Vitamin
is an organic compound which acts as an essential nutrient that an
organism requires in limited amounts. The increasing application of
vitamins in the supplementary industry is one of the major factors
driving the growth of this market. Apart from recommending
multivitamins for children, physicians have also started prescribing
vitamins during prenatal and conception development. Doctors are
encouraging the consumption of different types of supplements such as
B-complex vitamins, Vitamin A, C, D, and E, and multivitamins as an
important part of good prenatal health, which is one of the driving
factors for the vitamin ingredients market. Supplements derived from
vitamin D are gaining popularity among pregnant and breastfeeding
women owing to health benefits for their children. There are also
different types of supplements consumed by people above 60 years of
age, who have limited exposure to the sun. Extensive consumption of
vitamin supplements is fuelling growth of the vitamin ingredients
market. Research and development activities for exploration of newer
vitamin products is likely to create more opportunities in the
vitamin ingredients market.
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The
vitamin ingredients market has been bifurcated by product type and by
application. By product type, the market is segregated by Vitamin A,
Vitamin B, Vitamin C, Vitamin D, Vitamin E, and Vitamin K. Vitamin B
was the dominant segment in 2015 and it is expected to remain so over
the forecast period. Vitamin B group is a cluster of eight vitamins
such as B1, B2, B3, B5, B6, B7, B9, and B12, which are essential for
cell metabolism. Animal fed protein represents the major segment for
Vitamin B complex and Vitamin B. Growing concerns about
micronutrients and preventive medication among customers is expanding
the demand for vitamin ingredients in the food and animal feed
industry. Increasing use of Vitamin B in functional foods and sports
drinks is driving demand for this segment. By types of application,
the vitamin ingredients market is segregated by food & beverages,
animal feed, cosmetics, and pharmaceutical industry. Animal feed is
the most dominant segment on the basis of application of the vitamin
ingredients market. Vitamins are widely used in the manufacturing of
premixes and animal feed to ensure optimum health of animals and the
quality of products. Increasing demand for vitamin A, D, and E in the
poultry industry is likely to be one of the driving factors for this
segment over the forecast period.
On
the basis of geography, the vitamin ingredients market is segregated
by North America, Europe, Asia Pacific, Middle-East & Africa, and
Latin America. North America and Europe have a developed market and
they occupy a considerable market share in the vitamin ingredients
market. Asia Pacific accounts for majority of the market share in the
vitamin
ingredients market and it is expected to remain so over the
forecast period. China and India represent majority of the market
share for vitamin ingredients in this region. Rapid pace of
urbanization coupled with the changing lifestyle is driving the
vitamin ingredients market in this region.
With
massive investments from China and India in the vitamin ingredients
market, the region is likely to witness unprecedented growth over the
estimated period. Middle East & Africa is an emerging economy in
the vitamin ingredients market. Saudi Arabia accounts for one of the
large market for the vitamin ingredients in this region.
The
leading companies in the vitamin ingredients market are BASF, Amway,
E. I. du Pont de Nemours and Company, DSM, and Lonza. Some of the
other players in the vitamin ingredients market are Atlantic
Essential Products, Bactolac Pharmaceutical, AIE Pharmaceuticals,
Aland (Jiangsu) Nutraceutical, Kirkman Group, Nulab, Nutrilo,
ParkAcre Enterprises, Pfizer, Bluebonnet Nutrition, Glanbia
Nutritionals Deutschland, and Private Label Nutraceuticals among
others.
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