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

Northbrook, IL 60062 -- (SBWire) -- 03/31/2023 --The vitamins market is expected to grow from USD 6.7 billion in 2023 to USD 8.9 billion in 2028, with a Compound Annual Growth Rate (CAGR) of 6.0%.

Make an Inquiry

Vitamins are essential organic compounds required in small amounts for proper bodily function. Since they cannot be produced internally, they must be obtained through food consumption. Vitamins function as hormones, enzymes, and coenzymes in the human body. Changes in food and lifestyle habits have resulted in vitamin deficiencies, leading to a higher demand for vitamin supplements, fortified foods, and beverages, which drives the vitamins market. The USFDA reports that a significant portion of the global population suffers from vitamin deficiencies, and governments worldwide are taking preventative measures to address the growing micronutrient deficiency issue.

Due to rising disposable incomes and a trend towards health consciousness, consumers are increasingly incorporating vitamin supplements into their daily diets. The Tennessee Advisory Commission in the US noted that overall healthcare spending increased to USD 3.6 trillion in 2018. Considering all of these factors, the vitamins market is expected to experience significant growth in the coming years.

Vitamins are commonly used as supplements to address vitamin deficiencies and prevent lifestyle diseases. The market is being driven by changing food habits, hectic lifestyles, and increasing demand for nutritionally enriched and fortified food for geriatric and infant populations.

Consumer awareness of fortified healthcare products, such as dietary supplements and infant foods, is driving demand for vitamins. Healthcare products are the dominant application for vitamins, with increasing demand for products enriched with vitamins and other micronutrients to tackle nutritional deficiencies.

Vitamin C is expected to experience the highest growth rate during the forecast period due to its use in skincare and personal care products as well as its immunity-boosting properties. Synthetically sourced vitamins are projected to dominate the market due to their cost-effectiveness and stability, although there is some debate about their absorption rates.

Download PDF Brochure

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. Europe is expected to provide the highest growth prospects for the vitamins market in 2023 due to the population's high incidence of lifestyle diseases and vitamin deficiencies, as well as the trend towards vegan and vegetarian diets.

Key players in the market include Koninklijke DSM, Glanbia PLC, ADM, BASF, Lonza Group, Adisseo, Vitablend Nederland BV, Sternvitamin GmbH, Farbest Tallman Foods Corporation, The Wright Group, Zhejiang Garden Biochemical High-Tech Co., Ltd, NewGen Pharma, Rabar Pty Ltd., Resonac, and BTSA Biotecnologias Aplicadas SL.

Related Reports:

Vitamin D Market by Analog (Vitamin D2, Vitamin D3), Form (Dry, Liquid), Application (Feed & Pet Food, Pharma, Functional Food, and Personal Care), End Users (Adults, Pregnant Women, and Children), IU Strength and Region - Global Forecast to 2027

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441