The Global Vitamin Consumption market to witness accelerated growth fetching aggregate revenues of USD 9.1 billion by 2027
Published | July 2020
The Global Vitamin Consumption Market valued at USD 5.18 billion in 2019 and is expected to reach USD 9.10 billion by 2027, at a CAGR of 7.30 % during the projection period. Vitamins are micronutrients essential for the development, repair & metabolism of the human body. Significantly, they must be available in a sufficient amount in the human diet as the human body cannot produce them. Thus, its requirement provides ample scope for the development of vitamin supplying products market. Such products are mainly used in sports nutrition, food & beverage, nutraceuticals, and personal care industries.
Multiple types of vitamins such as vitamins A, B, C, D, E, and K find application in animal feed, food and beverages, cosmetics, pharmaceuticals, and other industries. The Vitamin A market has gained significance as it offers higher returns. Vitamin is useful for ophthalmologic ailments such as night sightlessness, myopia, and cataract. Vitamin D helps control diabetes and hypertension and captivate calcium for maintaining bone health. The Vitamin D segment also provides satisfactory returns. The constant growth of the wellness industry, rising demand for healthier & nutritional foods among consumers worldwide, increasing consciousness about prevalent diseases, rise in per capita disposable income of consumers are the factors stimulating the vitamin ingredients market. Increasing knowledge about lifestyle diseases has further uplifted growth.
Lack of proper awareness concerning the required intake of vitamins through dietary additions hampers the market growth and may pose a significant threat to the product. However, growing nutritional imbalance among consumers as a result of the intake of junk food and alcoholic beverages, as well as an unhealthy lifestyle, is expected to surge the demand for vitamin products worldwide in the coming years.
Healthcare segment plays a significant role in the Global Vitamin Consumption Market
By application, the vitamins market has been divided into animal feed, healthcare products, food & beverages, and personal care products. The healthcare section controlled the significant market share in 2018 among the application-based segments. The increasing shift towards preventive healthcare opens up tremendous opportunities for health care products containing vitamins as nutritional additions and pharmaceutical products. The demand for vitamins increases due to the high probability of vitamin deficiency in the population of both developed and developing countries. The food & beverage segment is predicted to grow at the highest CAGR. Besides, the increasing acceptance of nutritious food & beverages, the constant developments, and new product launches affirm the vitamin market's growth in the food & beverage industry.
Diseases caused due to food deficient in micronutrients, and vitamins fuels the market growth
In recent times, vitamin deficiency has become common due to chaotic lifestyles, shortened mealtimes, absence of nutrients in processed food, and loss of nutrition during cooking. However, increased consumer awareness about it has resulted in a shift towards regular vitamin intake and opt vitamin supplements in their busy lifestyles. The rising health awareness and the growth of fitness centers and health clubs support and give momentum to the request for vitamin supplements. Moreover, vitamin supplements for women also offer lucrative opportunities for market players due to the growing emphasis on women's health.
Rising incidence of obesity and related diseases is making consumers opt for food and beverages products that are low in fat and rich in minerals. This factor drives the market Growth
Growing knowledge about lifestyle diseases has encouraged the requests of nutritious food containing vitamins. Rising demand for better and nutritious foods, coupled with a rise in consumers' per capita disposable income, contributes to the expansion of the market. Lack of information regarding the correct intake of nutritional supplements impedes the market growth and may restrict the demand for the product. However, rising consumption of junk food and alcoholic beverages and hectic lifestyle has led to nutritional imbalance, which is likely to mount demand for nutritional supplements, including vitamins universally in the coming years.
The Asia Pacific is expected to witness significant growth in the market during the projected period
Asia Pacific controlled the vitamin market's significant share in 2018 and is anticipated to grow at the highest CAGR. The market in this region is majorly determined by China, which is the primary producer, exporter, and customer of vitamins. The rise in incomes, rising purchasing power, and substantial customer requests for nutritional & healthy products drive the market for vitamins in various industries in the region. The market for vitamins in the Asia Pacific is transforming due to its growing application in the animal feed industry. The segment covers the significant livestock populace and caters to urgent demands for livestock-based products such as milk, egg, and meat to the owners for animals. Quality feed is essential for livestock development and performance. Livestock owners are becoming increasingly aware of proper nutrition, and essential micronutrients and increasingly demand nutritious animal feed, adding requests in Asia Pacific's feed industry.
Global Vitamin Consumption Market: Competitive Landscape
The spearheading players in the vitamins market are Pfizer, Koninklijke DSM, Nestle, Lonza, Groupe Danone, Amway, Archer Daniels Midland Company, Bluestar Adisseo Company, AIE Pharmaceuticals Inc., and Bactolac Pharmaceuticals, Inc., Glanbia plc, BASF, Vitablend Nederland B.V., SternVitamin GmbH & Co. KG, Farbest-Tallman Foods Corporation, Watson Inc., Zagro, The Wright Group, Rabar Pty Ltd., Adisseo, Showa Denko K.K., and others.