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%.
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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.
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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.
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
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