Vitamins are classified as an organic compound required in very small quantity for growth and maintaining good health. Vitamins are found in minute amount in various foodstuffs and sometimes it is produced synthetically. The body cannot produce vitamins on its own therefore the body must get it through various foods and in some cases through supplements. Vitamins are widely used as dietary supplements moreover their usage in functional food and beverages have also increased tremendously.
Purpose of the Report
The purpose of this strategic research study titled “Global Vitamins Market” is to provide company executives, industry investors, and industry participants with in-depth insights to enable them make informed strategic decisions regarding the opportunities in the global vitamins market.
Target Audience
Companies who want to enter the market and companies who want to diversify their product portfolio
USP and Key Offerings
This report analyses the worldwide markets for vitamins market in USD billion by the following products types – fat soluble and water soluble. Fat soluble vitamins includes vitamin C and all Vitamin B (B1, B2, B3, B5, B6, B12, B7, and B9). Water soluble includes Vitamin A, Vitamin E, Vitamin K, and Vitamin D. This study also provide market analysis by applications types such as animal feed, personal care, food & beverages (functional food, functional beverages & dietary supplements) and Pharmaceuticals in terms of revenue. The report provides separate comprehensive analytics for the North America, Europe, Asia-Pacific and Rest of World (RoW). Annual estimates and forecasts are provided for the period 2020 through 2029 and market growth rate is calculated from 2021 to 2029. Market data and analytics are derived from primary and secondary research. We have considered demand side approach of the market. Competitive analysis is primarily based on public domain information including company URLs and company annual report.
Other in-depth analyses provided in the report include:
Overall, the research study provides a holistic view of the global vitamins market, of growth offering market size and estimates for the period from 2021 to 2029, keeping in mind the above mentioned factors.
The body needs vitamins in order to function properly and maintain health, but, despite their vital importance, the body only needs them in minute amounts. We need 13 vitamins to maintain health – vitamins A, C, D, E, K and the eight B vitamins. Each has specific functions in the body.
Water soluble vitamins accounts for the major share of the pie and projected to maintain their dominance over the coming years. In water soluble vitamins, all the Vitamin B accounts for the major share but Vitamin C is projected to witness highest growth.
In Fat soluble vitamins, Vitamin D accounts for the major share of the pie but in future expected to lose out its market share due increasing demand for other vitamins. Vitamin E and K are projected to grow with the highest growth rate over the coming six years. This growth is majorly attributed towards increasing application use of these two vitamins.
Decades ago production of vitamins was restricted to the west and only few companies dominated the market. But at present significant quantity is produced in some countries in Asia such as India and China. Moreover rising competition also brought in change in the product development and marketing strategies.
There are two types of vitamins water soluble and fat soluble. Fat soluble vitamins are stored in the fat cells whereas; water soluble vitamins are not stored in the body. Vitamins B1, B2, B3, B6, B12, vitamin C, biotin and folate are types of water soluble vitamins and vitamins A, D, E and K are type of fat soluble vitamins. They are used in many different ways inside the body. Some vitamins serve only one function in the body therefore its deficiency tends to result in one type of defect. On the other hand some vitamins serve various functions in the body and there deficiency results in various problems.
Vitamins are required in small quantities in the diet in contrast to the energy component of the diet. Most vitamins are related with corresponding vitamin deficiency disease such as vitamins D deficiency leads to disease of bones, deficiency of vitamin A leads to night blindness. Deficiency of vitamin E which is very uncommon causes the nerve damage and Vitamin K deficiency results in spontaneous bleeding. Vitamin C deficiency results in scurvy, a disease that involves bleeding. Vitamin A and vitamin D can be toxic in high doses. Side effects range from dizziness to kidney failure.
Vitamin E is projected to be the largest market and accounts for major share of the pie. The market is witnessing growth due to increase in demand from various end users industries such as feed, cosmetics and pharmaceuticals. Vitamins are available widely as over the counter products.
