The Global Vitamins Marketwas valued at US$ 5.16 billion in 2016, according to a new report published byCoherent Market Insights.Vitamins are organic substances that are required by the body in small amounts, for proper growth and development. These are usually extracted naturally from certain food and is an essential component of diet. However, inadequate intake of vitamins in the diet may led to certain deficiency diseases, such as avitaminosis. North America dominated the global vitamins market during the last five years and is expected to retain its dominance in the market throughout the forecast period, due to growing consumer preferences for healthy diet coupled with increasing awareness for various vitamins deficiency diseases. Pharmaceuticals is the largest and the fastest growing segment amassmong end use industry segments for vitamins market. For instance, India Brand Equity Foundation (IBEF)—a Trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India—the overall Indian healthcare market was valued at US$ 100 billion in 2016 and is expected to grow to US$ 280 billion by 2020, at a Compound Annual Growth Rate (CAGR) of 22.9%. The growing end use industry such as pharmaceuticals, personal care, food & beverages and animal feed is propelling the market for vitamins during the forecast period. Pharmaceuticals followed by animal feed and personal care is dominating the market in 2016 and the trend is expected to remain the same from 2017 to 2025.
Vitamins are classified into two types, water soluble and fat soluble. Water soluble vitamins (vitamin B-complex group and vitamin C), are easily dissolve in water and can be absorbed by the body. However, these vitamins are not stored in the body and excreted as urine, so a continuous supply is required in our everyday diet. Fat soluble vitamins (A, D, E, K), are dissolved in fat prior to being absorbed into the bloodstream. Excess intake of these vitamins are stored as fats in the liver and fat tissue. According to Coherent Market Insights, the vitamin B, is the dominant segment among product types in the global vitamin market. Whereas, vitamin E is the fastest growing segments in the product type segment and is expected to grow at a CAGR of 5.06% during the forecast period. A vast majority of the global population is at risk of vitamin deficiency related diseases. Various global organizations and governments are continuously focusing on addressing this situation.
On 2012, according to World Health Organization (WHO), an estimated 250 million preschool children are vitamin A deficient and it is likely that in vitamin A deficient areas a substantial proportion of pregnant women is vitamin A deficient. Also, an estimated 250 000 to 500 000 vitamin A-deficient children become blind every year, half of them dying within 12 months of losing their sight.
UNICEF-supported Vitamin A supplementation programs have been reaching out to children aged 6 to 59 months in priority countries for nearly two decades
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Key takeaways of the market:
Asia-Pacific is projected to be the lucrative region in global vitamins market. It accounted for around 27.6% of overall vitamins market revenue in 2016. The market in this region is expected to be primarily driven by rampant growth of end-use industries in China, India, and ASEAN countries. The growing demand for improved food supplements, rising urbanization, growing economy are some of the key drivers for the growth of vitamins in the Asia-Pacific region.
The market in Latin America is expected to register a significant growth rate over the forecast period. Rise in discretionary income along with increasing food & beverages industry are expected to create lucrative growth opportunities for the players in this region.
The mass merchandisers is dominating the market for distribution channel segments in the global vitamins market during the projected period.
Adisseo France S.A.S., Archer Daniels Midland Co., BASF SE, CSPC Pharmaceuticals Group Limited, Lonza Group Ltd., North China Pharmaceuticals Corporation, Pharmavite LLC, Zhejiang Hangzhou Xinfu Pharmaceutical Co. Ltd. are few of the key players in global vitamins market.
There are various organic, and inorganic growth strategies which are being followed by the leading market players in the market. Technological advancement is leading to the key innovation in the new product launches. Companies are also investing in expansions, mergers & acquisitions, and joint ventures in the market.
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