News

Apr 27, 2023

Global Vitamins Market Assessment 2023

Global Vitamins Market Dublin, June 09, 2023 (GLOBE NEWSWIRE) -- The "Vitamins

Global Vitamins Market

Dublin, June 09, 2023 (GLOBE NEWSWIRE) -- The "Vitamins Market by Type (Vitamin A, Vitamin B, Vitamin C, Vitamin D, Vitamin E, & Vitamin K), Application (Healthcare Products, Food & Beverages, Feed, and Personal Care Products), Source (Synthetic and Natural) and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The global vitamins market is estimated to be valued at USD 6.7 billion in 2023 and is projected to reach USD 8.9 billion by 2028, recording a CAGR of 6% during the forecast period in terms of value. The increasing prevalence of vitamin deficiencies is driving the vitamins market across the globe. Key vendors operating in this market are Koninklijke DSM N.V. (Netherlands), Glanbia PLC (Ireland), ADM (US), BASF (Germany), and Lonza Group (Switzerland), Adisseo (China), and Vitablend Nederland B.V. (Netherlands).

According to the World Health Organization (WHO), vitamin A deficiency causes preventable blindness in children and increases the risk of infections like diarrhea and measles. During pregnancy, Vitamin A deficiency occurs in the third trimester. Proper breastfeeding can prevent vitamin A deficiency in infants and children between 6-59 months. Vitamin D deficiency is also very common in adults due to the lack of proper sun exposure and an increase in the use of sunblock.

After the pandemic, the situation has become very bad due to the trend of working from home. This shows that the vitamins market has a lot of scope for the manufacturers. Some manufacturers are adding vitamins to daily food products so that consumers will accept their products easily. For example, The Wright Group introduced the vit-A rice, which contains vitamin A and folic acid. Developing such products can tap the growing vitamin market of manufacturers.

Market Dynamics

Drivers

Growing Demand for Nutritionally Enriched Processed Food Products

Increasing Prevalence of Vitamin Deficiencies

Feed Fortification due to Rise in Global Meat & Dairy Product Consumption and Feed Production

Restraints

Constrained Supply of Raw Materials for Natural Vitamins Coupled with High Costs

Opportunities

Sourcing of Natural Allergen-Free Vitamin E

Applications of Vitamin D in Personal Care Products

Challenges

Scarcity of Ingredients and Price Sensitivity

Environmental Impact Resulting in Changes in Regulatory Policies

By type, the Vitamin B segment will be the largest segment during the forecast period

Vitamin B has different roles to play in the human body, like releasing energy using carbohydrates and fats, breaking down the amino acids, and transporting the oxygen and nutrients which contains the energy to the body. Vitamin B is of seven types. They are B1, B2, B3, B5, B6, B9, and B12. The different type has different roles in the body, like enhancement of skin, production of red blood cell & cellular energy, and proper functioning of the nervous system. Vitamin B6& vitamin B12 help in reducing the risk of cancer and heart attacks. Vitamin B also helps in metabolism, maintaining immunity, and digestive health. This shows that vitamin B provides growth opportunities for manufacturers.

By application, the food & beverages segment is expected to grow at the highest rate during the forecast period

The food & beverages segment dominated the global vitamins market due to the increase in the utilization of dietary requirements in the development of a better lifestyle. Vitamins help in increasing immunity and give protection from various diseases. Consumers are becoming health conscious and willing to add vitamins to their diets. As a result, many companies are offering fortified food & drinks by adding various vitamins and minerals. Due to the popularity of fortified products, the vitamins market is growing. This creates new product launches, and continuous efforts in R&D. all the above factors help the Vitamins manufacturers to expand their business.

By source, the natural segment is expected to grow at the highest rate during the forecast period

The natural segment, based on source, is projected to account for the largest share during the forecast period due to the rising demand for natural products due to increasing health concerns. Natural vitamins are made using the nutrients and minerals which are derived from plants, fruits, and other natural sources. They create allergic reactions and harmful side effects as they are derived from natural resources. Natural vitamins give long-term health benefits. As the demand is increasing, manufacturers are continuously working on new product launches. This creates the manufacturers to develop their business and meet the customers' demands.

