According to the current analysis of Reports and Data, the Global Vitamins market was valued at USD 6,313.3 Million in 2020 and is expected to reach USD 11.23 Billion by year 2028, at a CAGR of 7.1%.
Vitamins are widely used as dietary supplements. They are commonly prescribed by physicians as a medication for mild illness to severe chronic illnesses. It is believed that they help in enhancing immunity, improve wellbeing and aid in faster recovery of the illness. They are organic substances that must be provided in small quantities from environment, because they either cannot be synthesized in human body or their rate of synthesis is inadequate for maintenance of health. They are also self-prescribed by healthy people for enhancing their health, supplementing nutrition and prevention of minor ailments. It has been reported that these ingredients are one of the most common types of dietary supplements in the United States.
According to WHO, a projected 250 million preschool children are retinol deficient and it is likely that in vitamin A deficient areas a substantial proportion of pregnant women are retinol deficient. The increase in per-capita income with rising health awareness among people is driving the market. Furthermore, with ageing it becomes difficult for body to absorb vitamins directly from the normal food and hence these supplements become a necessity. However, the manufacturing of vitamins supplements is not uniform and strict government regulations for the production are hampering the industry.
The market has been segmented on the basis of source, type and application. By application, has been segmented into healthcare products, food & beverages, feed, and personal care products. The healthcare segment is expected to dominate the industry in the analysis period. They have considerable scope in health care products such as dietary supplements and pharmaceutical products, mainly due to the growing focus of health-conscious consumers on preventive healthcare. The demand for these ingredients is further witnessing an increase due to the high prevalence of vitamins deficiencies in both developed and developing countries. The food & beverages segment is projected to grow at the highest CAGR of 7.1% from 2018 to 2023. The rising popularity of fortified food & beverages and the continuous developments and new product launches are boosting the growth in the food & beverage industry.
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Further key findings from the report suggest
- By application, healthcare products are anticipated to grow at a CAGR of about 6.5% during the analysis period. The growth of this segment can be attributed to the increased malnutrition cases across the world which is in turn rising the demand for the vitamins.
- Asia Pacific is estimated to dominate the vitamins market in 2020 and is also projected to grow at the highest CAGR of 7.9% from 2018 to 2028. The market in this region is majorly driven by China, which is the largest producer, exporter, and consumer of vitamins. Further, the rise in incomes, increase in purchasing power, and significant consumer demand for nutritional & healthy products are also driving the consumption in various industries in the region.
- Further, the market in Asia Pacific is also experiencing growth due to its growing application in the animal feed industry. The region accounts for the largest livestock population and caters to significant demands for livestock-based products such as milk, egg, meat and others. Quality feed is essential for livestock growth and performance. As the livestock owners are becoming increasingly conscious regarding the importance of adequate nutrition, essential micronutrients such as vitamins are experiencing significant growth in demand in Asia Pacific’s feed industry. A total of 936 vitamin formulations are available in the Indian market. The nutrient profiles of the multivitamins vary widely. The lack of uniformity in labeling, as products contain ‘multivitamins’ (without specifying the actual composition), one or more minerals, antioxidants and various other nutritional supplements is impeding the vitamins market.
- Key competitors in the vitamins market are Archer Daniels Midland Company, BASF SE, Btsa Biotecnologías Aplicadas AS, Farbest Brands, Glanbia PLC, Lonza Group Ltd., Rabar Pty., Ltd., Royal DSM NV, Showa Denko K.K, Pharmavitte and others. In October 2016, BASF SE announced construction of a new world-scale plant for retinols in Ludwigshafen, Germany. The new facility will increase BASF’s total annual production capacity of by 1,500 metric tons.
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Segments Covered in the report:
This report forecasts revenue growth at a global, regional & country level, and gives an in-depth analysis of the market trends in each of the sub-segments from 2016 to 2028. For this study, Reports and Data have segmented the market based on source, type, application, and region:
By Type (Volume Metric Tons, Revenue, USD Million; 2020-2028)
- Vitamin B
- Vitamin E
- Vitamin D
- Vitamin C
- Vitamin A
- Vitamin K
By Source (Volume Metric Tons, Revenue, USD Million; 2020-2028)
By Application (Volume Metric Tons, Revenue, USD Million; 2020-2028)
- Healthcare Products
- Food & Beverages
- Infant Food
- Dairy Products
- Bakery & Confectionery Products
- Personal care products
Regional Outlook (Volume Metric Tons, Revenue, USD Million; 2020-2028)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Rest of Latin America
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