According to the current analysis of Reports and Data, the Global Vitamins Market was valued at USD 6.7 Billion in 2021 and is expected to reach USD 12.6 Billion by year 2030, at a CAGR of 7.4%.
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.
The food and beverage industry is involved in transforming raw food materials into consumer food products. The sector includes groceries, oils and fats, food additives, functional foods and beverages, canned food, packaged foods, health and natural foods, baby food, animal food, syrup, baked food, soft drinks, alcoholic and non-alcoholic drinks, energy drinks, and packaging. The companies in this industry are looking for innovations in food that meet the changing consumer’s preferences in terms of global flavors, and varieties. The touchless transactions, open kitchen concept, ghost kitchens and e-commerce trends (especially during Covid-19) are reshaping the food and beverage sector.
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Key Players:
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.
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 2020 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.
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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
- Others
By Source (Volume Metric Tons, Revenue, USD Million; 2020-2028)
- Synthetic
- Natural
By Application (Volume Metric Tons, Revenue, USD Million; 2020-2028)
- Healthcare Products
- Food & Beverages
- Infant Food
- Dairy Products
- Others
- Feed
- Personal care products
Regional Outlook (Volume Metric Tons, Revenue, USD Million; 2020-2028)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Key Questions Answered In The Report:
- What will be the market size and growth rate in the forecast year?
- What are the key factors driving the global Vitamins market?
- What are the risks and challenges in front of the market?
- Who are the key players in the global Vitamins market?
- What are the trending factors influencing the market shares?
- What are the key outcomes of Porter’s five forces model?
- Which are the global opportunities for expanding the global Vitamins market?
Thank you for reading this article. You can also get chapter-wise sections or region-wise report coverage for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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