In
the highly competitive global vitamin ingredient market, most of the
market share is held by top five players together. Those are Amway,
Lonza, DuPont, Koninklijke, and BASF. Going forward too, these
players are expected to hold on to their leading shares. Further the
competition in the market is predicted to heat up in future owing to
mergers and acquisitions and partnerships.
A
report published by Transparency Market Research on the market for
vitamin ingredient shows that it would rise at a steady 4.9% CAGR
over the course of the forecast period starting from 2017 and ending
in 2025. At this pace, the market which was valued at US$5.3 bn in
2016, will likely become worth US$8.1 bn by 2025-end.
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Vitamin
ingredients find application in formulating processed and packaged
food and beverages, pharmaceuticals, animal feed, and cosmetics.
Among them, pharmaceuticals are driving maximum demand at present and
over the next few years would continue doing so. From a geographical
standpoint, Asia Pacific is expected to rise at a steady 5.4% CAGR
over the course of the forecast period owing to its burgeoning
population, growing awareness about health among them, and a large
number of people suffering from deficiency of vitamins. Others
factors serving to promote the market in the region is the growing
disposable incomes of people, strengthening healthcare systems, and a
solid distribution network.
Overall,
the outlook for the vitamin ingredient market looks promising because
of the rising tribe of health conscious people who are seriously
concerned about their nutritional intake. Advised by doctors or
fitness instructors, they are seen supplementing their vitamin
uptake. They are aware of the various kinds of vitamins and their
health benefits. This is expected to drive sales in the market. Adds
the lead analyst of out TMR report, “The shift towards preventive
healthcare in order to prevent diseases has led to the surging uptake
of vitamin ingredients. This is mainly on account of the rising
occurrence of chronic ailments caused resulting from the deficiency
of certain vitamins in the body. The growing occurrence of other
diseases akin to nutrition-based deficiencies is also positively
influencing the market.”
Despite
steadily growing sales of vitamin
ingredients, their market is yet to reach full potential
because of the high demand for natural sources of vitamins such as
fruits and vegetables, nuts, and fish. Further, increasing uptake of
fish oil and other supplements and fortified foods is also dampening
demand in the market.
Notwithstanding
such setbacks, the market for vitamin ingredients is predicted to
soar over the next few years because of the entry of more number of
private labels and the ecommerce boom. The latter is providing
greater visibility to new products launched by brands who are also
banking upon proper descriptions to educate the consumers. Besides,
initiatives by governments for promoting intake of vitamins in
children and pregnant women and the surging demand for cosmetics
infused with vitamins has been catalyzing growth in the market too.
Get
more Information:
https://www.prnewswire.com/news-releases/vitamin-ingredients-market-production-volume-to-reach-635124-tons-by-2025-reports-tmr-616611864.html
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