PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1424978
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1424978
Vitamins Market size was valued at USD 6,512 Million in 2023, expanding at a CAGR of 5.9% from 2024 to 2032.
Vitamins are organic substances present in minute amounts in natural foodstuffs. Having too little of any particular vitamin may increase the risk of developing certain health issues. fat soluble and water soluble. Fat-soluble vitamins, including vitamin A, vitamin D, vitamin E, and vitamin K, dissolve in fat and have a tendency to accumulate in the body. These vitamins are mainly obtained from food sources. Each vitamin plays a unique role in the body, and deficiencies in specific vitamins can have detrimental effects on health. Vitamins are crucial for the effective functioning of the body. Water-soluble vitamins include vitamins B and C. It is recommended to maintain a balanced and diverse diet that includes an abundance of fruits and vegetables as the primary source of vitamins. The Department of Health and Human Services provides comprehensive guidelines on the best ways to obtain sufficient nutrients from the diet. It is important to note that certain medications may interact with vitamin supplements. Therefore, it is advisable to consult a healthcare provider before considering any supplementation.
Vitamins Market- Market Dynamics
Growing Demand for functional and nutritional enriched processed food products are projected to drive the market growth
The popularity of functional foods, which are products designed to go beyond basic nutrition and provide health benefits, has increased. Consumers are now seeking personalized nutrition options that cater to their individual health needs. As a result, fortified foods have been developed to meet specific nutritional requirements, with added vitamins that target specific health concerns. According to Grocery DB, 73% of the US food supply is classified as ultra-processed, and these foods are on average 52% cheaper than minimally-processed alternatives. A study published in Frontiers in Nutrition reveals that over 60% of caloric intake in the U.S. comes from ultra-processed food.
Vitamins Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 5.9% over the forecast period (2024-2032)
Based on Source segmentation, Synthetic was predicted to show maximum market share in the year 2023
Based on Type segmentation, Vitamin B was the leading type in 2023
Based on Application segmentation, pharmaceuticals was the leading type in 2023
On the basis of region, the Asia pacific was the leading revenue generator in 2023
The Global Vitamins Market is segmented on the basis of Source, Type, Application, and Region.
The market is divided into two categories based on Source: Synthetic and Natural. The market is primarily dominated by synthetic segments. Chemical synthesis methods are commonly used to produce synthetic vitamins. These methods provide accurate control over the vitamin composition and facilitate mass production to meet market requirements. Synthetic vitamins are generally more economically viable to manufacture compared to their natural counterparts. This cost advantage enhances accessibility and affordability for manufacturers and consumers alike.
The market is divided into six categories based on Type: Vitamin B, Vitamin E, Vitamin D, Vitamin C, Vitamin A and Vitamin K. The market is largely dominated by the Vitamin B segment. Vitamin B finds extensive usage in the food and beverage industry, pharmaceuticals, and dietary supplements. It is commonly added to fortified foods, energy drinks, and nutritional supplements.
The market is divided into five categories based on Application: Healthcare Products, Pharmaceuticals, Food and Beverages, Animal Feed and Personal Care. The market is largely controlled by the pharmaceuticals sector. Within this sector, the pharmaceutical industry plays a major role in consuming vitamins, particularly in the form of nutritional supplements. These supplements are specifically formulated to target specific nutritional deficiencies or to promote overall well-being.
Vitamins Market- Geographical Insights
This market is geographically spread across various regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided based on the countries involved in business activities. The Asia Pacific region is expected to have a dominant role in the market's growth, primarily due to a wide range of end-user applications. As lifestyles in the Asia Pacific region continue to evolve, there is a growing demand for processed and convenient foods. With the shift towards busier lifestyles, consumers are seeking food and beverage products that offer nutritional benefits, resulting in a higher demand for vitamin-fortified items. According to the China Chain Store & Franchise Association, China's food and beverage (F&B) sector witnessed a significant increase, reaching approximately USD 595 billion in 2019, marking a 7.8 percent growth compared to 2018. In forecast period, the market growth is also expected to be driven by North America and Europe, primarily due to the increasing demand for plant-based ingredients in vitamin supplement products.
Vitamins play a vital role in pharmaceutical formulations and are commonly present in various medications and supplements. The pharmaceutical industry heavily relies on vitamins, especially in the form of nutritional supplements. These supplements are specifically designed to address specific nutritional deficiencies or promote overall well-being. Ongoing research in the pharmaceutical field aims to uncover the potential therapeutic benefits of vitamins beyond their fundamental nutritional value. For pharmaceutical companies involved in the production of medications containing vitamins, adherence to international standards and regulations is of utmost importance. For instance, on July 21, 2022, BASF is strengthening its market position in vitamin A by expanding its world-scale formulation capacities at its Verbund site in Ludwigshafen. The state-of-the-art facility, fully integrated into vitamin production at the site, will support and further enhance the production of high-quality vitamin A powder products for the animal nutrition industry.
In April 2023, Herbalife, a global community and corporation focused on health and wellbeing, announced that 106 new product SKUs would be available in the first quarter of 2023 in all 95 of the regions it now serves. The introduction of these new items demonstrates the company's continued dedication to growing and improving the range of high-quality products it offers to better serve the requirements of customers in a number of wellness categories and to encourage active, healthy lifestyles globally.
GLOBAL VITAMINS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
BASF SE
DSM
ADM
SternVitamin GmbH & Co. KG
Glanbia plc
Lonza
Vitablend Nederland BV
Zagro.
Wright Enrichment Inc.
Adisseo
Showa Denko K.K.
Farbest Brands
Jubilant Life Sciences Ltd.
Vertellus Holdings LLC
Others