The Vitamins Market Size was valued at USD 7.41 billion in 2023, and is expected to reach USD 13.39 billion by 2031, and grow at a CAGR of 7.67% over the forecast period 2024-2031.
Vitamins are a collection of compounds necessary for appropriate cell growth, function, and development. They are insufficient amounts of critical nutrients and chemical substances that an organism Need. As a result, vitamins are commonly employed as ingredients and supplements in a range of industries.
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Vitamins are chemical molecules that are required in minute amounts by every organism for optimal growth and development. Night blindness, xerophthalmia, and keratomalacia are some of the diseases and conditions caused by a lack of these vitamins. The world market for vitamins is predicted to rise as consumer awareness of various vitamin deficient disorders grows around the world. These vitamins are divided into two categories: water-based and fat-based. Malnutrition is a challenge for public health clinical medicine and social policies around the world due to a lack of food security, monitoring, and education in developing and undeveloped regions.
Vitamin A and D deficiency, iodine and iron deficiency, clinical anaemia, and rickets are the main causes of these deficiencies in children. In addition, insufficiency of vitamin D and iodine is connected to a variety of chronic disorders in adults, including osteoporosis, osteomalacia, colorectal cancer, thyroid shortage, and cardiovascular disease. According to the World Health Organization (WHO), around 250 million preschool children were vitamin A deficient in 2012, and it is likely that a significant number of pregnant women in vitamin A deficient areas are vitamin A deficient as well.
Vitamins are also used extensively in a variety of end-use industries, including food and beverage, pharmaceuticals, animal feed, and selfcare product. Vitamins have the biggest market share in the pharmaceuticals business, however animal feed is the fastest expanding area over the forecast period.
DRIVERS
Increased demand for processed foods that are both functional and nutritionally enriched
Vitamin deficiency is becoming more common.
RESTRAINTS
Raw material costs fluctuate.
Vitamin overabundance
OPPORTUNITIES
Natural and clean-label items are becoming increasingly popular among consumers.
CHALLENGES
Vitamin overconsumption is causing health problems.
The World Health Organization (WHO) recommends that people around the world eat immune-boosting foods and get enough vitamins, minerals, proteins, dietary fibre, and antioxidants to help the body battle the outbreak. As a result, the population's consumption of vitamin supplements rises, increasing demand for the vitamin industry. Vitamins come in two varieties: natural and synthetic, and both are necessary for normal metabolism. Natural vitamins are in great demand in this COVID condition and are likely to continue to increase in the coming years.
COVID-19 has had a significant impact on people's lives all across the world. As a result of the increasing number of occurrences, strict government laws such as lockdowns, industries and commercial sectors being shut down, and so on are being implemented in nearly every country. In the current scenario, it is critical to strengthen immunity to combat viruses, maintain hygiene, and adhere to all medical advises.
MARKET ESTIMATION:
By Type
The worldwide vitamin market is segmented into vitamin B, vitamin C, vitamin E, and others, based on the kind of vitamin. Vitamin B, a water-soluble vitamin that plays an important function in cell metabolism, has the biggest market share among them. Eggs, liver and meat, yeast, and vegetables are all good sources of vitamin B.
By Application Type
Food & beverage, pharmaceutical & nutraceutical, animal feed, and personal care are the four application segments in the worldwide vitamins market. For the steep rise in healthcare costs, the pharmaceutical and nutraceutical segment maintains the biggest market share among these applications. The introduction of new technology and treatments, the overuse of procedures and tests, the quality of medical services, and the lack of openness and information on prices are all factors that drive up healthcare costs.
By Source Type
The worldwide vitamin market is divided into two categories: synthetic and natural vitamins. Among these two, the natural source category is predicted to grow at a fast rate of 7.5% throughout the forecast period. These natural vitamins are found in substances made from plant or animal basic materials by physical, microbiological, or enzymatic processes. Natural vitamins are in higher demand as the desire for clean-label products grows.
