According to the new research report by Transparency Market Research on the global vitamin ingredients market, the competitive landscape of the market exhibits an intense competition. The top five companies operating in the competitive space account for the majority of the market share. These five companies are BASF, Koninklijke, DuPont, Lonza, and Amway. In coming years, these companies are expected to continue their dominance over the market. To maintain such strong brand positioning, these companies are adopting aggressive strategies such as mergers, acquisitions, joint ventures, and strategic partnerships. In addition to this, these companies are also investing heavily in developing new products that will cater to the growing demand from the end users.
The research report expects the global vitamin ingredients market to exhibit a stable CAGR of 4.9% during the given projection period of 2017 to 2025. With this rate of growth, the global market is expected reach a valuation of US$8.1 bn by the end of 2025. This is an eye-catching growth compared to the initial recorded valuation of US$5.3 bn back in 2016.
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Growing Inclination towards Preventive Healthcare to Work in Favor of Market Development
The future of the global vitamin ingredients market is a bright one. There are several factors that are fueling the overall development of the global market. One of the biggest driving factors for the market growth has been increasing health consciousness among people across the globe. The end-users are becoming extremely aware about the food they eat and nutrient they intake. Moreover, they are also aware about the benefits of having nutrient ingredients in their diet as supplements. Naturally, there has been an increasing demand for these products. Thus, the market is on course to achieve a stellar valuation in the near future.
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Another key trend that has been observed in the market is of increasing preference towards preventive healthcare. A large part of this paradigm shift has enabled consumers to opt for vitamin ingredients in their diet. Having a proper and well-nourished diet can lay a strong foundation for a healthy living. Thus, the popularity of nutrient ingredients has soared up and has helped in the overall development of the global market.
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Asia Pacific Segment to Exhibit Promising Growth Rate
In terms of geographical segmentation, there are five key regional segments of the global nutrient ingredients market. These regions are Europe, Asia Pacific, Middle East and Africa, North America, and Latin America. The research report expects the regional segment of Asia Pacific to exhibit a promising CAGR of 5.4% for the given forecast period. There are number of factors that are helping to push the development of the regional segment. Some of the key driving factors are large pool of people suffering from vitamin deficiency, increasing health awareness among people, initiatives undertaken by the local healthcare and governmental authorities, and presence of robust distribution channel among others. The regional segments of Europe and North America are expected to show steady growth rates in coming years of the forecast period.
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TMR has followed the C19-TREND approach for conducting a comprehensive analysis on the trends and changes in the food and beverage sector due to the COVID-19 outbreak. Each factor is analyzed with scrutiny. These points have been compiled in the report and will assure great assistance to the stakeholders and CXOs in developing sound business strategies.
Some C19-TRENDs that TMR has focused upon while analyzing the food and beverage sector are as follows:
Culinary Tourism
With the COVID-19 outbreak limiting the number of traveling and dining opportunities for individuals, many opt to experience the fun of a restaurant or destination at the comfort of their homes. Ready-to-drink beverages are being focused upon to enable the consumers to feel the vibe of a particular destination. This aspect will churn exponential growth.
Immunity-Boosting Items
A good immunity can help individuals tackle COVID-19 with ease. Many consumers are switching to immunity-boosting food and beverage items for improving their resistance against further infections. Many well-established players are paying attention on launching immunity-rich food and beverage products. This factor will attract promising revenues.
Strengthening of Home Delivery Mechanisms
Restaurants and food chains were closed for a substantial time during the lockdown period. Thus, home delivery of food products, eatables, and groceries became the new norm. Many people still prefer home delivery due to the fear of not venturing out. Home deliveries will play a crucial role in increasing the growth opportunities across the horizon of the food and beverages sector.
These are the major trends that will influence the growth of the food and beverage industry considerably. Although, the food and beverage sector was exempt from the lockdown restrictions, many cases of supply chain disruptions were observed. With mass vaccination drives and certain relaxations in restrictions, the supply chain disruptions will be minimized extensively.
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