Natural Source Vitamin E Market Driven by an Increased Awareness About Health & Intake of Vitamins & Minerals

Natural Source Vitamin E Market: Snapshot

The global natural source vitamin E market is driven by an increased awareness among consumers about health and intake of necessary vitamins and minerals. The growing disposable income is increasing the affordability of products and this is also propelling the demand for natural source vitamin E. Amidst the market’s struggle due to declining supplies of deodorized distillates, a key raw material used for manufacturing natural Vitamin E, the market will expand at a12.8% CAGR from 2016 to 2024, states Transparency Market Research (TMR). With sustainable demand from the wealthy or well-to-do customer base, the market is estimated to be worth US$2,251.7 mn by 2024.

Tocopherols to Beat Tocotrienol in Terms of Demand

There are two variants of natural source vitamin E available in the market: tocopherol and tocotrienol. Of these, tocopherol is expected to lead in terms of demand as well as in terms of being the highest revenue contributor. The tocopherol segment accounted for 65% of the market back in 2015. High use in dietary supplements is a key reason for the growing demand for tocopherol. As tocotrienols are difficult to absorb during digestion and are also poorly distributed to blood cells, their demand will is low. Moreover, they are rapidly metabolized and eliminated from the body. Thus, its application is limited to cosmetics, where it is used for anti-aging creams. Therefore, tocotrienols occupies a significantly lower share as compared to tocopherol in the natural source vitamin E market.

Dietary Supplements to Lead in Terms of Application Segment

The applications for natural source vitamin E include dietary supplements, cosmetics, food and beverage, and animal feed. Of these, the dietary supplements segment not only led in the past but will also witness growth in the coming years on account of the promise supplements hold in preventing chronic diseases or of the promise of longevity. The expansion of distribution chains will also aid the demand for vitamin E-based dietary supplements such as energy drinks, tablets, and capsules.

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Asia Pacific to Emerge as Lucrative Market for Natural Source Vitamin E

The market for natural source vitamin E is flourishing in Europe and North America. The market for natural source vitamin E market in North America was accounted for over 40% in 2015 and 26% in Europe. The growing awareness about having a healthy lifestyle and the increasing realization of the importance of nutrients by making use of supplements are both driving the natural source vitamin E market in these two regions. The presence of excellent distribution channels will also ensure the growth of the market in Europe and North America. The increasing affordability of natural source vitamin E on account of increasing disposable income in developing nations of Asia Pacific is helping the market in APAC to grow. It is estimated that during the forecast period of 2016 to 2024, the Asia Pacific natural source vitamin E market will expand at a 13.3% CAGR. China will be a lucrative market in Asia Pacific region for natural source vitamin E.

Increasing Consumption of Dietary Supplements to Ensure High Demand for Natural Source Vitamin E

The latest figures indicate a steady rise in the number of patients suffering from vitamin E deficiency. The deficiency of vitamin E causes anemia, ataxia, nerve damage, peripheral neuropathy, retinopathy, skeletal myopathy, and impairment of the immune response. The growing prevalence of these diseases is driving the growth of the global natural source vitamin E market. Moreover, the rising affordability of products and strengthening distribution channels are also acting as a driver for the global natural source vitamin E market.

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On the flip side, the declining supply of key raw materials used for producing natural source vitamin E such as deodorized distillates are likely to hamper the growth of the global natural source vitamin E market. Another factor restraining the growth of the global market has been highlighted in the combined research of the World Health Organization (WHO), the International Food Safety Authorities Network (INFOSAN), and the Food and Agriculture Organization of the United Nations (FAO). It states that excessive intakes of the vitamin E can lead to the onset of several types of cancer.

However, Transparency Market Research (TMR) analysts state that the augmenting demand for natural source vitamin E owing to the increasing purchasing power in emerging regions will prove to be a shot in the arm for the global natural source vitamin E market. As per a new report by TMR, the global natural source vitamin E market is anticipated to progress at a CAGR of 12.8% between 2016 and 2024, reaching a value of US$2,251.7 mn by 2024 from US$765.6 mn in 2015.

How are emerging nations responding to the global natural source vitamin E market?

Factors such as the strengthening distribution channels, rising purchasing power, and growing health awareness are likely to bear fruit for emerging regions, especially Asia Pacific, in the forthcoming years. Asia Pacific is anticipated to grow at a noteworthy CAGR of 13.3% from 2016 to 2024. China is likely to emerge as the most lucrative country for vendors. Another reason fuelling greater consumption of natural source vitamin E is the presence of a large population in developing and less developed countries suffering from this micronutrient deficiency.

However, growing awareness regarding healthy lifestyles and consumption of nutrients through supplements has put North America in a dominant position. The presence of superior supply chain and a reasonable level of affordability has benefitted increased adoption of natural source vitamin E in developed nations such as Europe and North America.

Why are most organizations manufacturing natural source vitamin E in the form of dietary supplements?

Several studies indicate a growing preference for dietary supplements amongst consumers, over other applications of natural source vitamin E such as food and beverages, cosmetics, and animal feed. Dietary supplements come with the benefits of boosting immunity, preventing chronic diseases, and promoting longevity. These benefits along with high feasibility are gaining the interest of health conscious consumers and are ensuring a promising growth of the global natural source vitamin E market. Therefore, vendors are focusing more on the production of dietary supplements in the form of tablets, capsules, and energy drinks.

Consequently, tocopherols are gaining prominence in terms of revenue among all product types. This growth can be attributed to its high usage in dietary supplement. The demand for tocotreniols is expected to rise in the near future owing to rising global demand for cosmetics, thereby fuelling the growth of the global natural source vitamin E market.