The
global vitamin ingredients market is highly consolidated and
competitive, according to Transparency Market Research. The five
leading players in this market for 2015 were BASF, DuPont,
Koninklijke, Amway, and Lonza. They collectively held close to 70% of
the global vitamin ingredients market in 2015 and the TMR report
states that this scenario is not likely to change over the next few
years. Meanwhile, the competition could intensify further due to the
high number of mergers, acquisitions, and partnerships being formed
in the market.
As
per the report, the global
vitamin ingredients market was valued at US$5.3 bn in 2016.
The market is projected to expand at a CAGR of 4.90% within a
forecast period from 2017 to 2025 and is expected to reach US$8.1 bn
by the end of 2025. In terms of volume, the global vitamin
ingredients market is expected to reach 63,512.4 tons by the end of
2025. Pharmaceuticals has emerged as the key application segment in
the global vitamin ingredients market and is likely to remain
dominant over the coming years.
Growing
Prevalence of Nutritional Deficiencies to Boost Demand for Vitamin
Ingredients“The growing concerns, along with the increasing
awareness about maintaining health and fitness, have encouraged
consumers to boost their overall intake of vitamins, consequently
propelling the sales of vitamin ingredients globally,” states a TMR
analyst. The global vitamin ingredients market is also being driven
by the growing prevalence of nutrition-based deficiencies and chronic
illnesses, including Alzheimer's disease, a key geriatric illness
that is linked to vitamin D deficiency. The overall consumer focus
has moved closer towards preventive healthcare. This, as a result,
has propelled the overall intake of nutritive elements, which
includes the global market for vitamin ingredients. The market is
also propelled by the rise in awareness of consumers regarding the
benefits that various vitamins provide, especially vitamin C.
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Asia
Pacific to Maintain Lead in Vitamin Ingredients Consumption
Asia
Pacific, the current regional lead in the global vitamin ingredients
market, is expected to maintain its dominant position over the course
of the report’s forecast period, thanks to the very high population
density in this region, coupled with increasing concerns of consumers
over health issues, and the growing number of people suffering from
nutritive deficiencies in its emerging economies. Analysts evaluate
the Asia Pacific vitamin ingredients market to expand at a CAGR of
5.40% from 2017 to 2025, a statistic attributed to the rising
disposable income of the working-class consumers, advancements in
healthcare infrastructure and expenditure, and the availability of
massive online and offline distribution networks.
North
America stood second in the global vitamin ingredients market for
2016. The region is likely to show a very healthy rate of growth in
consumption of vitamin ingredients. A growing demographic of North
American consumers is beginning to prefer preventive healthcare
measures, thus fuelling the demand for vitamin-based food and drugs.
This trend is expected to remain strong over the coming years,
leading to a considerable progress for manufacturers and distributors
of vitamin ingredients within North America.
The
global vitamin ingredients market is, however, being restrained by
factors such as the increasing preference of consumers for direct
consumption of natural vitamin sources, such as fruits and nuts,
threatening to limit the progress made by the global vitamin
ingredients market to some extent in the near future.
The
information presented in this review is based on a Transparency
Market Research report, titled, “Vitamin Ingredients Market (Types
- Vitamin A, Vitamin B, Vitamin C, Vitamin D, Vitamin E, and Vitamin
K; and Applications - Pharmaceuticals, Processed and Packaged Food
and Beverage, Cosmetics, and Animal Feed) - Global Industry Analysis,
Size, Share, Growth, Trends and Forecast 2017 - 2025.”
Key
segments of the Global Vitamin Ingredients Market
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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