Vitamins Market By Type (Vitamin B, Vitamin E, Vitamin D, Vitamin C, Vitamin A, Vitamin K) By Application (Healthcare products, Food & beverages, Feed, Personal care) By Source (Synthetic, Natural) By Product (Vitamin C, Vitamin B, Vitamins A, E, K, D), Type (Vitamin C, Vitamin B, Vitamins A, E, K, D), Application (Pharmaceuticals/Dietary Supplements, Food & Beverages, Personal Care, Animal Feed) - Growth, Share, Opportunities & Competitive Analysis, 2016 - 2028

What is the Price Trends for Vitamins?

The price of vitamins, specifically Vitamin C, has increased immensely in the last few years, starting from approximately USD 4 per kg in 2018, to approximately USD 9 per kg in 2021. The demand for vitamin C products in the pharmaceutical and nutraceutical sectors increased during the pandemic period due to consumers' increasing use of Vitamin C-based goods to strengthen their immunity. As a result, Vitamin C prices in the global market remained stable and climbed steadily throughout the pandemic period. High freight charges to importing countries and a high global demand impacted global Vitamin C values.

vitamins-market

What is the Market Size of the Vitamins Market in terms of value?

The global Vitamins Market is projected to increase at a significant CAGR of 6.3 % in the coming years. In 2021, the global Vitamins Market was valued at USD 6,294.8 Million and is projected to reach the value of USD 9,341.3 million by 2028. The demand for Vitamins is projected to increase substantially in the coming years. It is presumed to generate revenue opportunities for the key industry players worth USD 3,046.5 million during the forecast period between 2022 and 2028.

How will the use of Natural Vitamins Benefit the market?

Natural vitamins are found in substances derived from plant or basic animal materials by physical, microbiological, or enzymatic processes. Natural vitamins are gaining favor in various Source industries, including cosmetics, dietary supplements, functional food and beverage, and others, because of their multi-functionality and growing clean label trend. Consumers choose items that are free of chemical chemicals and have organically produced key vitamins. The advent of new naturally sourced Vitamin components has significantly boosted the demand for beauty and personal care products. North America dominates the natural vitamins industry because of the growing use of natural vitamins in powder form.

Interesting Facts about Vitamin Industry

  • The top 5 countries for Vitamin exports are Germany, the United States, India, Australia, and Switzerland.
  • The top 5 countries for Vitamin imports are China, Canada, Hong Kong, Russia, and the United Kingdom.
  • The global population of health-conscious people is growing. Furthermore, the prevalence of vitamin deficiency is increasing as a result of decreased mealtimes, hurried lifestyles, and nutritional loss during food preparation. As a result of these circumstances, people are focusing on getting enough vitamins into their bodies to strengthen their immunity.
  • The restricted supply of raw materials for natural vitamins is expected to further limit the growth of the vitamins market during the target period. However, ingredient scarcity and price sensitivity may further challenge the expansion of the vitamins industry in the near future.
  • Asia-Pacific has the greatest market share due to rising functional food consumption, rising per capita disposable income, and urbanization.
  • The natural source sector is predicted to grow rapidly during the projection period. Natural vitamins are becoming more popular as the desire for clean-label products grows.

Who are the Top 10 players/companies in the Vitamin market in terms of value and volume?

The key players in the global Vitamin market in terms of value and volume include R&D institutes, vitamins manufacturers [Koninklijke DSM N.V. (Netherlands), BASF (Germany), Lonza Group (Switzerland), Glanbia plc (Ireland), and ADM (US)], manufactures for end-use products (food & beverage, healthcare, feed, and personal care products) and government bodies & regulatory associations [the US Department of Agriculture (USDA), the Food and Drug Administration (FDA), and the European Food Safety Authority (EFSA)]. These key players are concentrating on new product developments as well as technological innovation to enhance their production of Vitamin to gain competitive market share at a global level. Moreover, some regional and country-level players are investing heavily to expand their product portfolio and enhance their sales. For instance, in January 2020, the Vitamin Shoppe®, an omnichannel specialty retailer of nutritional products, today announced the launch of Vthrive The Vitamin ShoppeTM, a new line of premium vitamins, minerals, supplements, and essential oils for wellness consumers looking for simple clean formulas with the highest quality ingredients. For instance, in May 2020, Homart Pharmaceuticals introduced three separate vitamin C products under the brand names Toplife and Springleaf, to meet the growing demand for immune-related products in the wake of the Covid-19 pandemic.

Who are the Top 10 Countries in the Vitamin Market?

