Newark, NJ, Feb. 27, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global vitamin ingredients market is expected to grow from USD 3.02 Billion in 2018 to USD 5.24 Billion by 2026 at a CAGR of 7.1% during the forecast period 2019-2026. Continuous development of the wellness industry, growing demand for healthier & nutritional foods among consumers worldwide, increasing awareness about lifestyle diseases, rise in per capita disposable income of consumers are the factors fuelling the vitamin ingredients market.
Vitamins are defined as organic micronutrients that are required for growth, repair & metabolism of the human body. It is important that these nutrients must be present in ample quantities in the human diet as the body is incapable of producing them or cannot produce enough amounts which indicates ample growth potential for vitamin ingredients market for food & personal care applications. These products are mainly used in food & beverage, nutraceuticals, sports nutrition, and personal care industries. Constituents such as vitamin A, B, C, D, E, and K find application in food and beverages, cosmetics, animal feed, pharmaceuticals, and other industries. Vitamin A has gained much importance in the market owing to the many advantages it offers. This includes night blindness, treatment of eye-related disorders such as myopia, and cataract. Vitamin D is highly rewarding as a market segment, because of its ability to help in preventing diabetes and hypertension, in addition to aid in the absorption of calcium for bone health.
Increasing cognizance about lifestyle diseases has further stimulated growth. Growing demand for healthier and nutritional foods among consumers worldwide and a rise in per capita disposable income of consumers are other factors contributing to the market expansion. Lack of knowledge regarding the dosage of dietary supplements is hindering the market growth may pose a major threat to the product. However, growing nutritional imbalance among consumers, owing to rising intake of junk food and alcoholic beverages as well as lifestyle changes, is anticipated to increase product demand worldwide in the coming years.
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Key players operating in the global vitamin ingredients market include 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 BTSA BIOTECNOLOGíAS APLICADAS S.L among others. To enhance their market position in the global Vitamin Ingredients market market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- For instance, in December 2017, Nestle acquired Canadian vitamin maker Atrium Innovations for diversification its presence in consumer healthcare.
- For instance, in June 2019, pharmaceutical heavyweights Pfizer and GlaxoSmithKline (GSK) had announced to merge their consumer health units, to tap growing interest in vitamins and dietary supplements.
The food segment is dominating the market with the highest share of 39.90% in 2018
The applications segment is segmented into food, nutraceuticals, sports nutrition, beverages, and personal care. The food is dominating the market in 2018. The rising popularity of fortified food and the continuous developments and new product launches are boosting the growth of the vitamins market in the food industry.
Vitamin A segment dominated the market and valued around USD 601.03 Million in 2018
The product segment is segmented into Vitamin A, Vitamin D, Vitamin K, Vitamin E, Vitamin B1, Vitamin B2, Vitamin B3, Vitamin B5, Vitamin B6, Vitamin B7, Vitamin B12, and Vitamin C. The Vitamin A is dominating the market in 2018 with the highest share in 2018. Rising cases of ophthalmic illnesses, rise in the geriatric population, increasing healthcare expenditure and booming food & beverages sector may stimulate industry growth. Vitamin A helps in adequate growth & development, lowers cancer risk along with treating eye disorders such as cataract, night blindness & myopia thereby boosting the market for food & personal care applications.
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Regional Segment Analysis of the Vitamin Ingredients Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region dominated the global vitamin ingredients market with USD 1.28 Billion in 2018 where as the Asia Pacific region is growing rapidly in the market. The Asia Pacific region is dominating the market due to the rise in incomes, increase in purchasing power, and significant consumer demand for nutritional & healthy products are also driving the consumption of vitamins in various industries in the region. The increasing base of the population, rising concerns over health issues, and the surging patient pool suffering from vitamin deficiency are also some of the regions that drive the consumption of vitamins in this region. North America is anticipated to grow rapidly due to growing inclination toward a healthier lifestyle, coupled with rising consumer health concerns regarding chronic diseases in developed markets, will continue to play a crucial role in boosting the North America market. Surging demand for food supplements in the region, because of their capability to enable weight loss, increase endurance, improve muscle strength, and reduce fatigue, is anticipated to play an important role in promoting the regional market.
About the report:
The global Vitamin Ingredients market is analysed on the basis of value (USD Billion), volume (Kilo Tons), consumption (Kilo Tons), imports (Kilo Tons) and exports (Kilo Tons). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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