Asia-Pacific market is estimated to dominate the global landscape

Due to the large population, the increase in the number of middle-class families and health-conscious consumers increases the demand for vitamins and nutritional supplements. Asia Pacific is becoming more health conscious. These changes can lead to an increase in demand for vitamins and other dietary supplements. The governments in the Asia Pacific region are encouraging people towards healthy lifestyles and preventative healthcare, which has led to the increased demand for supplements and vitamins.

The leading countries in the region include China, Japan, India, and Australia. China has a vast population and an increase in health concerns holds the largest market share in this region. The increase in e-commerce has helped customers to buy products at their convenience. This contributed to the expansion of the vitamin market.

Key Attributes

Report Attribute

Details

No. of Pages

200

Forecast Period

2023-2028

Estimated Market Value (USD) in 2023

$6.7 Billion

Forecasted Market Value (USD) by 2028

$8.9 Billion

Compound Annual Growth Rate

6%

Regions Covered

Global

Key Topics Covered

1 Introduction1.1 Study Objectives1.2 Market Definition1.3 Study Scope1.4 Years Considered1.5 Currency Considered1.6 Units Considered1.7 Stakeholders1.8 Summary of Changes1.9 Recession Impact

2 Research Methodology2.1 Research Data2.2 Market Size Estimation2.3 Data Triangulation2.4 Research Assumptions2.5 Limitations2.6 Recession Impact on Vitamins Market

3 Executive Summary

4 Premium Insights4.1 Attractive Opportunities for Key Players in Vitamins Market4.2 Global Vitamins Market: CAGR of Major Regional Submarkets4.3 Asia-Pacific: Vitamins Market, by Type & Key Country4.4 Global Vitamins Market, by Application & Region4.5 Global Vitamins Market, by Type4.6 Global Vitamins Market, by Source

5 Market Overview5.1 Introduction5.2 Macroeconomic Indicators5.3 Market Dynamics

6 Industry Trends6.1 Introduction6.2 Trends Impacting Customers' Business6.3 Pricing Analysis6.4 Value Chain6.5 Market Mapping and Ecosystem of Vitamins6.6 Trade Data: Vitamins Market6.7 Porter's Five Forces Analysis6.8 Technology Analysis6.9 Patent Analysis6.10 Key Conferences & Events in 2022-20246.11 Tariff and Regulatory Landscape6.12 Key Stakeholders and Buying Criteria6.13 Case Studies

7 Vitamins Market, by Type7.1 Introduction7.2 Vitamin B7.3 Vitamin E7.4 Vitamin D7.5 Vitamin C7.6 Vitamin A7.7 Vitamin K

8 Vitamins Market, by Application8.1 Introduction8.2 Healthcare Products8.3 Food & Beverages8.4 Feed8.5 Personal Care Products

9 Vitamins Market, by Source9.1 Introduction9.2 Synthetic9.3 Natural

10 Vitamins Market, by Region10.1 Introduction10.2 North America10.3 Europe10.4 Asia-Pacific10.5 RoW

11 Competitive Landscape11.1 Overview11.2 Strategies Adopted by Key Players11.3 Historical Revenue Analysis of Key Players11.4 Market Share Analysis11.5 Company Evaluation Quadrant (Key Players)11.6 Vitamins Market: Evaluation Quadrant of Startups/SMEs11.7 Competitive Scenario

12 Company Profiles12.1 Key Players

13 Adjacent and Related Markets13.1 Introduction13.2 Limitations13.3 Vitamins & Minerals Premixes Market13.4 Vitamin D Market

14 Appendix14.1 Discussion Guide14.2 Knowledgestore: The Subscription Portal14.3 Customization Options

For more information about this report visit https://www.researchandmarkets.com/r/t3hx

About ResearchAndMarkets.comResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Attachment

Global Vitamins Market