(EMAILWIRE.COM, June 07, 2023 ) According to a research report “Vitamins Market by Type (Vitamin A, Vitamin B, Vitamin C, Vitamin D, Vitamin E, & Vitamin K), Application (Healthcare Products, Food & Beverages, Feed, and Personal Care Products), Source (Synthetic and Natural) and Region – Global Forecast to 2028″ published by MarketsandMarkets, the vitamins market is estimated at USD 6.7 billion in 2023 and is projected to reach USD 8.9 billion in 2028, at a CAGR of 6.0% from 2023 to 2028. Vitamins are intended to be used as a supplement along with a daily diet to curb the increasing vitamin deficiencies. It can be used as a preventive measure to curb several lifestyle diseases. Factors contributing to the rising demand for vitamins in the market are changing food habits, hectic lifestyles, more consumption of nutrition less fast foods, etc. Additionally, the growing geriatric and infant population globally demands more nutritionally enriched and fortified food.
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Consumer awareness regarding fortified healthcare products like dietary supplements and infant foods drives the market
Healthcare products dominate the vitamins market by application. There is growth in lifestyle diseases such as diabetes and obesity has led to the need for food and healthcare products that are enriched with vitamins and other micronutrients. Fortification has proven to be an effective method to tackle nutritional deficiencies. Healthcare product manufacturers are increasingly manufacturing products with vitamins, which boost the growth of vitamins in the healthcare application.
The growing popularity of vitamin C is projected to boost its growth during the forecast period
Vitamin C is projected to grow at the highest CAGR during the forecast period of 2023 – 2028. Vitamin C is increasingly used in various skincare and personal care products due to the presence of antioxidants, which helps in reducing skin damage. Additionally, vitamin C helps in boosting immunity when consumed orally. The increasing application of vitamin C in different end-use applications such as food, personal, and healthcare increases its demand in the market.
Synthetically sourced vitamins are set to dominate the market during the study period
Synthetically, vitamins are made in the laboratory using different chemicals. Naturally obtained vitamins are expensive and hence increase the overall production cost. On the other hand, synthetically sourced vitamins are cost-effective, and the end product prices are competitive. Though some studies suggest that the absorption of synthetically sourced vitamins is questionable, some studies say that the body absorbs both types of vitamins. Synthetic vitamins are stable and can be used in all sorts of applications, so the demand is increasing in the vitamins market.
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Europe provides the highest growth prospects for the vitamins market in 2023
The European population is prone to lifestyle diseases and vitamin deficiencies due to improper food habits. Consumers are adopting healthy lifestyles and different supplements fortified with vitamins. The trend of vegan and vegetarian diets is also increasing in the region, as consumers are adopting animal and dairy-free diets. Due to these dynamics in the region, manufacturers are manufacturing different fortified food products. This increases the demand for vitamins in Europe. Additionally, key players like Koninklijke DSM N.V., Glanbia PLC, BASF, and Lonza Group have a strong presence and market share in the region, which further boost the vitamin market in Europe.
Key players in this market include Koninklijke DSM (Netherlands), Glanbia PLC (Ireland), ADM (US), BASF (Germany), Lonza Group (Switzerland), Adisseo (France), Vitablend Nederland B.V (Netherlands), Sternvitamin GmbH (Germany), Farbest Tallman Foods Corporation (US), The Wright Group (US), Zhejiang Garden Biochemical High-Tech Co.,Ltd (China), NewGen Pharma (US), Rabar Pty Ltd. (Australia), Resonac (Japan), and BTSA Biotecnologias Aplicadas S.L (Spain)
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