The
global vitamin ingredients market is highly concentrated and
competitive in nature, finds a report by Transparency Market Research
(TMR). The top five companies in this market, namely, BASF, DuPont,
Koninklijke, Amway, and Lonza, collectively accounted for nearly 70%
of this market in 2015. The scenario is not expected to change in the
next few years; although the competition is likely to intensify
further due to the ongoing mergers, acquisitions, and partnerships
activities.
As
per the report, the worldwide vitamin
ingredients market, which was worth US$5.3 bn in 2016, is
estimated to proliferate at a 4.90% CAGR during the period from 2017
to 2025 and touch US$8.1 bn by the end of the forecast period. In
terms of volume, the market is anticipated to reach 63,512.4 tons
mark by 2025. Pharmaceuticals has emerged as the key application area
of vitamin ingredients and is anticipates to remain so over the
coming years.
Asia
Pacific to Continue on Top Position
The
report also presents a geographical analysis of the worldwide market
for vitamin ingredients. According to it, the market stretches across
Latin America, Asia Pacific, Europe, North America, and the Middle
East and Africa. Asia Pacific, which is the current market leader, is
anticipated to retain its position throughout the forecast period,
owing to the rising population, increasing concerns of consumers over
health issues, and the escalating patient pool suffering from vitamin
deficiency in this region. Researchers estimate this regional market
to rise at a CAGR of 5.40% over the period of forecast, thanks to the
surge in the disposable income of the working-class people, enabling
them to spend on expensive items, advancing infrastructure of
healthcare facilities, and the availability of a wide-ranging
distribution network.
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North
America, which stood second in 2016, is also projected to exhibit
healthy growth in its market share. As a number of North American
consumers prefer prevention over cure, the demand for vitamin-based
food and drugs has been tremendously high in this region and this
trend is likely to remain increasing over the next few years, leading
to a considerable progress in the North America vitamin ingredients
market. The U.S. is the leading domestic market for vitamin
ingredients in this region and is expected to remain seated in this
position throughout the forecast period, thanks to a well-established
medical and healthcare industry, reports the study.
Growing
Prevalence of Nutritional Deficiencies to Boost Demand for Vitamin
Ingredients
“The
increasing concerns, as well as awareness about health and fitness,
have prompted consumers to take accountability of their well-being,
which has boosted the uptake of vitamins, consequently influencing
the sales of vitamin ingredients across the world,” says a TMR
analyst. With the growing prevalence of nutrition-based deficiencies
and chronic diseases, such as Alzheimer's, which is caused by the
deficiency of vitamin D, the focus of consumers has shifted from
curing a disease to preventive healthcare. This, as a result, has
propelled the global market for vitamin ingredients substantially.
The rise in the knowledge of consumers about the benefits of the
various type of vitamins, especially vitamin C, is also boosting the
growth of this market significantly.
Although
these factors point towards a thriving future of this market, the
growing preference among consumers for direct consumption of natural
vitamin sources, such as fruits and nuts, may limit the market’s
progress to some extent in the near future, states the research
report.
The
study presented here is based on a report by Transparency Market
Research (TMR), titled “Vitamin Ingredients Market (Type - Vitamin
A, Vitamin B, Vitamin C, Vitamin D, Vitamin E, and Vitamin K;
Application - Pharmaceuticals, Processed and Packaged Food and
Beverage, Cosmetics, and Animal Feed) - Global Industry Analysis,
Size, Share, Growth, Trends and Forecast 2017 - 2025.”
The
global Vitamin Ingredient market has been segmented into:
By
Type
- Vitamin A
- Vitamin B
- Vitamin C
- Vitamin D
- Vitamin E
- Vitamin K
By
Application
- Pharmaceuticals
- Processed and Packaged Food and Beverage
- Cosmetics
- Animal Feed
- Others
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