Vitamins are widely use in the food industry. More than 50% share of the pie is accounted by food industry. Vitamins are an important component of any animal feed formulation plan. It help to develop strong immune system in animal to fights various disease. Animal feed is another major application for vitamins. But in future personal care and pharmaceuticals are the two most promising sector with the highest growth rate. Vitamins offer various benefits to the skin as suppression of pigmentation & bruising, stimulation of collagen synthesis, refinement of the skin surface, and antioxidant and anti-inflammatory effects.
On the other hand people who are not able to maintain their proper and regular intake of vitamins through their regular diet maintain their intake of vitamins through help of the various supplements and other medicines. Food and Beverages accounted for the largest share in the vitamins market by application but growth is expected to be highest from the personal care segment which is estimated to grow at a CAGR of 9.7% from 2021 to 2029.
North America and Asia Pacific region accounted more than 60% share of the pie in 2020. But in future North America is expected to lose out some of its market share to emerging countries. Whereas Asia Pacific is expected to increase its market share and will grow with the highest growth rate. Asia Pacific will witness growth due to rising demand for vitamins from countries such as Japan, China, and India. These countries due to increasing elderly population, rising health concerns, rising per capita consumption will witness growth.
Europe is considered one of the largest markets for vitamins and it is expected to grow at a CAGR of 8.7% from 2021 to 2029. In the European region, Western Europe is one of the most developed markets for vitamins and also regarded as the largest market while Eastern Europe which is a developing market, is considered to have future growth potential.
Decades ago production of vitamins was restricted to the west and only few companies dominated the market. But at present significant quantities are produced in some countries such as India and China. Moreover rising competition also brought in change in the product development and marketing strategies.
There are two types of vitamins water soluble and fat soluble. Fat soluble vitamins are stored in the fat cells whereas; water soluble vitamins are not stored in the body. Vitamins B1, B2, B3, B6, B12, and vitamin C are types of water soluble vitamins and vitamins A, D, E and K are type of fat soluble vitamins. They are used in many different ways inside the body. Some vitamins serve only one function in the body therefore its deficiency tends to result in one type of defect. On the other hand some vitamins serve various functions in the body and there deficiency results in various problems.
Vitamins are required in small quantities in the diet in contrast to the energy component of the diet. Most vitamins are related with corresponding vitamin deficiency disease such as vitamins D deficiency leads to disease of bones, deficiency of vitamin A leads to night blindness. Deficiency of vitamin E which is very uncommon causes the nerve damage and Vitamin K deficiency results in spontaneous bleeding. Vitamin C deficiency results in scurvy, a disease that involves bleeding. Vitamin A and vitamin D can be toxic in high doses. Side effects range from dizziness to kidney failure.
North America is the largest market for vitamins globally. In North America, U.S. is the largest market followed by Canada and Mexico. Europe is also one of the largest markets. In Europe, Germany accounts for the major share of the pie followed by France and UK. Asia Pacific is expected to be the fastest growing market followed by RoW regions. Asia Pacific will witness growth mainly due economies such as India, China and Japan. The rising aging population and increasing health concerns are the major factors contributing towards the market growth in the Asia Pacific region. Brazil is the largest and the fastest growing market in the RoW region accounts for major share of the pie.
Vitamin E is projected to be the largest market and accounts for major share of the pie. The market is witnessing growth due to increase in demand from various end users industries such as feed, cosmetics and pharmaceuticals. Vitamins are available widely as over the counter products.
By applications food and beverages segment accounts for more than 50% share of the pie. But in future demand is expected to be highest from the personal care segment. By product type water soluble vitamins accounts for major chunk of the pie but growth is expected to be highest from the fat soluble vitamins.
Some of the major players in this market are BASF SE, Amway, ADM, Vitamin Shoppe DSM, Bayer AG, Pfizer and NBTY inc.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Vitamins market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Billion |
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Region Segment (2022-2032; US$ Billion)
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Key questions answered in this report
