The global phytosterols market size is expected to reach USD 1.38 billion by 2028 according to a new study by Polaris Market Research. The report “Phytosterols Market Share, Size, Trends, Industry Analysis Report, By Product (Beta-sitosterol, Campesterol, Stigmasterol); By Application (Pharmaceuticals, Cosmetics, Food Ingredients); By Region; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The growth of the industry is likely to be driven by the rising incidence of coronary heart disease due to changing dietary trends and a rise in unhealthy behaviors. Therefore, increasing health consciousness and the acceptance of bio-based substances across finished industries like pharmaceuticals and cosmetics are among the significant factors determining overall growth.
Over the coming years, the demand for the product is expected to rise due to the product's plant-based profile and skin-replenishing advantages. For instance, KahlWax unveiled a new skincare cosmetics product in March 2019. A 6427 Megasoft Complex is a unique combination of oils, natural waxes, and emollients phytosterol-enriched.
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Based on application, the cosmetics industry is expected to be the fastest-growing segment. It offers an extensive range of advanced plant-based products due to the massive growth in demand for bio-based formulations. Personal care and cosmetics products contain phytosterols.
One of the factors that drive intense rivalry among the players is new and emerging product launches. For example, in June 2019, Raisio Group announced a USD 55 million investment in the growth of nutritious foods and plant-based value-added goods. The business has strengthened its marketplace in Europe as a result of this investment.
On the other hand, ADM announced the acquisition of Ziegler Group, one of the leading European industry players in the phytosterols industry, in February 2019. The company has expanded its nutrition range and product presence in the industry due to this acquisition.
Polaris Market Research has segmented the phytosterols market report based on product, application, and region:
Phytosterols, Product Outlook (Revenue - USD Million, 2016 – 2028)
Phytosterols, Application Outlook (Revenue - USD Million, 2016 – 2028)
Phytosterols, Regional Outlook (Revenue - USD Million, 2016 – 2028)