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 Introduction
1.1 Study Objectives
1.2 Market Definition
1.3 Study Scope
1.4 Years Considered
1.5 Currency Considered
1.6 Units Considered
1.7 Stakeholders
1.8 Summary of Changes
1.9 Recession Impact
2 Research Methodology
2.1 Research Data
2.2 Market Size Estimation
2.3 Data Triangulation
2.4 Research Assumptions
2.5 Limitations
2.6 Recession Impact on Vitamins Market
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities for Key Players in Vitamins Market
4.2 Global Vitamins Market: CAGR of Major Regional Submarkets
4.3 Asia-Pacific: Vitamins Market, by Type & Key Country
4.4 Global Vitamins Market, by Application & Region
4.5 Global Vitamins Market, by Type
4.6 Global Vitamins Market, by Source
5 Market Overview
5.1 Introduction
5.2 Macroeconomic Indicators
5.3 Market Dynamics
6 Industry Trends
6.1 Introduction
6.2 Trends Impacting Customers' Business
6.3 Pricing Analysis
6.4 Value Chain
6.5 Market Mapping and Ecosystem of Vitamins
6.6 Trade Data: Vitamins Market
6.7 Porter's Five Forces Analysis
6.8 Technology Analysis
6.9 Patent Analysis
6.10 Key Conferences & Events in 2022-2024
6.11 Tariff and Regulatory Landscape
6.12 Key Stakeholders and Buying Criteria
6.13 Case Studies
7 Vitamins Market, by Type
7.1 Introduction
7.2 Vitamin B
7.3 Vitamin E
7.4 Vitamin D
7.5 Vitamin C
7.6 Vitamin A
7.7 Vitamin K
8 Vitamins Market, by Application
8.1 Introduction
8.2 Healthcare Products
8.3 Food & Beverages
8.4 Feed
8.5 Personal Care Products
9 Vitamins Market, by Source
9.1 Introduction
9.2 Synthetic
9.3 Natural
10 Vitamins Market, by Region
10.1 Introduction
10.2 North America
10.3 Europe
10.4 Asia-Pacific
10.5 RoW
11 Competitive Landscape
11.1 Overview
11.2 Strategies Adopted by Key Players
11.3 Historical Revenue Analysis of Key Players
11.4 Market Share Analysis
11.5 Company Evaluation Quadrant (Key Players)
11.6 Vitamins Market: Evaluation Quadrant of Startups/SMEs
11.7 Competitive Scenario
12 Company Profiles
12.1 Key Players
13 Adjacent and Related Markets
13.1 Introduction
13.2 Limitations
13.3 Vitamins & Minerals Premixes Market
13.4 Vitamin D Market
14 Appendix
14.1 Discussion Guide
14.2 Knowledgestore: The Subscription Portal
14.3 Customization Options
For more information about this report visit https://www.researchandmarkets.com/r/t3hx
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