By Type
Vitamin A
Vitamin B
Vitamin C
Vitamin D
Vitamin E
Vitamin K
By Application type
Healthcare products
Personal care
Food & beverages
Infant food
Beverages
Bakery & confectionery products
Others
Feed
By Source type
Synthetic
Natural
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North America, Europe, South America, Asia Pacific, the Middle East, and Africa are among the regions studied for this market. In 2020, the APAC region will have the largest marketing share.
In 2021, the APAC region will hold the largest share of the market. This is owing to rising per capita incomes in the region's developing countries, such as India and China, which has resulted in a shift in people's lifestyles and poor eating habits, leading to an increase in vitamin deficiency instances. In addition, as people become more mindful of their health, the supplement industry will grow, driving the vitamin market in the region.
In 2021, North America was second in terms of market share. This is attributed to an increase in the demand for nutritional supplements in order to improve muscular growth and durability. Some of the factors propelling this market in the region include increased health awareness and a desire to live a healthy lifestyle.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
Some of the major key players are as follows: ADM, Adisseo, BASF SE, BTSA Biotechnologias Aplicadas S.L., DSM, Farbest Brands, Glanbia Plc, Lonza Group, Rabar Pty Ltd, SternVitamin GmbH & Co. KG (Schleswig-Holstein) and Other Players.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 7.41 Billion |
| Market Size by 2031 | US$ 13.39 Billion |
| CAGR | CAGR of 7.67% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (Vitamin A, Vitamin B, Vitamin C, Vitamin D, Vitamin E, Vitamin K) • By Application type (Healthcare products, Personal care, Food & beverages (Infant food, Beverages, Dairy products, Bakery & confectionery products, Others), Feed • By Source type (Synthetic, Natural) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | ADM, Adisseo, BASF SE, BTSA Biotechnologias Aplicadas S.L., DSM, Farbest Brands, Glanbia Plc, Lonza Group, Rabar Pty Ltd, SternVitamin GmbH & Co. KG (Schleswig-Holstein). |
| DRIVERS | • Increased demand for processed foods that are both functional and nutritionally enriched • Vitamin deficiency is becoming more common. |
| RESTRAINTS | • Raw material costs fluctuate. • Vitamin overabundance |
Ans: The Vitamins Market Size is estimated to reach USD 12.28 billion by 2030.
Increased demand for processed foods that are both functional and nutritionally enriched, Vitamin deficiency is becoming more common are all propelling Vitamins market forward.
APAC region will hold the largest share of the market.
ADM, Adisseo, BASF SE, BTSA Biotechnologias Aplicadas S.L., DSM, Farbest Brands, Glanbia Plc are the key players of the Vitamins Market.
Ans: The Vitamins Market is growing at a CAGR of 7.5% over the forecast period 2023-2030.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia War
4.3 Impact of Ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Vitamins Market Segmentation by Type
8.1 Vitamin A
8.2 Vitamin B
8.3 Vitamin C
8.4 Vitamin D
8.5 Vitamin E
8.6 Vitamin K
9. Vitamins Market Segmentation, by Application Type
9.1 Healthcare products
9.2 Personal care
9.3 Food & beverages
9.3.1 Infant food
9.3.2 Beverages
9.3.3 Dairy products
9.3.4 Bakery & confectionery products
9.3.5Others
9.4 Feed
10. Vitamins Market Segmentation by Source Type
10.1 Synthetic
10.2 Natural
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profiles
12.1 ADM
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Adisseo
12.3 BASF SE
12.4 BTSA Biotechnologias Aplicadas S.L.
12.5 DSM
12.6 Farbest Brands
12.7 Glanbia Plc
12.8 Lonza Group
12.9 Rabar Pty Ltd
12.10SternVitamin GmbH & Co. KG (Schleswig-Holstein).
13. Competitive Landscape
13.1 Competitive Benchmark
13.2 Market Share Analysis
13.3 Recent Developments
14. Conclusion
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