Vitamin is an organic compound which acts as an essential nutrient that an organism requires in limited amounts. The increasing application of vitamins in the supplementary industry is one of the major factors driving the growth of this market. Apart from recommending multivitamins for children, physicians have also started prescribing vitamins during prenatal and conception development. Doctors are encouraging the consumption of different types of supplements such as B-complex vitamins, Vitamin A, C, D, and E, and multivitamins as an important part of good prenatal health, which is one of the driving factors for the vitamin ingredients market. Supplements derived from vitamin D are gaining popularity among pregnant and breastfeeding women owing to health benefits for their children. There are also different types of supplements consumed by people above 60 years of age, who have limited exposure to the sun. Extensive consumption of vitamin supplements is fuelling growth of the vitamin ingredients market. Research and development activities for exploration of newer vitamin products is likely to create more opportunities in the vitamin ingredients market.
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The vitamin ingredients market has been bifurcated by product type and by application. By product type, the market is segregated by Vitamin A, Vitamin B, Vitamin C, Vitamin D, Vitamin E, and Vitamin K. Vitamin B was the dominant segment in 2015 and it is expected to remain so over the forecast period. Vitamin B group is a cluster of eight vitamins such as B1, B2, B3, B5, B6, B7, B9, and B12, which are essential for cell metabolism. Animal fed protein represents the major segment for Vitamin B complex and Vitamin B. Growing concerns about micronutrients and preventive medication among customers is expanding the demand for vitamin ingredients in the food and animal feed industry. Increasing use of Vitamin B in functional foods and sports drinks is driving demand for this segment. By types of application, the vitamin ingredients market is segregated by food & beverages, animal feed, cosmetics, and pharmaceutical industry. Animal feed is the most dominant segment on the basis of application of the vitamin ingredients market. Vitamins are widely used in the manufacturing of premixes and animal feed to ensure optimum health of animals and the quality of products. Increasing demand for vitamin A, D, and E in the poultry industry is likely to be one of the driving factors for this segment over the forecast period.
On the basis of geography, the vitamin ingredients market is segregated by North America, Europe, Asia Pacific, Middle-East & Africa, and Latin America. North America and Europe have a developed market and they occupy a considerable market share in the vitamin ingredients market. Asia Pacific accounts for majority of the market share in the vitamin ingredients market and it is expected to remain so over the forecast period. China and India represent majority of the market share for vitamin ingredients in this region. Rapid pace of urbanization coupled with the changing lifestyle is driving the vitamin ingredients market in this region.
With massive investments from China and India in the vitamin ingredients market, the region is likely to witness unprecedented growth over the estimated period. Middle East & Africa is an emerging economy in the vitamin ingredients market. Saudi Arabia accounts for one of the large market for the vitamin ingredients in this region.
The leading companies in the vitamin ingredients market are BASF, Amway, E. I. du Pont de Nemours and Company, DSM, and Lonza. Some of the other players in the vitamin ingredients market are Atlantic Essential Products, Bactolac Pharmaceutical, AIE Pharmaceuticals, Aland (Jiangsu) Nutraceutical, Kirkman Group, Nulab, Nutrilo, ParkAcre Enterprises, Pfizer, Bluebonnet Nutrition, Glanbia Nutritionals Deutschland, and Private Label Nutraceuticals among others.
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