ID: MRFR/F-B & N/0823-CR | June 2021 | Region: Global | 90 pages
Vitamins Market is projected to register a CAGR of 5.70% and is expected to reach a value of USD10,079.92 million during the forecast period 2021-2028
Vitamins are the major nutrients required for the human body to develop and function normally and also essential for a healthy metabolism. The deficiency of vitamins in the human body may cause disorders. However, the resupply of these nutrients can alleviate deficiency symptoms. The vitamins known are vitamin A, B, C, D, E, and K. The other well-known types of vitamin B are Thiamin (B1), riboflavin (B2), niacin (B3), pantothenic acid (B5), pyridoxal(B6), cobalamin (B12), biotin, and folate/folic acid.
The World Health Organization (WHO) suggests the world population consumes immunity-boosting foods and intake vitamins, minerals, proteins, dietary fiber, and antioxidants which are essential for the human body to fight the outbreak. Hence the intake of vitamin supplements increases among the population that increases the demand for the vitamins market. Vitamins are of two types as natural and synthetic which are used to function the metabolism properly. In this COVID situation, natural vitamins have high demand and are expected to grow in the future years too.
The COVID-19 outbreak has drastically impacted people’s lives all over the world. With the rising cases, stringent government regulations like lockdowns, industries & business sectors off, etc are applied in almost every country. It is very important to boost immunity to fight viruses and maintain hygiene and following all medical advisories in the current situation.
Wide range of end-use applications:
Food & beverages, animal feed, personal care, and pharmaceuticals & nutraceuticals are the various industries that found the application of vitamins. Vitamin contains carbon and is an essential nutrient for human as well as animals’ bodies. The 13 types of vitamins are used in end-use industries such as vitamin A, vitamin B1, vitamin B2, vitamin B3, vitamin B5, vitamin B6, vitamin B7, vitamin B9, vitamin B12, vitamin C, vitamin D, vitamin E, and vitamin K which are having different functions. Among them, B vitamins are used in wider applications of food & beverages, works strongly towards disease prevention, and general health that is the major driver for the growth of the vitamins market.
Growing Health consciousness among the people:
The number of health-conscious people all over the world is increasing. Different types of health concerns include obesity, malnutrition, weak immune system, etc are also increased. Moreover, the rise in the prevalence of vitamin deficiency due to shortened mealtimes, hectic lifestyles, and loss of nutrition during the processing of food. Hence due to these factors, people are focussing on the intake of vitamins to their bodies to boost their immunity.
Overconsumption of vitamins like A, D, E, and K build up to toxic levels and cause hypervitaminosis. Overconsumption of vitamin A causes dizziness, headaches, skin irritation, and joint pains, and overuse of vitamin D consumption which may cause calcium build-up leads to weakness and frequent urination.
Growing consumer preference for natural and clean-label products is the best opportunity to drive the demand for natural vitamins in the end-use industries.
Health concerns due to the overconsumption of vitamins.
The vitamins market analysis has been segmented based on the type, source, application, and region.
Based on Type
The global vitamins market based on the type segment is divided into vitamin B, vitamin C, Vitamin E, and others. Among them, vitamin B holds the largest market share as it is a water-soluble vitamin that plays a major role in cell metabolism. Vitamin B is found in various sources like eggs, liver & flesh, yeast, and vegetables.
Based on Source
Based on the source, the global vitamins market is segmented into synthetic and natural. Among these two, during the forecast period, the natural source segment is expected to exhibit a high CAGR of 11.46%. The substances obtained from plant or animal raw materials using physical, microbiological, or enzymatic process contains these natural vitamins. Due to the growing demand for clean-label products, the demand for natural vitamins increases.
Based on Application
The global vitamins market based on application is segmented into food&beverages, pharmaceutical & nutraceutical, animal feed, and personal care. Out of these applications, the pharmaceutical & nutraceutical segment holds the largest market share for the sharp increase in healthcare costs. The adoption of new technologies and treatments, excessive use of procedures and tests, quality of medical services, and lack of transparency and information on prices are the factors that increase the price for the healthcare sector.
Based on Region
Region-wise, the global vitamins market is divided into North America, Asia-pacific, Europe, and the rest of the world. Asia-Pacific accounts for the largest market share for the growing consumption of functional foods, increasing per capita disposable income, and urbanization.
Globally, the vitamins market based on region is segmented into North America, Asia-Pacific, Europe, and the Rest of the World. Out of these regions, Asia-Pacific accounts for the largest market share during the review period. In 2020, Asia-Pacific holds the largest vitamins market share of 32.46% and is projected to register the fastest growth rate in the review period 2021-2028. Moreover, Europe holds the second-largest market share in 2020 and is predicted to exhibit a CAGR of 5.08% during the forecast period.
The leading country-level in the Asia-Pacific region is China. Now-a -days, several functional foods use vitamins as an ingredient. In this region, the consumption of functional foods is increasing due to the increasing per capita disposable income, urbanization, and rising concerns for nutrition deficiency.
Europe is estimated as a lucrative region for vitamins manufacturers. During the forecast period, product development, growing prevalence of vitamin deficiency, and technological up-gradation are the factors expected to drive the growth of the functional beverages market in European countries. According to the World Health Organization (WHO) report, nearly 70% of European people suffer from vitamin D deficiency, increasing the demand for vitamins industry.
The prominent key players in the vitamins market trends are the following:
This global vitamins market research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market dynamics include the vitamins industry drivers, restraints, challenges, and opportunities. The vitamins industry forecast segments are type, source, application, and region.
The global vitamins market outlook has been segmented based on the type, source, application, and region.
Food & Beverages, pharmaceutical & nutraceutical, animal feed, and personal care are some of the applications.
Synthetic and natural.
Vitamin B, vitamin C, Vitamin E, and others.
Asia-Pacific, Europe, North America, and the Middle East & Africa are the main geographies included in this market.
Frequently Asked Questions (FAQ) :
Economic growth and increasing health conscious population and consumer’s inclination towards food supplements are major tailwinds pushing the growth of the global vitamins market.
Stringent government regulations for application of vitamins across food products is a key growth impeder for the global vitamins market.
North America holds the largest share in the global vitamins market, followed by Europe and the Asia Pacific, respectively.
Koninklijke DSM N.V. (the Netherlands), BASF SE (Germany), Amway Corporation (U.S.), Pfizer Inc. (U.S.), Reckitt Benckiser Group plc (U.K), Vitamin Shoppe, Inc. (U.S.), Archer-Daniels-Midland Company (U.S.), NBTY Global, Inc. (U.S.), Bayer AG (Germany), and Pharmavite LLC (U.S.), are some of the top players operating in the global vitamins market.
Strategic initiatives such as mergers & acquisitions, collaborations, expansion, and technology/ product launch are some of the growth strategies that players operating in the global vitamins market adopt to gain a larger competitive advantage.