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The Vitamins Market size is forecast to increase by USD 35.47 billion, at a CAGR of 7.82% between 2023 and 2028. The market in North America thrives as consumers increasingly prioritize preventive health measures over treatment. With a growing emphasis on healthier lifestyles, individuals are turning to essential nutrients to support their well-being. This trend is particularly evident among the aging population, where the uptake of vitamin supplements is on the rise. By 2050, it's projected that a significant portion of the US population, around 25%-29%, will be aged 60 and above, further propelling the demand for vitamins. Additionally, Alltech Inc. specializes in nutritional supplements, offering vital components like Vitamin A and Vitamin E. These fat-soluble vitamins are essential for vision, immune support, and antioxidant protection. Vitamin A aids vision and cell growth, while Vitamin E acts as a potent antioxidant. Their market grows as consumers prioritize wellness and disease prevention.
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The market encompasses a wide range of products, including Animal Feed, Personal Care, Pharmaceuticals & Nutraceuticals. These vitamins are essential for various aspects of Health and Wellness, including Digestion, Immunity, and Mental health. Vitamins A, B1, B2, B3, B5, B6, B7, B9, B12, D, E, and K are key components of this market. B Vitamins and Vitamin Supplements are particularly noteworthy, as they cater to diverse Nutritional Requirements. The Agricultural Produce and Food Products sectors also play a significant role in the market, as they serve as the primary sources of these essential nutrients. The Human Health sector, specifically the Post-menopause Female Population, benefits significantly from Vitamins, particularly in addressing conditions like Anemia. Our market growth analysis report analyzed the market growth and forecasting data with 2023 as the base year, along with the key market trends and analysis, and challenges. A holistic analysis of market growth and trends, drivers, and challenges will help stakeholders in the value chain refine their marketing strategies to gain a competitive advantage.
An increasing number of product launches is notably driving market growth. The market is experiencing significant growth due to the increasing demand for animal feed, personal care products, and pharmaceuticals and nutraceuticals. Various B vitamins, including Vitamin B1, B2, B3, B5, B6, B7, B9, and B12, as well as Vitamin A, C, D, E, K, and synthetic or natural Vitamin supplements, are essential nutrients for human health and wellness. DSM, a leading company in the industry, recently introduced ampli-D, a fast-acting form of Vitamin D for dietary supplements in Australia. This innovation allows Australian consumers to boost their Vitamin D levels in a shorter timeframe, supporting immune health.
Moreover, other key players, such as ADM, GlaxoSmithKline plc, and manufacturers of brands like Sensodyne, Panadol, Voltaren, Centrum, Advil, and Caltrate, also contribute to the market's growth through their Vitamin-rich offerings. Vitamins play a crucial role in various aspects of health, including digestion, immunity, and mental health. They are also essential for the growth and development of agricultural produce and food products. As consumers increasingly prioritize health and wellness, the demand for Vitamins and nutrients continues to rise, driving market expansion. Such factors are expected to drive the market growth during the forecast period.
Increasing health consciousness among consumers is an emerging trend shaping market growth. The market is experiencing significant growth due to the increasing prioritization of health and wellness among consumers. This trend is particularly prominent in the age group of 18-32 years, with young individuals seeking natural-based, low-fat, and calorie-conscious food and beverage options. The market caters to this demand by producing food products fortified with essential vitamins and minerals, including Vitamin A, B1, B2, B3, B5, B6, B7, B9, B12, D, E, and K. B vitamins, such as B1, B2, B3, B5, B6, B7, B9, and B12, are crucial for various bodily functions, including energy production, brain function, and the maintenance of healthy skin and hair. Vitamin C, another essential nutrient, is known for its role in immune system support and collagen production. Vitamin D is essential for bone health, while Vitamin E is a powerful antioxidant that protects cells from damage. Vitamin K is essential for blood clotting and bone health. Vitamin supplements are a popular choice for individuals seeking to supplement their diet with these essential nutrients.
However, major market players, such as DSM, GlaxoSmithKline plc, ADM, and others, are significant contributors to the market. In addition to human health applications, vitamins are also used in animal feed, personal care, and pharmaceuticals & nutraceuticals. The sources of vitamins can be synthetic or natural. Synthetic vitamins are produced in laboratories, while natural vitamins are derived from agricultural produce. The demand for natural vitamins is increasing due to consumer preferences for natural and organic products. Vitamins play a vital role in maintaining various aspects of human health, including digestion, immunity, and mental health. As consumers become more health conscious, the demand for vitamins and vitamin-rich food products is expected to continue growing. Such factors are expected to propel the market growth during the forecast period.
Misleading advertisements and promotions by market players is a significant challenge hindering market growth. The market encompasses various sectors, including animal feed, personal care, and pharmaceuticals & nutraceuticals. Vitamins, essential nutrients for human health and wellness, are available in different forms, such as Vitamin A, B vitamins (B1, B2, B3, B5, B6, B7, B9, and B12), Vitamin C, D, E, K, and others. These vitamins play crucial roles in digestion, immunity, mental health, and the production of agricultural and food products. DSM, ADM, GlaxoSmithKline plc, and other market players source both natural and synthetic vitamins to cater to diverse consumer needs. While natural sources include fruits, vegetables, and animal products, synthetic vitamins are produced in laboratories. Vitamin supplements, such as Sensodyne, Panadol, Voltaren, Centrum, Advil, Caltrate, and others, are widely used to address nutritional deficiencies and promote health.
