The vitamins market is driven by the growth in demand for functional and nutritionally enriched processed food products, the prevalence of vitamin deficiencies, and feed fortification due to a rise in global meat & dairy product consumption. The vitamins market is estimated to be valued at USD 5.18 billion in 2018 and is projected to reach USD 7.35 billion by 2023, at a CAGR of 7.3%.
The vitamin C segment, by type, is projected to be the fastest-growing segment. The increasing focus of consumers on health and wellbeing, along with multiple benefits provided by vitamin C such as faster healing of wounds and maintenance of skin, eye health, and immune system provides an opportunity to this segment for increased growth.
The healthcare products segment, by application, is estimated to dominate the market during the forecast period. Rapid urbanization has led to changes in consumer lifestyles. Vitamins are gaining traction in the healthcare industry, as there is an increased focus on preventive health care. Further, vitamins are also known to sustain human health during various disorders and ailments such as diabetes, cardiovascular disease (CVD), Alzheimer’s, multiple sclerosis (MS), and the common cold.
The vitamins market, by source, is projected to be dominated by the synthetic segment, which is projected to grow at the higher rate during the forecast period. Synthetic vitamins are chemically synthesized and produced largely from coal tar derivatives and petroleum extracts. They are widely preferred by end-user industries because of their ability to remain stable for a longer period of time and also because of the low costs associated with them in comparison with naturally sourced vitamins.
The Asia Pacific market is projected to grow at the highest CAGR from 2018 to 2023. The incidences of regular and chronic diseases in this region are high. This has led to an increased focus on preventive health care, which has resulted in high consumption of healthcare products and fortified & functional food products with essential nutrients such as vitamins. Also, the market for vitamins in Asia Pacific is experiencing high growth due to its growing application in the feed industry, as the region accounts for the largest livestock population and caters to significant demands of livestock-based products such as milk, egg, and meat.
This report includes a study of marketing and development strategies, along with a study of the product portfolios of leading companies. It includes the profiles of leading manufacturers such as Koninklijke DSM N.V. (Netherlands), Glanbia plc (Ireland), ADM (US), BASF (Germany), Lonza Group (Switzerland), Vitablend Nederland B.V. (Netherlands), SternVitamin GmbH & Co. KG (Germany), Farbest-Tallman Foods Corporation (US), Watson Inc. (US), Zagro (Singapore), The Wright Group (US), Rabar Pty Ltd. (Australia), Adisseo (France), Showa Denko K.K. (Japan), and BTSA BIOTECNOLOGíAS APLICADAS S.L (Spain).