Global Vitamin Consumption Market Size, by Type, Application, Source, By Region, Trend Analysis, Market Competition Scenario & Outlook, 2020-2027
発行: Blueweave Consulting & Research Private Limited
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Global Vitamin Consumption Market Size, by Type (Vitamin B, Vitamin E, Vitamin D, Vitamin C, Vitamin A, and Vitamin K), Application (Healthcare Products, Food & Beverages, Feed, and Personal Care Products), Source (Synthetic and Natural), By Region (North America, Europe, Asia Pacific, South America, and the Middle East & Africa), Trend Analysis, Market Competition Scenario & Outlook, 2020-2027.
The Global Vitamin Consumption Market valued at USD 5.18 billion in 2019 and is expected to reach USD 9.10 billion by 2027, at a CAGR of 7.30 % during the projection period. The constant evolution in the wellness industry, intensifying demand for healthier & nutritional foods among consumers worldwide, increasing cognizance about prevalent diseases and rise in per capita disposable income of consumers are the factors stimulating the vitamin ingredients market. Increasing knowledge about lifestyle diseases has further uplifted growth.
Vitamins are micronutrients essential for the development, repair & metabolism of the human body. Significantly, they must be available in a sufficient amount in the human diet as the human body cannot produce them. Thus, its requirement provides ample scope for the development of vitamin supplying products market. Such products are mainly used in sports nutrition, food & beverage, nutraceuticals, and personal care industries.
Multiple types of vitamins such as vitamins A, B, C, D, E, and K find application in animal feed, food and beverages, cosmetics, pharmaceuticals, and other industries. Vitamin A is useful for ophthalmologic ailments such as night sightlessness, myopia, and cataract and its market has gained significance due to the probability of higher returns. Vitamin D helps control diabetes and hypertension and captivates calcium for maintaining bone health and offers satisfactory market returns given increasing diabetic and bone ailments.
Lack of sufficient knowledge concerning the required intake of vitamins through dietary additions impedes the market growth and may act a significant threat to the product. However, growing nutritional imbalance among consumers as a result of the intake of junk food and alcoholic beverages, as well as an unhealthy lifestyle, is expected to augment the demand for vitamin products worldwide in the coming years.
Based on application, the vitamins market has been divided into animal feed, healthcare products, food & beverages, and personal care products. The healthcare products controlled the significant market share in 2018 and has been increasing ever since. The increasing shift towards preventive healthcare opens up tremendous opportunities for health care products containing vitamins as nutritional supplements and pharmaceutical products. The change in lifestyle amplify the probability of vitamin deficiency in the population of both developed and developing countries, which has driven the demand for vitamins. The food & beverage segment is predicted to grow at the highest CAGR. The increasing acceptance of nutritious food & beverages, the constant developments, and new product launches affirm the vitamin market's growth in the food & beverage industry.
The hectic lifestyles, shortened mealtimes, absence of nutrients in processed food, and loss of nutrition during cooking have caused vitamin deficiency. However, the consumers have become aware of it and opt for vitamin supplements to ensure its regular intake in their busy lifestyles. The rising health awareness and the growth of fitness centers and health clubs encouraged the consumption of vitamin supplements. Moreover, the growing emphasis on women's health offers lucrative opportunities for market growth of vitamins supplements for women.
Surge in incidences of obesity and related diseases divert consumers towards low-fat and mineral-rich food and beverages. In addition, awareness about lifestyle diseases has uplifted the requests of nutritious food containing vitamins.
Asia Pacific gained significant share in 2018 and is anticipated to continue its dominance. Owing to rise in purchasing power, and a shift towards nutritional & healthy products across developnig nations such as China. The market in this region is majorly determined by China, which is the primary producer, exporter, and customer of vitamins.
The market for vitamins in the Asia Pacific is transforming due to its growing application in the animal feed industry. The segment covers the substantial livestock populace and caters to urgent demands for livestock-based products such as milk, egg, and meat to the owners for animals. Moreover, Livestock owners are becoming increasingly aware of proper nutrition and want a quality feed for the development and performance of the livestock.
The spearheading players in the global vitamins market are Pfizer, Koninklijke DSM, Nestle, Lonza, Groupe Danone, Amway, Archer Daniels Midland Company, Bluestar Adisseo Company, AIE Pharmaceuticals Inc., and Bactolac Pharmaceuticals, Inc., Glanbia plc, BASF, Vitablend Nederland B.V., SternVitamin GmbH & Co. KG, Farbest-Tallman Foods Corporation, Watson Inc., Zagro, The Wright Group, Rabar Pty Ltd., Adisseo, Showa Denko K.K., and others.
The in-depth analysis in the report provides insights about growth potential, upcoming trends, and statistics of the Global Vitamins Consumption Market size & outlook. The report promises to provide information about know-hows and processes followed in the industry. It also examines the market drivers, challenges and competitive scenario. The critical industry insights help businesses make sound strategic decisions.
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