Burlingame, May 14, 2024 (GLOBE NEWSWIRE) -- The Global Vitamin API Market is estimated to be valued at US$ 451.1 million in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights. Vitamin API refers to Active Pharmaceutical Ingredients used in manufacturing dietary supplements and pharmaceutical drug formulations. Vitamin API helps boost immunity and overall health.
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Market Dynamics:
The Global Vitamin API Market is driven by the increasing demand for nutraceuticals, as consumers become more aware of the importance of vitamins for overall health and wellness. Additionally, the growing prevalence of vitamin deficiencies among the global population is also fueling the demand for vitamin APIs. Moreover, the rising geriatric population worldwide, coupled with the increasing focus on preventive healthcare, is expected to drive market growth in the coming years.
Global Vitamin API Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $451.1 million |
| Estimated Value by 2031 | $724.2 million |
| Growth Rate | Poised to grow at a CAGR of 6.1% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, By Category, By Purity, By Manufacturing Type, By Standard, By Grade, By End User |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Growing Health Awareness • Physical Activity and Lifestyle Changes • Increasing preventive healthcare adoption |
| Restraints & Challenges | • Stringent regulatory requirements • Availability of alternative treatment options |
Market Trends:
One key trend in the Global Vitamin API Market is the growing popularity of personalized nutrition, where consumers are seeking customized vitamin formulations based on their individual health needs and goals. This trend is driving innovation in the market, with companies developing new vitamin API products to cater to this demand. Another trend is the increasing adoption of clean label and natural vitamin APIs, as consumers prefer products that are free from artificial additives and chemicals. As a result, manufacturers are focusing on developing vitamin APIs sourced from natural ingredients to meet this growing demand.
Market Opportunity:
The global Vitamin API market is expected to witness significant growth due to the increasing demand for Vitamin APIs in the pharmaceutical industry. Vitamin APIs play a crucial role in the production of various pharmaceutical products, including vitamins and mineral supplements, which are essential for maintaining good health. With the rise in chronic diseases and the growing awareness about the importance of vitamins in preventing illnesses, the demand for Vitamin APIs is expected to increase steadily over the forecast period.
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Another key market opportunity for the global Vitamin API market is the growing trend of personalized nutrition. As consumers become more health-conscious and seek personalized solutions to meet their specific nutritional needs, the demand for custom-made supplements containing Vitamin APIs is on the rise. Personalized nutrition involves the development of tailor-made products based on an individual's unique dietary requirements, lifestyle, and health goals. This trend is driving innovation in the Vitamin API market, as manufacturers strive to develop formulations that cater to the diverse needs of consumers.
Recent Developments:
In October 2023, a pooping candy containing vitamin C, Bifidobacterium, and other nutraceutical components introduced by Guangdong Baida Biotechnology Co Ltd.
In September 2023, Trilogy, a ground breaking 3-in-1 multi-supplement introduced by Vibrant Health.
Key Market Takeaways:
The Global Vitamin API Market is anticipated to witness a CAGR of 6.1% during the forecast period 2024-2031, owing to the increasing demand for Vitamin APIs in the pharmaceutical industry and the growing trend of personalized nutrition.
On the basis of Type, the Vitamin B1 segment is expected to hold a dominant position, owing to its wide range of applications in the pharmaceutical industry.
On the basis of Region, North America is expected to hold a dominant position over the forecast period, due to the presence of major pharmaceutical companies and increasing investments in R&D.
Key players operating in the Global Vitamin API Market include DSM, BASF, BOC Sciences, CSPC Pharmaceutical Group Limited, Lonza, Zhejiang Medicine, Jubilant Life Sciences, Glanbia Nutritionals, Aurorium, Northeast Pharmaceutical Group Co., Ltd, Abbott Laboratories, and Fermenta Biotech Ltd. These players are focusing on product innovation and expanding their product portfolios to gain a competitive edge in the market.
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Detailed Segmentation:
By Type:
- Vitamin B1
- Vitamin B6
- Vitamin B12
- Vitamin B2
- Vitamin B3
- Vitamin B5
- Vitamin B7
- Vitamin B9
- Vitamin C
- Vitamin D
- Vitamin E
- Vitamin A
- Vitamin K
By Category:
- Impurities
- Pharmaceutical Standards
By Purity:
- ≥99%
- 95%-98%
- <95%
By Manufacturing Type:
- Captive
- Outsource
By Standard:
- IP
- BP
- USP
By Grade:
- Pharmaceutical Grade
- Food Grade
- Animal Feed Grade
- Others
By End User:
- Pharmaceutical and Biotechnology Industry
- Food and Beverage Industry
- CRO and CDMO
- Veterinary Industry
- Others
By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
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