The European region has been witnessing problems such as cancer, diabetes, hypertension, and obesity, among others, across its population in recent years, mainly owing to the extravagant lifestyles. Consumer concerns related to these diseases have created a massive market for nutraceuticals that incorporate natural plant extract ingredients. Europe is a large market for plant extracts and phytochemical ingredients, since a majority of the food processing and pharmaceutical companies are established in this region.
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In Europe, the phytochemicals & plant extracts market in the U.K. is expected to grow at the fastest CAGR during the forecast period of 2014 to 2019. A number of factors such as increasing awareness about pro health food, increasing purchase power, and the rising availability of products are aiding the market growth.
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Germany is the largest market for phytochemicals & plant extracts in Europe, as of 2014. It constituted 22.7% of the total market revenues. Nutraceuticals industries are increasingly incorporating phytochemicals and plant extract ingredients in their products to cater to the rising demand from consumers. The dietary supplements segment for plant extracts and phytochemicals has witnessed significant growth in recent years.
The phytochemicals & plant extracts market in Europe is driven by factors such as the growing aging population, stringent norms against chemical ingredients, and so on.
Some of the key players of the North American phytochemicals & plant extracts market include Cargill Inc. (U.S.), Chr. Hansen (Denmark), Arboris LLC (U.S.), and BASF SE (Germany), among others. These companies are investing heavily in this high-growth market in order to gain higher profits and increase their shares in the North American market.
