USD 2.34 Bn growth expected in Vitamin D Market | Driven by increasing awareness about vitamin D importance | Technavio

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According to the recent market study by Technavio, the vitamin D market size is expected to increase by USD 2.34 billion from 2020 to 2025, accelerating at a CAGR of 13.35% during the forecast period. The report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenario, future market trends, market size & estimations, and major investment pockets.

North America will register the highest growth, occupying about 39% of the global market share. The US and Canada are the key markets for vitamin D in APAC. The market growth in North America will be slower than the growth of the market in Europe and Asia.

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Vendor Insights-
The vitamin D market is fragmented and is highly competitive due to the presence of several domestic and international players. Major players are employing strategies such as product development, novel product releases, market expansion, capacity utilization, and product diversification tactics to remain competitive in the market. Vendors are also focusing on entering collaborations, mergers, strategic alliances, and acquisitions to expand their presence and remain competitive in the market.

Abbott Laboratories: The company offers a wide range of Vitamin D products like D3 UP, DELOK, Dalsiclear, and others.

Archer Daniels Midland Co.: The company offers Onavita as Vitamin D under nutrition and health.

BASF SE: The company under human nutrition offers Vitamin D3 which is characterized by outstanding temperature stability and excellent quality and helps in maintaining bone health and immune system.

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Regional Market Outlook
The vitamin D market growth in North America will be significant during the forecast period. Factors such as the strong presence of key vendors, the growing demand for health supplements, new product launches, and high disposable incomes are driving the growth of the vitamin D market in North America. Also, the growing number of online users and well-established distribution channels for supplement products in the US are contributing to the growth of the regional market.

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Latest Drivers & Trends Driving the Market-

• Vitamin D Market Driver:
• Increasing awareness about vitamin D importance:

The high internet penetration coupled with various awareness programs run by the government and non-government organizations has increased the awareness about the importance of vitamin D. This is prompting people to focus more on their regular vitamin D requirements, which is leading to a larger consumer base in the market. In addition, many health insurance providers are encouraging customers to take vitamin supplements by increasing their co-pay allowances and offering incentives for taking preventive healthcare initiatives. All these factors are increasing the consumption of vitamin D, which is driving the growth of the market.

• Vitamin D Market Challenge:
• Counterfeit products:

The market is observing an increase in the influx of counterfeit and fake supplements. These products cost less as they are manufactured using non-standard materials, which is creating a major challenge for genuine vendors of vitamin D supplements. The threat of such counterfeit products is high in developing countries due to the presence of weaker regulatory environments. This is creating a strong threat to consumers' health, which is posing a huge challenge in attaining consumer loyalty for vendors.

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SOURCE Technavio