a dietary supplement is restricting the growth of the market. Nevertheless, an upsurge in the usage of flavonoids in the food & beverages industry is expected to offer huge opportunities for the growth of the market during the forecast period.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$1,672.2 million |
|
Market Size in 2032 |
$2,926.7 million |
|
CAGR |
5.8 % |
|
No. of Pages in Report |
265 |
|
Segments Covered |
Product Type, Form, Application, and Region |
|
Drivers |
Rise in adoption of flavonoids in nutraceuticals industry Rise in usage of flavonoid in pharmaceutical industry Growth in usage of flavonoid in cosmetic industry |
|
Restraints |
Lack of consumer awareness regarding availability of flavonoid as a dietary supplement Potential threat of substitution |
|
Opportunities |
Upsurge in the usage of flavonoid in the Food Industry |
The Isoflavones segment to maintain its leadership status throughout the forecast period
Based on product type, the Isoflavones segment held the highest market share in 2022, accounting for more the half of the global flavonoid market revenue and is estimated to maintain its leadership status throughout the forecast period. Rise in prevalence of chronic diseases and cancer, technological advancements in the manufacture of isoflavones, and the rapidly growing geriatric population are the primary drivers of the market. However, the anthocyanin segment is projected to manifest the highest CAGR of 6.3% from 2023 to 2032. Rise in food & beverage coloring agents market including synthetic and natural colors is expected to increase the demand for Anthocyanin from various industries during the forecast period.
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The powder segment to maintain its leadership status throughout the forecast period
Based on form, the powder segment held the highest market share in 2022, accounting for more the four-fifth of the global flavonoid market revenue and is estimated to maintain its leadership status throughout the forecast period. The flavonoids available in powdered formats are majorly used in the pharmaceuticals industry, are also used in functional food and are available as phytoestrogen supplements, which are mostly used in women to treat hot flashes, acne, osteoporosis, and menstrual relief. However, the liquid segment is projected to manifest the highest CAGR of 6.5% from 2023 to 2032. The liquid form of flavonoids, especially isoflavones, is mostly applicable as dietary supplements and infant formula.
The Pharmaceuticals segment to maintain its leadership status throughout the forecast period
Based on application, the pharmaceuticals segment held the highest market share in 2022, accounting for nearly two-fifths of the global flavonoid market revenue and is estimated to maintain its leadership status throughout the forecast period. Flavonoid is an immunity-boosting enzyme that reduces the possibility of cancer, cardiovascular disease, and others. Thus, this has driven the demand for flavonoids used in the pharmaceutical industry. However, the Food and Beverages segment is projected to manifest the highest CAGR of 6.3% from 2023 to 2032. One of the key trends that have driven changes toward healthier food is an increase in consumer preference for brands that share transparency to the food products and that use natural, healthy ingredients such as natural ingredients.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global Flavonoid Market revenue, this is mainly due to high incidences of diseases such as high cholesterol, high blood pressure, coronary heart diseases, atherosclerosis, and congestive heart failures. However, the Asia-Pacific region is expected to witness the fastest CAGR of 6.7% from 2023 to 2032. The Asia-Pacific has witnessed a surge in the number of millennials and the millennials are the forefront users of various types of wellness products including flavonoid as a dietary supplement.
Leading Market Players: -
BASF SE
Ingredients By Nature
Foodchem International Corporation
Conagen, Inc.
Bordas S.A.
Cayman Chemical Company
Biosynth AG
Santa Cruz Biotechnology, Inc.
Archer-Daniels-Midland Company
Givaudan SA
Want to Access the Statistical Data and Graphs, Key Players’ Strategies: https://bit.ly/3Pf62w1
The report provides a detailed analysis of these key players in the global Flavonoid Market. These players have adopted different strategies such as collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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