With
an increasing number of customers taking responsibility of their
health and well-being, the global market for vitamin ingredients has
been witnessing a substantial rise since the last few years. The
rising awareness among people about lifestyle diseases and preventive
healthcare has been boosting the demand for vitamin ingredients
substantially across the world.
Since
the propensity of consumers to use kitchen cupboards as medicine
cabinets is expanding exponentially, the possibility of the growth of
the worldwide vitamin ingredients market over the next few years is
very high. In 2016, the overall opportunity in this market was worth
US$5.3 bn. Increasing at a CAGR of 4.90% between 2017 and 2025, the
market is likely to touch US$8.1 bn by the end of 2025. In terms of
volume, the market is likely to cross 63,512.4 tons mark by 2025.
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Although
the future of this market looks thriving, the increasing preference
for direct consumption of natural vitamin sources, such as nuts and
fruits, among consumers may obstruct its growth trajectory in the
years to come.
Pharmaceuticals
to Remain Key Application Segment of Vitamin Ingredients
Pharmaceuticals,
processed and packaged food and beverages, cosmetics, and animal feed
are the prime application areas for vitamin ingredients.
Pharmaceuticals has been reporting a higher demand for vitamin
ingredients among all the application segments. Researchers
anticipate this segment to remain the key application area of these
ingredients over the coming years.
The
animal feed segment, on the other hand, is projected to present
lucrative opportunities for market players in the near future due to
the increased incorporation of vitamins in the diet of animals by
livestock farmers.
Asia
Pacific to Continue its Growth Streak
The
worldwide market for vitamin ingredients is spread across Latin
America, Asia Pacific, Europe, North America, and the Middle East and
Africa. Asia Pacific has been leading the global market and is
expected to remain doing so over the next few years. The increasing
base of the population, rising concerns over health issues, and the
surging patient pool suffering from vitamin deficiency are the main
factors behind the growth of this regional market. In addition, the
escalating disposable income of consumers, infrastructural
developments in healthcare facilities, and the presence of a broad
distribution network of companies in this region will boost the Asia
Pacific vitamin
ingredients market in the near future. Analysts predict this
regional market to rise at a CAGR of 5.40% from 2017 to 2025 in terms
of value.
North
America, which closely followed Asia Pacific in 2016, is anticipated
to showcase promising growth opportunities over the forthcoming
years. A vast base of the population in North America prefers
prevention of diseases over the cure, owing to which, the demand for
vitamin-based food and drugs is increasing significantly in this
region. This eventually is anticipated to bring a considerable rise
in the demand for vitamin ingredients in North America over the next
few years. The U.S. holds leading position in the North America
market for vitamin ingredients. With the U.S. having a
well-established medical and healthcare industry, the scenario is
predicted to remain same in the years to come.
The
global market for vitamin ingredients is highly competitive in
nature. Atlantic Essential Products Inc., Bactolac Pharmaceutical
Inc., AIE Pharmaceuticals Inc., Archer Daniels Midland Co., Amway,
Bluestar Adisseo Co., Lonza Group, Koninklijke DSM N.V., E. I. du
Pont de Nemours and Co., and BASF SE are some of the key vendors of
vitamin ingredients across the world.
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