The major countries in the global Vitamin market are China, India, Australia, Japan, USA, Germany, Hong Kong, Russia, Switzerland, and France. China is the major producer and consumer of vitamins in the global market in 2021. Increasing health-conscious behavior, increased prevalence of lifestyle diseases, the country's growing per capita GDP, a shift toward preventative healthcare, the use of botanicals for therapeutic purposes, and the expansion of e-commerce have all contributed to the demand for nutritional items in the country. In addition, skin disorders, the most common health issue affecting Chinese people, have boosted the demand for vitamins that are good for skin health. The Chinese government is enacting a range of initiatives to address this issue, ranging from a commitment to improving healthcare quality to the popularization of fitness and a healthy lifestyle. The aforementioned factors will further propel the market's growth in the coming years.

Which is the Key Application Area in the Vitamins Market?

The key applications of Vitamins include Healthcare products, Food & beverages, Feed, and Personal care. Animal feed is the biggest market in the forecast period. Vitamins are frequently utilized as animal feed and premixes, which improves animal health. The increase can be attributed to rising consumer consumption of meat and animal-based products, a continually expanding world population, and livestock population expansion. Vitamins enhance cattle's digestive tract, boosting the quality of by-products such as meat. However, emerging economies are expected to be the fastest adopters of poultry supplements over the projected period, boosting the feed vitamins market.

What are the Major Driving Factors for the Vitamin Market?

The expanding senior population and children worldwide have increased consumer spending on nutritional supplements in recent years. In addition, rising consumer acceptability and more product innovation would further ensure the vitamins and supplements market's expansion over the next few years. To provide these products in the market, manufacturers are rapidly adopting cutting-edge technologies with high production efficiency, thus increasing the supply of the products. 

Consumers are getting more interested in personalized medicines and treatment because they have access to more information through the internet. This allows them to access nutritional supplements more easily than ever before, which drives the market's growth.

What are the Major Restraints for the Vitamin Market?

The market has faced significant obstacles in recent years due to the presence of numerous laws and procedures before product introduction. Manufacturers must provide a sample of vitamins and supplements and notify that the product is reasonably expected to be safe on the market. This is considered one of the major obstacles to market growth. In addition, the vitamin market is being hampered by fluctuating raw material prices for vitamin extraction and tablet or supplement production. Price fluctuations would cause a fluctuation in the number of products, which could result in an unfulfilled requirement.

Which Region Dominated the World Vitamin Market?

Asia Pacific has the largest market share in the forecast period. Nutritional food is a more established and polished idea in the Asia Pacific, owing to rising consumer awareness and worries about malnutrition. With the extensive history of traditional medicine related to consumers, China and Japan are the region's leading markets. The growing disposable income of the region's middle-class customers allows them to spend more on such products to support their overall health. Government attempts to address micronutrient deficiencies are driving growth in this market. Furthermore, the growing population in this region is boosting regional sales of pediatric supplements. As a result, producers are concentrating their efforts on developing novel vitamins and supplements to cater to all age groups of consumers in the region.

North America is expected to see considerable expansion in the vitamins industry because of the increased use of goods with high nutritional value and low-calorie content. Additionally, increasing supplement product usage awareness will drive the region's vitamin market expansion throughout the projection period. Countries in North America, such as the United States and Mexico, have begun to accept healthy eating during their rigorous work schedules. As a result, consumer demographics in these nations are gradually altering, and demand for different vitamins and supplements is expanding.

Segmentation of Global Vitamins Market-

Vitamins Market- By Type

  •         Vitamin B
  •         Vitamin E
  •         Vitamin D
  •         Vitamin C
  •         Vitamin A
  •         Vitamin K

Vitamins Market- By Application

  •         Healthcare products
  •         Food & beverages
  •         Feed
  •         Personal care

Vitamins Market- By Source

  •         Synthetic
  •         Natural

Frequently asked questions about the global Vitamins industry.

Despite severe market closure and declining purchasing trends in the food and beverage sectors, the nutraceuticals business has seen an increase in demand for healthy and nutritional products. According to the National Health and Nutrition Examination Survey, more than half of the U.S. population consumed these goods throughout the epidemic. As a result, demand for immune-boosting products is expected to increase during the COVID-19 pandemic.

Asia Pacific has the largest market share in the forecast period. Nutritional food is a more established and polished idea in the Asia Pacific, owing to rising consumer awareness and worries about malnutrition.

A growing number of health-conscious customers and a preference for vitamins in daily diets are projected to fuel the market.

Natural source vitamins had a major share in 2021. Natural vitamins are becoming more popular as the desire for clean-label products grows.

Animal feed is the biggest market in the forecast period. Vitamins are frequently utilized as animal feed and premixes, which improves animal health.

Vitamins Market Scope

Report Attribute Details
Market Value in 2021 USD 6,294.8 Million
Market Value in 2028 USD 9,341.3 million
CAGR 6.3 %
Benchmarking Year 2021
Past data 2016 – 2021
Forecast period 2022 – 2028
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Published Date:  Aug 2022
Category:  Food & Beverage
Report ID:   57709
Report Format:   PDF
Pages:   160
Rating:    4.8 (80)
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