PUBLISHER: Arizton Advisory & Intelligence | PRODUCT CODE: 1181682
PUBLISHER: Arizton Advisory & Intelligence | PRODUCT CODE: 1181682
The global vitamin D market is expected to grow at a CAGR of 8.49% during 2022-2027.
MARKET OVERVIEW
The industry is expected to generate incremental revenue of over USD 1 billion during the forecast period due to its application in the nutricosmetics, premixes, functional beverages, and vegan industries. The vitamin D market is highly competitive, with many significant vendors. Clinically proven formulas and scientific research are the major differentiating factors in the market. Over one-third of the global population is considered to have suboptimal levels of micronutrients such as vitamins and minerals. It is estimated that over 1 billion people across the globe suffer from low vitamin D levels primarily due to poor diet and lack of exposure to sunlight. Geographical, cultural, and demographic factors also play a crucial role in determining vitamin D levels.
The vitamin D market is highly characterized by the increasing demand for supplements and functional foods. The COVID-19 outbreak has further accelerated the growth of the vitamin D market. Increasing nutrition requirements, government initiatives, and lucrative investments in the end-user industries are additionally expected to drive market growth.
MARKET TRENDS & OPPORTUNITIES
Emerging Therapeutic Application of Vitamin D
Increasing Demand for Vitamin D Formulation in Personal Care
Rising Prevalence of Vitamin D Deficiency Coupled with Consequences of Diseases
MARKET SEGMENTATION
INSIGHTS BY APPLICATION
In 2021, the pharmaceuticals segment accounted for 48.07% of the global vitamin D market. The pharmaceuticals segment is estimated to be higher because, in 2021, the pharmaceutical industry dominated the global vitamin D market with increasing applications in new segments such as vitamin therapy and beauty supplements. Since vitamin D is a hormone that promotes calcium absorption in the body, it is crucial for most pharmaceutical companies. With an increasing number of deficiencies and medical complications in children and adults, the role of vitamin D in the pharma industry is inevitable. Vitamin D is also considered a growth hormone. They are crucial for bone growth and mineralization in children. Pregnant women continue to drive the need for vitamin D consumption through supplements. Vitamin D deficiency can also cause hypovitaminosis D.
Segmentation by Application
INSIGHTS BY FORM
There are two major forms of vitamin D, namely, dry and liquid. The dry segment reported a major share of around 71.99% in the global vitamin D market. It is estimated to be higher due to its higher stability and extended shelf life. The segment also includes beadlets and crystalline forms used in end-user industries such as pharma, animal feed, and cosmetics. Vitamin D in dry form is highly preferred for cattle feed. For instance, pregnant heifers require up to 1,887 IU/kg of vitamin D daily. Dry forms are also used in supplements owing to their higher potency and effectiveness. The surge in demand for encapsulated forms and premix formulas can enhance the growth of the dry vitamin D market segment during the forecast period. The expansions in the animal feed industry can potentially upscale the market value in countries such as China, the US, and India. Dry forms of vitamin D3 are also common in Sweden, Germany, France, the UK, Spain, and Russia European markets.
Segmentation by Form
INSIGHTS BY ANALOG
Among all analogs, the vitamin D3 segment reported a significant share of around 69.58% in the global vitamin D market. The vitamin D3 segment is estimated to be higher because vitamin D3 is the biologically active form of vitamin D found in the bodies of humans and animals. Vitamin D3 is used in supplements, animal feed, and cosmetics owing to its unique advantages compared to its counterparts in terms of shelf life, activity, and bio-activeness. The demand for vitamin D3 surged following the outbreak of the COVID-19 pandemic. New formulations with vitamin D3 as the vital ingredient are expected to be manufactured during the next five years.
Segmentation by Analog
INSIGHTS BY END USER
The human segment under the end-user category accounts for the highest share of around 66.98% in the global vitamin D market. The Vitamin D3 segment is estimated to be higher because Vitamin D supplementation is the most appropriate treatment option for the adult population. Without adequate sun exposure, it is almost impossible to achieve adequate vitamin D levels from dietary sources, and dietary supplements are being used by many specialists as a safe and inexpensive alternative to treat vitamin D deficiency. The Institute of Medicine (IOM) recently issued new dietary guidelines for vitamin D supplementation. According to the report, children over the age of 1 and adults up to 70 are advised to take 600 IU of vitamin D daily, and adults over 70 take 800 IU of vitamin D daily. Several factors may contribute to vitamin D deficiency in the elderly because they spend most of their time indoors, and older people minimize their exposure to natural sunlight. Also, as the skin thins with age, the efficiency of vitamin D synthesis decreases significantly.
Decreased appetite and malabsorption of nutrients exacerbate this problem for older people. Vitamin D deficiency during pregnancy is a global problem. Studies show that the prevalence in pregnant women ranges from 18 to 84%. Sufficient calcium and vitamin D intake during pregnancy are required for calcium homeostasis, fetal growth, and bone mineralization.
Segmentation by End User
GEOGRAPHICAL ANALYSIS
Europe accounts for a significant share of around 28.03% of the global Vitamin D Market. This is attributable to the increased usage of nutricosmetics, changing lifestyles, and the rigorous presence of pharmaceutical companies in the region is expected to maintain the growth in the coming years. In 2021, Germany, France, the UK, Spain, and Italy were the major revenue-generating countries in the European region. The region is also home to many industries like pharma, functional food & beverages, animal feed, and personal care, which procure vitamin D for manufacturing drugs, animal feed supplements, dietary supplements, and personal care products. The Netherlands, Switzerland, Denmark, and Belgium are other significant vitamin D markets for growth in the animal feed, cosmetics, and supplement segments. The region is witness to a deficiency of vitamin D in the general population. Europe is one of the best markets for the penetration of vitamin D because more than 70% of the population there is either vitamin D deficient or insufficient.
The growing number of vegans and vegetarians in the region fuels the demand for vegan-enriched foods and dietary supplements. D3 is more stable and durable, making it suitable for dietary supplements. This could pose challenges for pharmaceutical companies in the region, impacting demand for vitamin D products. Also, the COVID-19 pandemic has increased sales of vitamin D supplements in Spain.
Segmentation by Geography
VENDOR LANDSCAPE
The vitamin D market is characterized by many renowned and regional chemical companies like DSM, BASF, Fermenta Biotech, Dishman Carbogen, and Zhejiang Garden Biochemical High-Tech. For leading players such as BASF, vitamin D3 is one of their premium ingredients. It is the most temperature-stable form of the brand as the ingredient can withstand a temperature of 77° Fahrenheit with longer shelf life.
The product form can be used in dietary supplements, functional food and beverages, medicinal food, and food fortification. The vitamin D market is also expected to witness the rise of new vendors specializing in the vitamin supplements segment and could be potential targets for vitamin D manufacturers. Constant online engagement is necessary to gain leads, as e-commerce plays a significant role in the wholesale market. Moreover, it also enhances the end-user experience.
Key Vendors
Other Prominent Vendors
KEY QUESTIONS ANSWERED
LIST OF TABLES