Global Vitamin Ingredients Market: Snapshot
With an increasing number of customers taking responsibility of their health and well-being, the global market for vitamin ingredients has been witnessing a substantial rise since the last few years. The rising awareness among people about lifestyle diseases and preventive healthcare has been boosting the demand for vitamin ingredients substantially across the world.
Since the propensity of consumers to use kitchen cupboards as medicine cabinets is expanding exponentially, the possibility of the growth of the worldwide vitamin ingredients market over the next few years is very high. In 2016, the overall opportunity in this market was worth US$5.3 bn. Increasing at a CAGR of 4.90% between 2017 and 2025, the market is likely to touch US$8.1 bn by the end of 2025. In terms of volume, the market is likely to cross 63,512.4 tons mark by 2025.
Although the future of this market looks thriving, the increasing preference for direct consumption of natural vitamin sources, such as nuts and fruits, among consumers may obstruct its growth trajectory in the years to come.
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Pharmaceuticals to Remain Key Application Segment of Vitamin Ingredients
Pharmaceuticals, processed and packaged food and beverages, cosmetics, and animal feed are the prime application areas for vitamin ingredients. Pharmaceuticals has been reporting a higher demand for vitamin ingredients among all the application segments. Researchers anticipate this segment to remain the key application area of these ingredients over the coming years.
The animal feed segment, on the other hand, is projected to present lucrative opportunities for market players in the near future due to the increased incorporation of vitamins in the diet of animals by livestock farmers.
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Asia Pacific to Continue its Growth Streak
The worldwide market for vitamin ingredients is spread across Latin America, Asia Pacific, Europe, North America, and the Middle East and Africa. Asia Pacific has been leading the global market and is expected to remain doing so over the next few years. The increasing base of the population, rising concerns over health issues, and the surging patient pool suffering from vitamin deficiency are the main factors behind the growth of this regional market. In addition, the escalating disposable income of consumers, infrastructural developments in healthcare facilities, and the presence of a broad distribution network of companies in this region will boost the Asia Pacific vitamin ingredients market in the near future. Analysts predict this regional market to rise at a CAGR of 5.40% from 2017 to 2025 in terms of value.
North America, which closely followed Asia Pacific in 2016, is anticipated to showcase promising growth opportunities over the forthcoming years. A vast base of the population in North America prefers prevention of diseases over the cure, owing to which, the demand for vitamin-based food and drugs is increasing significantly in this region. This eventually is anticipated to bring a considerable rise in the demand for vitamin ingredients in North America over the next few years. The U.S. holds leading position in the North America market for vitamin ingredients. With the U.S. having a well-established medical and healthcare industry, the scenario is predicted to remain same in the years to come.
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The global market for vitamin ingredients is highly competitive in nature. Atlantic Essential Products Inc., Bactolac Pharmaceutical Inc., AIE Pharmaceuticals Inc., Archer Daniels Midland Co., Amway, Bluestar Adisseo Co., Lonza Group, Koninklijke DSM N.V., E. I. du Pont de Nemours and Co., and BASF SE are some of the key vendors of vitamin ingredients across the world.
