Key Developments of the Leading Players in the Vitamins Market
Northrook, IL -- (SBWIRE) -- 03/25/2020 -- The growth in the demand for functional and nutritionally enriched processed food products, the prevalence of vitamin deficiencies, and feed fortification due to the rise in global meat & dairy product consumption are the factors driving the vitamins market. The vitamins market is projected to reach 7.35 billion by 2023 from USD 5.18 billion in 2018, at a CAGR of 7.3%.
On the basis of type, the vitamin C segment is projected to grow at the highest rate from 2018 to 2023. Vitamin C is one of the major sources of antioxidants and helps to absorb iron. Hence, it is highly required for the consumption of supplements containing iron. Further, there is an increased awareness among consumers about health and wellbeing, along with multiple benefits provided by vitamin C such as faster healing of wounds; and maintenance of skin, eye health, and immune system, which is driving the consumption of vitamin C.
On the basis of application, the food & beverages segment is projected to be the fastest-growing market during the forecast period. The rising popularity of fortified food & beverages and the continuous developments and new product launches in the vitamins market are boosting the consumption of vitamins in the food & beverage industry. Consumers in developed countries have shifted their preference to on-the-go, convenient, and nutritionally enriched functional food & beverage products due to their increasingly busy lifestyles, inclination toward healthy snacking, and efforts to include vitamin-fortified food products in diets.
To know about the assumptions considered for the study, download PDF brochure
Several health benefits associated with naturally sourced vitamin E, including its better retention in the body, serve as the factors responsible for the popularity of naturally sourced vitamins. With growing health concerns and consumer awareness about natural origin products, there is a rise in the demand for innovative naturally sourced vitamin E products. However, the natural form of vitamin E is majorly derived from soybean oil, which is a major source of allergens and, therefore, is not suitable for consumers who are allergic to soy. This presents a potential opportunity for vitamin manufacturers to focus on the sourcing of natural vitamin E from allergen-free sources such as sunflower oil.
The Asia Pacific market is projected to grow at the highest CAGR from 2018 to 2023. There is a high prevalence of vitamin deficiency among the population in this region, which has led to the high adoption of vitamin-infused products in categories such as food, healthcare, and personal care. Also, the market in this region is majorly driven by China, which is the largest producer, exporter, and consumer of vitamins.
The various contributors involved in the value chain of the vitamins market include raw material suppliers, R&D institutes, vitamins manufacturers [Koninklijke DSM N.V. (Netherlands), BASF (Germany), Lonza Group (Switzerland), Glanbia plc (Ireland), and ADM (US)], manufactures for end-use products (food & beverage, healthcare, feed, and personal care products) and government bodies & regulatory associations [the US Department of Agriculture (USDA), the Food and Drug Administration (FDA), and the European Food Safety Authority (EFSA)].
For more details on this research, Request Sample of this Report
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.