The future of the global phytosterols market is teeming with opportunities as the demand for phytosterol-fortified products from medical and healthcare industry is rising day by day.
Albany, NY -- (SBWIRE) -- 06/03/2015 -- In 2012, the global market had reached a value of US$347.9 million. The rising prevalence of coronary heart disease in the global arena has triggered the market to significant extent. Market experts project the global phytosterol market to expand at a CAGR of 10.0% between 2013 and 2019 and reach to US$678 million by 2019.
Sitosterol: Leading Product Segment
The markets for Sitosterol, stigmasterol, campesterol, and others are the major component of the global phytosterols market based on products, wherein, the ?-sitosterol market acquired more than 65% of the overall industry positioning it as the market leader in 2012 and was followed by the market for campesterol. The widespread consumption of ?-sitosterols is driving the market significantly. Moreover, the ample availability of the source of ?-sitosterols is adding to the growth of this market. In the long run, the market for ?-sitosterols is expected to be the fastest growing segment of the global phytosterols market.
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Pharmaceutical Industry: The Future of the Phytosterols Market
Based on the application of phytosterols, the global market is classified into food ingredients, cosmetics, and pharmaceuticals. In 2012, the global food ingredients market accounted for more than half of the overall market volume. The heavy consumption of supplements in Europe and North America fueled the market growth in this segment. However, the pharmaceuticals industry is expected to cater to the potential phytosterols market owing to the advancement in technology as well as the growing scope of application of phytosterols in the global pharmaceutical industry. Analysts anticipate the pharmaceutical market segment to rise at a CAGR of 9.3% during the period from 2013 to 2019 and the cosmetics market is also expected to rise at a healthy growth rate.
Asia Pacific Market Shows Immense Potential
The global market for phytosterols was led by Europe in 2012 that accounted for almost 50% of the overall market and was followed by the market in North America and Asia Pacific, respectively. In addition, Europe is expected to register the fastest growth owing to the rising consumption of drugs and formulation in the region.
The market in Asia Pacific is at its budding stage, but, it is poised to develop at a higher rate than that of North America on account of the rising prevalence of cases related to coronary heart disease, which, in turn, is impelling the consumption of phytosterols fortified products in this region. Furthermore, the cosmetics market in this region is likely to report the highest growth rate and as the usage of phytosterols is increasing cosmetics, the market in Asia Pacific is on the verge to become one of the biggest phytosterols market across the globe.
Innovation Helps Global Phytosterols Market Participants Compete Better
Cognis, Raisio LIFE SCIENCES, Archer Daniels midland co. (ADM), Forbes Medi-tech, K- Patel phyto extracts Pvt. Ltd., and Phyto-Source LP are the prominent companies operating in the global phytosterols market. The market players are focusing on developing innovative technologies in the field of phytosterols to gain a competitive edge over peers.
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