Pune, March 22, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, The global Vitamins market is expected to grow from USD 6.50 billion in 2020 to USD 10.52 billion by 2028, at a CAGR of 7.21% during the forecast period 2021-2028.
The surge in demand for functional and nutritionally enriched food products and rising cases of vitamin deficiencies are some of the factors fuelling the vitamins market.
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The excess consumption or deficiency of the vitamin can lead to serious illness. The only source of vitamins were fruits before 1935. After that tablet-based on yeast extract vitamins came into production and slowly and slowly, many vitamin supplements came into picture, which helps in curing the deficiency of vitamins. Vitamins are either water-soluble or fat-soluble. Four out of 13 vitamins are fat-soluble, they are Vitamin A, D E and K and remaining 9 vitamins are water-soluble, which includes eight Vitamin B’s and also vitamin C. There is a great demand for vitamin market by the wellness industry. There is a rise in the demand of vitamins in the supplement industry. These all factors are fuelling the Vitamin market. Physicians are also prescribing multivitamins for children and also during prenatal development, vitamins are essential. Vitamin D is very important for breastfeeding and pregnant women for the better health of children and now is gaining popularity. There has been a varied application of vitamins and multivitamins in many segments of the market. Vitamins are also getting used as additives and premixes. Such a diversified application of vitamins and vitamin supplement made its manufacturer to invest in R&D to get to know the further requirements of nutrients by different people. This will drive the market in the forecasting period. Many dairy beverages, flours and many more are having a different kind of vitamin B, which enhances the nutritive value of the products. One can find different kind of vitamins B in sports drinks also. Vitamins used as additives and premixes are also most commonly used. These are the factors driving the vitamin market.
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The fluctuating price of raw materials for the extraction of vitamins and for making the tablets or supplement are constraining the vitamin market. The fluctuation in the price would lead to fluctuation in the quantity of the products, and this may lead to unmet the requirement, as there are varied use vitamins from food, healthcare, feed to personal care industries all this segment got hit. Thus the fluctuating price of raw material is acting as a restraint for the market.
Key players for the global Vitamins market include BASF, Pfizer, Koninklijke DSM, Nestle, Lonza, GroupeDanone, Amway, Archer Daniels Midland Company, BluestarAdisseo Company, AIE Pharmaceuticals. Inc. and Bactolac Pharmaceuticals, Inc among others.
• The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances and partnerships to improve their market position in the global Vitamins industry. For instance, In June 2019, Pfizer entered in an agreement to acquire Array Biopharma. This acquisition will strengthen the innovative biopharmaceutical business of the organization.
• In July 2019, Lonza agreed to acquire sterile fill and finish facility from Novartis. This acquisition will enable the organization to build on the existing parental drug product development and provide end to end service to the customers.
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Vitamin A is accounted for the highest market value of USD 1.95 Billion in 2020
The product type segment is divided into Vitamin A, Vitamin B, Vitamin C, Vitamin D, Vitamin E and Vitamin K. Vitamin A is accounted for the highest market value of USD 1.95 Billion in 2020. There are many benefits of Vitamin A, like in treating eye disorders such as cataract etc.
The animal feed accounts for the highest market value of USD 3.00 Billion in 2020
The application segment includes Animal feed, Food & Beverages, Pharmaceutical industry and Cosmetics. The animal feed accounted for the highest market value of USD 3.00 Billion in 2020; vitamins are widely used as animal feed and premixes, which enhances the health of the animal. Vitamins help in strengthening the digestive system of the livestock, improving the quality of the byproduct of the livestock like meat.
Regional Segment Analysis of the Vitamins Market
• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analyzed for the Vitamins market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa. APAC region is having the highest market value of USD 2.71 Billion in 2020. This is due to the fact that there is an increase in the per capita income of people in the developing countries of the region like India and China, which has led to change in the lifestyle of the people and also has led to unhealthy eating habits, causing the increasing cases of vitamin deficiencies. Also, the rising health awareness would increase the supplement market, which in turn drive the vitamin market in the region. Also, many marketing initiatives, including the prescription by doctors for vitamins tablet, are driving the vitamin market. North America had the second-highest market value of 2.06 Billion in 2020. People in this region crave for a healthy lifestyle; therefore, there is a great demand for food supplement in the region for better muscle development and for better immune system etc. The rise in disposable income is helping the people of this region to afford the standard of living with good health.
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About the report:
The global Vitamins market is analysed on the basis of value (USD Billion).All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, and competitor position grid analysis.
About The Brainy Insights:
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