Vitamins Market:
Growth opportunities in the Vitamins market look promising over the next six years. This is mainly due to the strong demand for the functional and nutritionally enriched processed food products, the emerging trend of health practices followed by the growing prevalence of various diseases including obesity, diabetes, and other diseases.
Vitamins Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The key driver that is surging the growth of the global vitamins market size includes the strong demand for functional and nutritionally enriched processed food products at the global level. Additionally, the trend of healthy eating practices has encouraged individuals to opt for fortified food products. For example, food products, including dairy-based beverages, flours, and bakery products, provides ample amount of Vitamin B and other nutritional value. Moreover, the growing incidences of diseases including diabetes, obesity, and other diseases is further supporting people to move towards the adoption of food products having different types of vitamins to maintain and fulfil their specific body needs. According to the IDF, in 2020, the UAE’s total population amounted to 7,925,700 and there was 15.4% diabetes prevalence in adults. This has encouraged individuals to opt for healthy food products, thus driving the vitamins market share.
The increasing number of diseases owing to feeding fortification and vitamin deficiencies is further contributing to the market’s growth. As per the NCBI, in 2018, the prevalence of Vitamin D deficiency ranged from 40% to 99%, with various studies illustrating a prevalence of 80% to 90%, which is prevalent in all age groups and high-risk groups. The deficiency of Vitamin D causes cardiovascular diseases, cancer, tuberculosis, among other diseases. Several diseases, including arthritis, Parkinson’s diseases, dementia, osteoarthritis, among others, are further surging the market growth. However, the increasing price sensitivity is hampering the market growth over the forecast period.
Regional Drivers
Based on the region, Asia-Pacific region is expected to grow at a higher CAGR over the forecast period. This is mainly due to the growing application of vitamins in the feed sector. Moreover, the growing demand for nutritional & healthy products is further contributing to the market growth. The growing prevalence of regular as well as chronic diseases has increased the focus on preventive healthcare, thus surging the market growth.
Vitamins Market’s leading Manufacturers:
- DSM
- Glanbia plc
- ADM
- BASF SE
- Lonza
- Vitablend Nederland B.V.
- Vitamin Energy
- The GHT Companies
- SternVitamin GmbH & Co. KG
- Farbest Brands
Vitamins Market Segmentation:
Segmentation by Type:
- Vitamin B
- Vitamin E
- Vitamin D
- Vitamin C
- Vitamin A
- Vitamin K
Segmentation by Application:
- Healthcare Products
- Food & Beverages
- Feed
- Personal Care Products
Segmentation by Source:
- Synthetic
- Natural
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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