However, misleading promotions and advertisements by market players, often featuring sports and film celebrities, can create unrealistic expectations and lead to consumer distrust. The use of synthetic vitamins and lack of transparency regarding the manufacturing process can further contribute to this issue. Consumers may be misled into believing that these products, endorsed by celebrities, are natural and safe, when in reality, they may not provide the desired results. Therefore, it is imperative for market players to prioritize transparency and provide accurate information about the ingredients used in the manufacturing of vitamin supplements. This will help build consumer trust and encourage long-term growth in the market.. Such factors are expected to hinder the market growth during the forecast period.
This market research and growth report extensively covers market segmentation by Application (food and beverages, pharmaceuticals and cosmetics, and feed additives), End-user (adults, children and teenager, and infants), and Geography (North America, APAC, Europe, South America, and Middle East and Africa).
The market research report growth by the food and beverages segment will be significant during the forecast period. This growth is due to the increasing demand for health and wellness food and beverages. Consumers include more vitamins and mineral-rich food products in their daily diets as preventive measures against various diseases, thereby increasing the demand for fortified food and beverage products.
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The food and beverages were the largest segment and were valued at USD 23.64 billion in 2018. Various market players are coming up with new food and beverage products that are fortified with vitamins to meet growing demand. Vitamin deficiencies can lead to minor and major problems, including preventable blindness in children due to lack of vitamin A, short-term memory loss, fatigue, and weight loss due to low vitamin B12. Hence, the above-mentioned factors are expected to fuel the growth of the food and beverages segment in the global market during the forecast period.
The market caters to the nutritional requirements of adults, particularly the post-menopause female population, who face unique health challenges. Anemia, osteoporosis, osteoarthritis, fibromyalgia, obesity, depression, and fertility issues are prevalent among this demographic, driving the demand for vitamins. Vitamins A, C, D, E, K, and the B-complex vitamins (thiamine, riboflavin, niacin, pantothenic acid, biotin, B6, B12, and folate) play crucial roles in maintaining general and mental health, supporting the immune system, and preventing infections related to various diseases. Dietary habits and lifestyle factors, including sedentary work routines and erratic eating patterns, contribute to nutritional deficiencies among working professionals. Consequently, healthcare costs associated with managing chronic conditions and preventing nutritional deficiencies continue to fuel market growth.
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North America is estimated to contribute 39% to the growth of the global market research and growth during the forecast period. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The market in North America is driven by the region's population's increasing nutritional requirements, particularly among post-menopausal females. Anemia, osteoporosis, osteoarthritis, fibromyalgia, obesity, depression, and fertility issues are prevalent health concerns among this demographic, leading to a higher demand for essential nutrients. The aging population in North America, projected to account for 25%-29% of the US population by 2050, further boosts market growth. Additionally, lifestyle factors such as dietary habits and healthcare costs contribute to the market's expansion. The market caters to various health conditions, including infections and diseases, making it an essential sector in the region's healthcare industry. Regular product innovation and new product launches further support the market's growth trajectory.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, which forecasts to enhance their presence in the market report.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
The market analysis and report of qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research 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 market growth and trends strategies.
Customer Landscape
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The market encompasses a significant array of essential nutrients that play a crucial role in maintaining optimal health and well-being. These vital nutrients, including Vitamin A, Vitamin B1, Vitamin B2, Vitamin B3, Vitamin B5, Vitamin B6, Vitamin B7, Vitamin B9, Vitamin B12, and Vitamin D, are integral components of various metabolic functions. The market for these essential nutrients experiences continuous growth due to increasing consumer awareness regarding the importance of a balanced diet and preventive healthcare. Additionally, the rising prevalence of chronic diseases and the subsequent demand for dietary supplements further propel the market's expansion. The market caters to various sectors, including food and beverage, pharmaceuticals, and dietary supplements, among others. The demand for fortified foods and beverages, particularly in developing regions, is a notable trend in the market. Furthermore, advancements in technology and research contribute to the development of innovative vitamin delivery systems, ensuring the market's sustained growth.
Market Scope |
|
Report Coverage |
Details |
Page number |
181 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.82% |
Market Growth 2024-2028 |
USD 35.47 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.1 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 39% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, Ajinomoto Co. Inc., Alltech Inc., Archer Daniels Midland Co., Associated British Foods Plc, BASF SE, Adisseo Co., Cargill Inc., Chr Hansen Holding AS, DuPont de Nemours Inc., Evonik Industries AG, Koninklijke DSM NV, Merck KGaA, Nestle SA, Sanofi SA, Virbac Group, Vitafor NV, Vitala Foods, and Zinpro Corp. |
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, Market condition analysis for the market forecast period. |
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. |
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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 End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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