The global vitamin ingredients market is anticipated to register considerable growth over the forecast period. This is owing to the ongoing expansion of the wellness industry and the rising demand for healthier and nutritional foods among consumers worldwide. Vitamins are considered to be an essential nutrient and aid in growth, digestion, and nerve functions, among others. Rising awareness about lifestyle diseases has been accelerating demand for vitamin ingredients over the past few years, which has also contributed to market growth.
Ingredients such as vitamin A, B, C, D, E, and K find application in food and beverages, cosmetics, animal feed, pharmaceuticals, and other industries. Vitamin A has gained much prominence in the market owing to the many benefits it offers. This includes the treatment of eye-related disorders such as myopia, night blindness, and cataract. Vitamin D is highly lucrative as a market segment, given its ability to help prevent diabetes and hypertension, as well as aid in the absorption of calcium for bone health.
Food and beverage is considered to be the fastest-growing application for the market. At the same time, a favorable outlook of the medical nutrition industry, in light of increasing product application for treatment of malnutrition and similar disorders, is likely to promote demand in the pharmaceutical industry. The animal feed segment is also anticipated to open up avenues for growth with the increased use of vitamin ingredients in the diet of livestock. The personal care industry has been a prominent end user, with vitamin ingredients being used in products for hair care, skin care, and several other cosmetics.
Geographically, the global vitamin ingredients market constitutes North America, Europe, Asia Pacific, Central and South America, and Middle East and Africa. Increasing nutritional imbalance among consumers, owing to rising intake of junk food and alcoholic beverages as well as lifestyle changes, is anticipated to increase product demand worldwide over the forecast period.
North America has been a major market and will continue to be so in the coming years. Rising demand for food supplements in the region, on account of their ability to enable weight loss, increase endurance, improve muscle strength, and reduce fatigue, is projected to play a key role in promoting the regional market. Growing inclination toward a healthier lifestyle, coupled with rising consumer health concerns regarding chronic diseases in developed markets, will continue to play a crucial role in boosting the North America market.
Asia Pacific is expected to register strong growth in the future, led by Japan, India, China, and Australia. Thriving F&B and personal care industries will significantly boost the market growth. In addition, the rise in per capita disposable income of consumers in several APAC countries will benefit the market.
Some of the major vitamin ingredients market participants are BASF; Pfizer; Koninklijke DSM; Nestle; Lonza; Groupe Danone; Amway; Archer Daniels Midland Company; Bluestar Adisseo Company; AIE Pharmaceuticals. Inc.; and Bactolac Pharmaceuticals, Inc. The presence of several players has resulted in intense competition. The market is dependent on raw material suppliers and manufacturers, who are primarily concentrated in the U.S., China, India, and Brazil. Various companies have been investing in research and development activities in order to gain a greater share in the global market.
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