Global flavonoids market is expected to grow over the forecast period owing to its increasing demand in food & beverage industry. The product has been gaining popularity owing to its superior properties such as enhancing shelf life of various products.
Flavonoids are available in numerous forms including anthocyanins, anthoxanthins, chalcones, isoflavonens, flavones and flavanones. Among these, anthocyanins are expected to witness significant gains and will dominate the market in terms of revenue. In addition, increased usage of anthocyanins as a coloring agent from food & beverage industry is expected to be the key driving force over the projected period.
They are used in a host of applications including nutraceutical, animal feed, pharmaceutical and food & beverages. Nutraceuticals were one of the largest applications and are anticipated to witness significant gains over the forecast period.
Flavonoids are primarily extracted from soybeans, tomatoes, peppers, berries, citrus fruits, broccoli and carrots. It is a group of compound which contains antioxidant properties, preventing various diseases and helps in extending the shelf life of food products by defending it against deterioration cause by oxidation.
Increasing awareness regarding the antioxidant property of flavonoids is expected to drive its demand, particularly in aging population. Growing demand for cancer fighting products owing to increasing occurrences of the disease is expected to propel demand over the forecast period. In addition, the product inhibits various hormones including estrogen and prevents hormone based malignancies including prostate cancer and breast cancer.
Immense use of flavonoids owning to rising consumer awareness regarding the use of healthy products coupled with increasing use of stress relief and cholesterol lowering products is expected to drive demand over the forecast period. Furthermore, its increased use as a coloring agent along with its superior properties to enhance the shelf life of food & beverages is expected to boost the demand globally over the projected period. Moreover, growing demand for frozen foods and processed foods with high nutritional content is expected to augment demand.
Numerous food & beverage, nutraceutical and in pharmaceuticals manufacturers are increasingly using the phytonutrient on account of its numerous advantages. In addition, increasing ease of use, cheaper cost and diversified applications is expected to be a key driving factor for the market over the forecast period. The product is expected to grow significantly in almost all parts of the world over the projected period and the current market player is North America.
Global consumption of flavonoids is expected to grow significantly due to the expansion of its end-use industries including food & beverage, nutraceutical and pharmaceuticals. North America followed by Europe is expected to witness above average growth owing to its variety of applications used in various end-use industries. Increasing health consciousness in the region with rising demand for nutritional and dietetic supplements is expected to be the key driving force.
China is expected to lead the Asia Pacific market, owning to rising awareness regarding general well-being. Changing perception of consumers towards nutrition consumption in economies including India, Japan, Korea and Taiwan is expected to increase demand. Asia Pacific is expected to witness tremendous gains in terms of production and consumption of the product owing to the growing population.
The global flavonoids market is competitive due to focus on R&D by key manufacturer for product development and innovation. In addition, numerous universities are undertaking research on the product. For instance, in September 2014, researchers from Oregon State University discovered that a flavanoid, xanthohumol, found in hops slows down the process of palmitoylation, a natural memory degradation process in humans and animals.
Key players in the market include, Aquapharm Bio-Discovery Limited, Cayman Chemical Company, Quercegen Pharmaceuticals, Meherrin Agricultural & Chemical Company, Foodchem International Corporation, Indofine Chemical Company Inc, Kemin Industries, EXTRA SYNTHE SE and International Flavors and Fragrances.
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