Increasing demand across not only the food supplement and pharmaceutical markets but into cosmetics and biotech is expected to accelerate the growth of the phytosterols market globally, according to a new report from Polaris Market Research. From a baseline of US$745.1 million in 2020, the firm expects to see a compound annual growth rate (CAGR) of 8.4% to hit $1.38 billion by 2028.
While the COVID-19 pandemic has disrupted the phytosterols market by directly affecting production and supply chain as well as consumption patterns, the growing awareness among consumers and food producers of the potential role phytosterols could play in supporting heart health is boosting interest and sales growth. In fact, Polaris expects the rising incidence of coronary heart disease (CHD) due to increases in unhealthy behaviours and changing dietary trends to drive market growth.
In addition, phytosterols are in demand in the cosmetics market, and expected to be the fastest growing segment. Their plant-based profile and advantages in skin replenishment, as well as demand for bio-based formulations will attract formulators and marketers. Among the strong current uses are in anti-aging and sun care products, as they offer both anti-inflammatory and SPF properties.
When breaking down the phytosterol market, beta-sitosterol accounted for the majority of market share, as it is used in myriad drugs in the pharma space including those for heart disease, prostate conditions and asthma. However, campesterol is the ingredient Polaris tags to watch, attributing expected growth to its benefits to blood pressure.
North America is expected to attain the lion’s share of the market by 2028, given the demand for both food supplements and applications in the pharma industry. The European market is bolstered by the mature cosmetics, pharma and food industries in the UK and Germany, with greater focus on the bio-based economy supporting the use of bio-based ingredients like phytosterols in end-use industries.