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The vitamin ingredients market size is estimated to grow at a CAGR of 5.3% between 2022 and 2027. The vitamin ingredients market size is forecast to increase by USD 1,280.5 million. The growth of the market depends on several factors, including the increasing prevalence of vitamin deficiency, increasing marketing initiatives and strategies, and increased risk of lifestyle diseases.
This vitamin ingredients market report extensively covers market segmentation by application (animal feed, food and beverages, pharmaceutical industry, and cosmetics), product type (vitamin B, vitamin K, vitamin C, vitamin D, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing prevalence of vitamin deficiency is notably driving the market growth, although factors such as regulatory control on supplement usage limit and packaging may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing prevalence of vitamin deficiency is notably driving market growth. The significance of food and vitamin supplements in establishing a healthy lifestyle has been acknowledged by consumers. They are using supplements more frequently to get a variety of health benefits, including lowered risk of lifestyle diseases and improved immunity and metabolism. The growing understanding of vitamin supplements' role in disease prevention is expanding the market across the globe.
It can be challenging for consumers to maintain good health and consume the necessary nutrients with their busy work schedules. Vitamin deficiencies result in weakened immunity and diseases like pellagra, dermatitis, dementia, and diarrhea, all of which are on the rise among consumers. It is anticipated that the market will expand as a result of the rise in dermatitis and skin-related cases, which will increase the demand for vitamin ingredients. Additionally, there has been a gradual increase in the geriatric population. The risk of vitamin ingredient deficiencies is also very high in the elderly population. Therefore, the growing prevalence of vitamin ingredient deficiency is expected to boost the growth of the global market during the forecast period.
An increase in R&D expenditure on animal feed is an emerging trend in the market. Some of the key trends anticipated to contribute to the growth of the global market during the forecast period include rising R&D investments and the adoption of new technologies by vendors. In order to produce animal feed vitamins, vendors are investing in the development of sustainable technologies. To innovate and launch new vitamin products at a low price, they are investing in R&D.
Numerous vendors in the global market for vitamin ingredients have an internal R&D department that develops cutting-edge products and environmentally friendly technologies. Throughout the forecast period, this will support the expansion of the market for vitamin ingredients worldwide. The emphasis on in-depth research on animal nutrition by numerous small-scale laboratories is a trend that is more pronounced in North America and Europe. Thus, such factors will propel the growth of the global market during the forecast period.
Regulatory control on supplement usage limit and packaging are major challenges impeding the market growth. Several countries across the globe have specific rules and regulations to which pharmaceutical manufacturers must adhere to. These regulations differ from one country to another. For example, the provisions of the United States Federal Food, Drug, and Cosmetic Act (FD and C Act) and the regulations promulgated under its authority govern the rules and regulations on animal food/feed products in the US. Pharmaceutical companies in the US are required to follow the rules set forth by the FDA.
Similarly, manufacturers of vitamin ingredients in the European Union (EU) are required to abide by the guidelines established by the European Food Safety Authority (EFSA). Furthermore, the Food Safety and Standards Authority of India (FSSAI) certifies nutritional supplement products in India and works to advance public health by monitoring and ensuring the safety of food. Thus, regulatory control can be challenging for the growth of the global market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Vitamin Ingredients Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AIE Pharmaceuticals Inc. - The company manufactures dietary supplements, functional foods, vitamins, minerals, and herbal products. The key offerings of the company include vitamin ingredients such as retinyl acetate, cholecalciferol, and dl-alpha tocopheryl acetate.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the animal feed segment will be significant during the forecast period. For cattle, vitamins are a crucial dietary supplement because they promote better health and growth as well as greater immunity and increased output. Poultry, swine, ruminant, aquaculture, horses, donkeys, and other mammals all consume animal feed.
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The animal feed segment was valued at USD 1,444.77 million in 2017 and continued to grow until 2021. The demand for poultry feed additives, including animal feed vitamins, is being driven by consumer preferences for a particular color of meat and yolk as well as growing concerns about animal health. For cattle, vitamin supplements improve milk production and milk constituents. Due to the increased consumption of dairy and animal meat around the world, the market for vitamins in poultry feeds is anticipated to grow significantly during the forecast period. To reduce the risk of metabolic disorders many stakeholders in the livestock industry are also taking the necessary precautions and giving animals enough nutrition. Thus, owing to such factors the segment is expected to grow during the forecast period.
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North America is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Consumer awareness of the advantages of including vitamin supplements in their diets is a key factor fueling the growth of the global market in the US and Canada due to busy lifestyles and rising income levels. Furthermore, important suppliers in the region use strategies like joint ventures with online retailers like Walmart and Amazon to boost product sales. The US has established distribution channels for dietary supplements and a growing number of internet users, both of which will contribute to the market's expansion during the forecast period.
Additionally, the market is anticipated to grow as vendor concentrates on diversifying their product offerings. Regional vendors are using strategies like the market launch of innovative products in fresh formulations to compete in the regional market. Thus, during the forecast period, the innovative product launches by regional vendors will spur the growth of the North American market for vitamin ingredients.
The demand for vitamin ingredients increased for better immunity amid the pandemic, which positively impacted market growth to a substantial extent. Moreover, by 2021, lockdown restrictions in various countries were somewhat relaxed, which led to the resumption of business activities. The relaxation of such restrictions gradually resolved supply chain issues for vitamin ingredients and further increased the demand for vitamin ingredients such as tablets. This will propel the growth of the regional market during the forecast period.
The vitamin ingredients market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global vitamin ingredients market as a part of the global packaged foods and meats market under the global food products segment of the global food, beverage, and tobacco market. The global packaged foods and meats products market covers manufacturers or food processing vendors that are involved in food processing to eliminate microorganisms and extend shelf life. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
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Vitamin Ingredients Market Scope |
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Report Coverage |
Details |
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Page number |
162 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.3% |
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Market growth 2023-2027 |
USD 1,280.5 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
4.96 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 38% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AIE Pharmaceuticals Inc., Atlantic Essential Products Inc., Bactolac Pharmaceutical Inc., BASF SE, Bluebonnet Nutrition Corp., CSPC Pharmaceutical Group Ltd., Foodchem International Corp., Glanbia plc, Hangzhou Focus Corp., Kirkman Group, Koninklijke DSM NV, LOHMANN and Co. AKTIENGESELLSCHAFT, Lonza Group Ltd., Microbelcaps S.A., Northeast Pharmaceutical Group Co. Ltd., Nulab Inc., ParkAcre Ltd., Private Label Nutra, TNN Development Ltd., and Triveni Interchem Pvt. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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