Dublin, March 26, 2024 (GLOBE NEWSWIRE) -- The "Global Vitamin A Market: Analysis By Type, By Product, By Application, By Region Size,Trends and Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global vitamin A market value stood at US$548.36 million in 2023 and is expected to reach US$745.84 million by 2029.
The continuous growth of the global vitamin A market can be attributed to several key factors. Firstly, the rise in the geriatric population worldwide has contributed significantly to the increased demand for vitamin A, as older individuals often require additional nutritional support. Secondly, the growth in feed fortification practices in the agriculture industry has led to higher consumption of vitamin A among livestock, indirectly boosting human intake through animal products. Additionally, the increasing consumer spending on skincare products, driven by a growing awareness of skin health, has fueled the demand for vitamin A in topical formulations. Moreover, the expansion of the dietary supplement industry has provided consumers with easier access to vitamin A supplements. The rising demand for functional foods, fortified with essential nutrients including vitamin A, has also contributed to market growth. Furthermore, the surge in eye and skin disorders and the prevalence of vitamin A deficiency have emphasized the importance of adequate vitamin A intake, further propelling market expansion. The market is expected to grow at a CAGR of 5.26% over the projected period of 2024-2029.
Market Segmentation Analysis:
By Product: Synthetic segment held the highest share in the market and Natural segment is expected to be the fastest growing segment in the forecasted period. The preference for synthetic Vitamin A is primarily due to its cost-effectiveness and widespread availability, making it a popular choice among manufacturers and consumers alike. On the other hand, the increasing consumer preference for natural and organic products, driven by health and sustainability concerns, is expected to drive the growth of Natural Vitamin A. Consumers are increasingly seeking products derived from natural sources, leading to a surge in demand for natural alternatives, thus fueling the projected growth of this segment in the market.
By Product: The Feed Grade Vitamin A held the highest share in the market and the Pharmaceutical Grade is expected to be the fastest-growing segment in the forecasted period. Feed Grade dominates due to its extensive use in animal feed to support optimal health and growth in livestock, poultry, and aquaculture. On the other hand, the projected growth of Pharmaceutical Grade is driven by increasing demand in the pharmaceutical industry for manufacturing medications, supplements, and formulations aimed at improving human health and well-being. The pharmaceutical sector's emphasis on quality, purity, and stringent regulatory standards further contributes to the expected growth of this segment, as consumers prioritize efficacy and safety in pharmaceutical products.
By Material: Animal Feed held the highest share in the market and Cosmetics is expected to be the fastest-growing segment in the forecasted period. With the global demand for meat, dairy, and eggs on the rise, fortified animal feed is increasingly vital to ensure optimal animal health and productivity. This growth is propelled by heightened awareness of the importance of vitamin A in animal nutrition and the focus on improving feed efficiency and animal performance. Likewise, the Cosmetics segment is driven by increasing consumer awareness of skincare and beauty products containing Vitamin A, which is known for its benefits in improving skin texture, reducing signs of aging, and promoting overall skin health. As consumers prioritize natural and effective ingredients in cosmetics, the demand for Vitamin A-infused skincare products is expected to surge, contributing to the rapid growth of this segment.
By Region: North America is the largest region of the vitamin A market and presents a promising landscape. Notably, countries like the US, Canada, and Mexico contribute significantly to this market, each shaped by unique elements shaping their vitamin A realm. In North America, advanced healthcare infrastructure, increasing consumer awareness about preventive healthcare, and a growing demand for functional foods and supplements drive the robust market growth. Specifically, the US leads with its well-established pharmaceutical and dietary supplement industries, while Canada boasts a thriving healthcare sector and growing interest in natural health products.
Asia Pacific stands out as the fastest-growing region in the vitamin A sector due to rapid industrialization, urbanization, and increasing disposable income. In Asia Pacific, demand for dietary supplements and fortified foods is escalating owing to rising health consciousness and lifestyle changes. Specifically, China, the region's largest market, experiences robust growth driven by its large population, expanding middle class, and growing focus on preventive healthcare. India, with its burgeoning pharmaceutical and nutraceutical industries, showcases significant potential for vitamin A market expansion. Overall, Asia Pacific's dynamic market landscape positions it as a key player in the global vitamin A sector.
