“The vitamins market is projected to grow at a CAGR of 7.3%.”
The vitamins market is estimated to be valued at USD 5.18 billion in 2018 and is projected to reach 7.35 billion by 2023, at a CAGR of 7.3%. The market is driven by growth in the 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 constrained supply of raw materials for natural vitamins, coupled with high costs, restrains the market growth of vitamins.
“Vitamin B is set to be the largest segment, in terms of type, for vitamins in 2018.”
The vitamin B segment is estimated to be the largest in 2018 in the vitamins market. Vitamin B is required for the proper functioning of the body. Each type of vitamin B provides varied health benefits such as enhancement of skin health, the production of red blood cells and cellular energy, and proper functioning of the nervous system. Furthermore, multiple benefits of vitamin B such as generation of energy and maintenance of immunity and digestive health; as well as their application in multiple industries have led to the dominance of this segment in the vitamins market.
“The food & beverages segment, in terms of application, is projected to be the fastest-growing segment for vitamins from 2018 to 2023.”
The food & beverages segment is projected to be the fastest-growing application segment in the vitamins market during the forecast period. Consumers are increasingly shifting their preference toward on-the-go, convenient, nutritionally enriched, and functional food & beverage products, due to their increasingly busy lifestyles, healthy snacking habits, and greater awareness about vitamin fortified food & beverage products, which is driving the market for vitamins.
“Asia Pacific is set to lead the vitamins market with the largest share in 2018.”
The Asia Pacific market is estimated to account for the largest share in 2018 and is also projected to grow at the highest CAGR during the forecast period. The market in this region is majorly driven by China, which is the largest producer, exporter, and consumer of vitamins. Further, the rise in incomes, increase in purchasing power, and significant consumer demand for nutritional & healthy products are also driving the consumption of vitamins in various industries in the region.
The breakdown of the primaries on the basis of company type, designation, and region is as follows:
- By Company Type: Tier 1: 33%, Tier 2: 28%, and Tier 3: 39%
- By Designation: C level: 49%, D level: 21%, and Others: 30%
- By Region: North America: 25%, Europe: 30%, Asia Pacific: 40%, and RoW: 5%
Key vitamin manufacturing players include the following:
- 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)
- BTSA BIOTECNOLOG?AS APLICADAS S.L (Spain)
The key players in the vitamins market adopted expansions & investments as their key growth strategy to increase their market share and profits. New product launches accounted for the second-most important strategy to be adopted by market players.
The report analyzes the vitamins market across different types and regions. It aims at estimating the size and future growth potential of this market across different segments such as type, application, source, and region. The report also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, recent developments, and key market strategies.
Reasons To buy this report:
- To get a comprehensive overview of the global vitamins market
- To gain wide-ranging information about the top players in this industry, their product portfolios, and the key strategies adopted by them
- To gain insights on the major countries/regions in which the vitamins market is flourishing
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