Global Vitamins Market Forecast to 2023

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Oct 16, 2018, 15:30 ET

DUBLIN, Oct. 16, 2018 /PRNewswire/ --

The "Vitamins Market by Type (Vitamin B, Vitamin E, Vitamin D, Vitamin C, Vitamin A, and Vitamin K), Application (Healthcare Products, Food & Beverages, Feed, and Personal Care Products), Source (Synthetic and Natural), etc. - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

The vitamins market is estimated to be valued at USD 5.18 billion in 2018 and is projected to reach USD 7.35 billion by 2023, at a CAGR of 7.3% during the forecast period.

The market is driven by growth in demand for functional and nutritionally enriched processed food products, the prevalence of vitamin deficiencies, and feed fortification due to rise in global meat & dairy product consumption.

The vitamins market, based on type, has been segmented into vitamin B, vitamin E, vitamin D, vitamin C, vitamin A, and vitamin K. The market for vitamin B is estimated to dominate in 2018. The increased demand for the fortification of food and feed products with certain types of B vitamins such as B6 and B3 has encouraged major vitamin manufacturers such as the Lonza Group and DSM to expand their production capacities through the establishment of manufacturing plants in key demand markets such as China.

Such factors, along with the easy availability of vitamin B for use in various applications, have accelerated the growth of this segment. The vitamin C segment is projected to grow at the highest CAGR from 2018 to 2023. Vitamin C is one of the major sources of antioxidants and helps to absorb iron; hence, vitamin C is highly required while consuming supplements containing iron. The increasing focus of consumers on health and wellbeing, along with multiple benefits provided by vitamin C such as faster healing of wounds and maintenance of skin, eye health, and immune system, offers a greater opportunity for growth to this market.

The vitamins market, by application, has been segmented into healthcare products, food & beverages, feed, and personal care products. The healthcare segment is estimated to dominate the market in 2018. Vitamins have considerable scope in health care products such as dietary supplements and pharmaceutical products, mainly due to the growing focus of health-conscious consumers on preventive healthcare. The demand for vitamins is further witnessing an increase due to the high prevalence of vitamin deficiencies in both developed and developing countries. The food & beverages segment is projected to grow at the highest CAGR from 2018 to 2023. The rising popularity of fortified food & beverages and the continuous developments and new product launches are boosting the growth of the vitamins market in the food & beverage industry.

The vitamins market, by source, has been segmented into synthetic and natural. It is estimated to be dominated by the synthetic segment in 2018, owing to the lower cost of production of synthetic vitamins as compared to natural vitamins.

Asia Pacific is estimated to dominate the vitamins market in 2018 and is also projected to grow at the highest CAGR from 2018 to 2023. The market in this region is majorly driven by China, which is the largest producer, exporter, and consumer of vitamins. Further, 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.

Further, the market for vitamins in Asia Pacific is also experiencing growth due to its growing application in the feed industry. The region accounts for the largest livestock population and caters to significant demands for livestock-based products such as milk, egg, and meat. Quality feed is essential for livestock growth and performance. As the livestock owners are becoming increasingly conscious regarding the importance of adequate nutrition, essential micronutrients such as vitamins are experiencing significant growth in demand in Asia Pacific's feed industry.

The majority of vitamins available in the market is synthetic in nature. The major factor responsible for the popularity of synthetic vitamins is the low availability of raw materials for naturally sourced vitamins, which results in higher production costs associated with naturally sourced vitamins than synthetic vitamins. Most of the synthetic vitamins are produced from petroleum extracts or coal tar derivatives, which serve as cheaper raw materials.

Even though naturally sourced vitamins have a higher preference among consumers due to their natural source and higher bioavailability compared to synthetic vitamins, production of naturally sourced vitamins is associated with higher production costs and requires a higher investment. Additionally, high extraction costs associated with natural vitamins further contribute to the high production costs of naturally sourced vitamins. Therefore, a constrained supply of raw materials for natural vitamins, coupled with high costs, restrains the market growth for vitamins.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Vitamins Market
4.2 Vitamins Market, By Key Country
4.3 Asia Pacific: Vitamins Market, By Type & Key Country
4.4 Vitamins Market, By Application & Region
4.5 Vitamins Market, By Source & Region

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growth in Demand for Functional and Nutritionally Enriched Processed Food Products
5.2.1.2 Prevalence of Vitamin Deficiencies
5.2.1.3 Feed Fortification Due to Rise in Global Meat & Dairy Product Consumption
5.2.2 Restraints
5.2.2.1 Constrained Supply of Raw Materials for Natural Vitamins Coupled With High Costs
5.2.3 Opportunities
5.2.3.1 Sourcing of Natural Allergen-Free Vitamin E
5.2.4 Challenges
5.2.4.1 Scarcity of Ingredients and Price Sensitivity
5.2.4.2 Environmental Impact Resulting in Changes in Regulatory Policies
5.3 Supply Chain Analysis

6 Vitamins Market, By Type
6.1 Introduction
6.2 Vitamin B
6.3 Vitamin E
6.4 Vitamin D
6.5 Vitamin C
6.6 Vitamin A
6.7 Vitamin K

7 Vitamins Market, By Application
7.1 Introduction
7.2 Healthcare Products
7.3 Food & Beverages
7.3.1 Infant Food
7.3.2 Dairy Products
7.3.3 Bakery & Confectionery Products
7.3.4 Beverages
7.3.5 Others
7.4 Feed
7.5 Personal Care Products

8 Vitamins Market, By Source
8.1 Introduction
8.2 Synthetic
8.3 Natural

9 Vitamins Market, By Region
9.1 Introduction
9.2 Asia Pacific
9.2.1 China
9.2.2 Japan
9.2.3 India
9.2.4 Australia
9.2.5 Rest of Asia Pacific
9.3 Europe
9.3.1 Germany
9.3.2 France
9.3.3 UK
9.3.4 Italy
9.3.5 Spain
9.3.6 Rest of Europe
9.4 North America
9.4.1 US
9.4.2 Canada
9.4.3 Mexico
9.5 Rest of the World
9.5.1 South America
9.5.2 Middle East
9.5.3 Africa

10 Competitive Landscape
10.1 Overview
10.2 Key Market Strategies
10.3 Market Share Analysis
10.4 Competitive Scenario
10.4.1 Expansions & Investments
10.4.2 New Product Launches
10.4.3 Acquisitions
10.4.4 Agreements

11 Company Profiles
11.1 Koninklijke DSM N.V.
11.2 Glanbia PLC
11.3 ADM
11.4 BASF
11.5 Lonza Group
11.6 Vitablend Nederland B.V.
11.7 Sternvitamin GmbH & Co. Kg
11.8 Farbest-Tallman Foods Corporation
11.9 Watson Inc.
11.10 Zagro
11.11 The Wright Group
11.12 Rabar Pty Ltd.
11.13 Adisseo
11.14 Showa Denko K.K.
11.15 Btsa Biotecnologas Aplicadas S.L

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