Global Vitamin A Market Dynamics:
Growth Drivers: The global vitamin A market growth is predicted to be supported by numerous growth drivers such rise in the geriatric population, growth in feed fortification, rising consumer spending on skincare products, expansion in the dietary supplement industry, rising demand for functional foods, surge in eye and skin disorders, rising prevalence of vitamin A deficiency, etc. As individuals age, their nutritional needs often increase, including the need for vitamin A to support eye health, immune function, and overall well-being. Moreover, the growth in feed fortification practices in the agriculture industry contributes to increased consumption of vitamin A through animal products, subsequently boosting human intake. Fortifying animal feed with vitamin A ensures that livestock, poultry, and aquaculture receive adequate nutrition, ultimately enhancing the quality of animal-derived products consumed by humans. These drivers collectively contribute to the overall growth of the vitamin A market.
Challenges: However, the market growth would be negatively impacted by various challenges such as strict regulatory compliance, high cost, etc. Strict regulatory compliance poses a significant challenge to the growth of the global vitamin A market. Regulatory bodies impose stringent standards and guidelines regarding the production, labeling, and marketing of vitamin A products to ensure consumer safety and product efficacy. Meeting these compliance requirements often entails extensive testing, documentation, and adherence to complex regulatory frameworks, which can increase production costs and time-to-market. Failure to comply with regulatory mandates can result in penalties, product recalls, and damage to brand reputation, hindering market growth.
Trends: The market is projected to grow at a fast pace during the forecasted period, due to market trends like rise of e-commerce, influence of social media, growing demand for natural and organic vitamin A, personalized subscription boxes, focus on nutritional fortification of infant formula and baby food, etc. With the increasing popularity of online shopping platforms, consumers have greater accessibility to a wide range of vitamin A products from various brands and suppliers.
This convenience factor, coupled with the ability to compare prices and read product reviews online, has contributed to the surge in online purchases of vitamin A supplements, skincare products, and fortified foods. Additionally, the growing preference for natural and organic products, fueled by health and sustainability concerns, leads to increased demand for vitamin A sourced from natural sources, such as fruits and vegetables. These trends collectively contribute to the market's rapid growth trajectory.
Competitive Landscape and Recent Developments:
The global vitamin A market is highly fragmented, characterized by the presence of numerous small and medium-sized companies competing for market share, and the presence of a substantial number of regional market players with limited business offerings and customer base.
The key players in the global vitamin A market are:
- BASF
- Merck
- Divi's Laboratories
- Glanbia
- dsm-firmenich
- Adisseo
- Farbest Brands
- Vitamin Shoppe
- Zagro
- Nutrilo
- The Wright Group
Key Topics Covered:
1. Executive Summary
2. Introduction
2.1 Vitamin A Overview
2.2 Vitamin A Segmentation
3. Global Market Analysis
3.1 Global Vitamin A Market Analysis
3.2 Global Vitamin A Market Type Analysis
3.3 Global Vitamin A Market Product Analysis
3.4 Global Vitamin A Market Application Analysis
4. Regional Market Analysis
4.1 North America Vitamin A Market: An Analysis
4.2 Europe Vitamin A Market: An Analysis
4.3 Asia Pacific Vitamin A Market: An Analysis
4.4 Middle East and Africa Vitamin A Market: An Analysis
5. Impact of COVID-19
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Rise in Geriatric Population
6.1.2 Growth in Feed Fortification
6.1.3 Rising Consumer Spending on Skincare Products
6.1.4 Expansion in the Dietary Supplement Industry
6.1.5 Rising Demand for Functional Foods
6.1.6 Surge in Eye and Skin Disorders
6.1.7 Rising Prevalence of Vitamin A Deficiency
6.2 Challenges
6.2.1 Strict Regulatory Compliance
6.2.2 High Cost
6.3 Market Trends
6.3.1 Rise of E-commerce
6.3.2 Influence of Social Media
6.3.3 Growing Demand for Natural and Organic Vitamin A
6.3.4 Personalized Subscription Boxes
6.3.5 Focus on Nutritional Fortification of Infant Formula and Baby Food
7. Competitive Landscape
7.1 Global Vitamin A Market Players by Products
8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/ojovc3
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