Global Vitamin Ingredients Market: Snapshot
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.
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.
Global Vitamin Ingredients Market: Overview
This report covers the analysis and forecast of the vitamin ingredients market on a global and regional level. The study provides historic data of 2016 along with forecast for the period between 2017 and 2025 based on volume (Tons) and revenue (US$ Mn).
The study provides a decisive view of the vitamin ingredients market by segmenting it based on type, application, and regional demand. Application segments have been analyzed based on current trends and future potential. The market has been estimated from 2016 to 2025 in terms of volume (Tons) and revenue (US$ Mn). Regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. These have been further sub-segmented into countries and regions with relevance to the market. The segmentation also includes demand for individual applications in all regions.
It also covers the drivers and restraints governing the dynamics of the market along with their impact on demand during the forecast period. Additionally, the report includes potential opportunities in the vitamin ingredients market on the global and regional level. It further encompasses market attractiveness analysis, wherein applications have been benchmarked based on their market size, growth rate, and general attractiveness for future growth.
Global Vitamin Ingredients Market: Research Methodology
The market has been forecast based on constant currency rates. Prices of vitamin ingredients vary in each region and are a result of the demand-supply scenario in the region. Hence, a similar volume-to-revenue ratio does not follow for each individual region. Individual pricing of vitamin ingredients for each application has been taken into account while estimating and forecasting market revenue on a global basis. Regional average price has been considered while breaking down the market into segments in each region.
The report provides the size of the vitamin ingredients market in2016 and the forecast for the next nine years up to 2025. The size of the global vitamin ingredients market is provided in terms of both volume and revenue. Market volume is defined in tons, while market revenue for regions is in US$ Mn. The market size and forecast for each product segment is provided in the context of global and regional markets. Numbers provided in this report are derived based on demand generated from different applications and types of vitamins.
Market estimates for this study have been based on volume, with revenue being derived through regional pricing trends. The price for commonly utilized grades of vitamin ingredients in each application has been considered, and customized product pricing has not been included. Demand for vitamin ingredients has been derived by analyzing the global and regional demand for vitamin ingredients in each application. The global vitamin ingredients market has been analyzed based on expected demand. Market data for each segment is based on volume and corresponding revenues. Prices considered for calculation of revenue are average regional prices obtained through primary quotes from numerous regional suppliers, distributors, and direct selling regional producers based on manufacturers’ feedback. Forecasts have been based on the expected demand for vitamin ingredients.
We have used the top-down approach to estimate the global vitamin ingredients market, split into regions. The product type split of the market has been derived using a top-down approach for each regional market separately, with the global product type segment split being an integration of regional estimates. Companies were considered for the market share analysis based on their product portfolio, revenue, and manufacturing capacity. In the absence of specific data related to the sales of vitamin ingredients of several privately held companies, calculated assumptions have been made in view of the company’s product portfolio and regional presence along with the demand for products in its portfolio.
Companies Mentioned in this Report
The report covers a detailed competitive outlook that includes market share and company profiles of key players operating in the global market. Key players profiled in the report include BASF SE, Lonza Group, Bluestar Adisseo Company, Bactolac Pharmaceutical, Inc., Archer Daniels Midland Company, Amway, and Koninklijke DSM N.V. Some of the other companies operating in the market are AIE Pharmaceuticals, Inc., E. I. du Pont de Nemours and Company, and Atlantic Essential Products, Inc.
The global Vitamin Ingredient market has been segmented into:
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- South Africa
- Rest of MEA
- Latin America (LATAM)
- Rest of LATAM
- Vitamin A
- Vitamin B
- Vitamin C
- Vitamin D
- Vitamin E
- Vitamin K
- Processed and Packaged Food and Beverage
- Animal Feed