비타민 원료 시장 : 지역별(2024-2031년)

Vitamin Ingredients Market Valuation - 2024-2031

The growing frequency of vitamin deficiencies globally is prompting healthcare professionals and consumers to seek fortified foods and supplements to meet nutritional needs and avoid associated health concerns, fueling the vitamin ingredients market growth. According to the analyst from Verified Market Research, the vitamin ingredients market is estimated to reach a valuation of USD 6.73 Billion over the forecast subjugating around USD 4.47 Billion valued in 2023.

The expanding global demand for nutritional supplements and functional foods, together with increased consumer health consciousness, is primarily driving the vitamin ingredients market. This increase in demand enables the market to grow at a CAGR of 5.25% from 2024 to 2031.

Vitamin Ingredients Market: Definition/ Overview

Vitamin ingredients are chemical substances that the human body requires in small amounts to perform various physiological processes and maintain general health. These micronutrients are not synthesized in adequate quantities by the body and must be supplied through diet or supplementation. Vitamins play critical roles in metabolic processes, immunological function, and tissue repair.

Moreover, they have a wide range of applications in industries such as medicines, food & drinks, animal feed, and personal care goods. Vitamins are used in medications to treat or prevent deficiencies and related health issues. In the food and beverage business, they are used to boost nutritional value and fortify goods. Vitamins in animal feed help animals stay healthy and flourish. They are used in personal care products because of their benefits to the skin and hair.

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What will Health Consciousness Draw for the Vitamin Ingredients Market?

The growing consumer awareness regarding health and wellbeing, combined with an increased emphasis on preventative healthcare, is driving demand for vitamin supplements. People are increasingly incorporating vitamin supplements into their daily routines as they become more proactive in managing their health to avoid chronic diseases and health difficulties. This trend is rising among the ageing global population with high vulnerability to nutritional deficiencies, and thus necessitating vitamin supplements, resulting in market demand.

The functional food and beverage sector, including items fortified with vitamins and minerals for extra health advantages, is quickly growing. Also, the consumers are more inclined towards obtaining taste and convenience along with health benefits from the food and beverages. This need for nutrient-dense, health-promoting products is driving the introduction of vitamin components into a wide range of food and beverage items, from dairy to non-alcoholic beverages, hence contributing to market expansion.

Furthermore, governments and health organizations around the world are implementing measures and legislation to raise nutritional awareness and ensure proper consumption of important nutrients, including vitamins. Such efforts not only raise public awareness of the importance of vitamins but also stimulate the food and pharmaceutical businesses to develop and diversify their vitamin-enriched product offerings, bolstering market growth.

Will Raw Material Pricing Drop the Sales of Vitamin Ingredients?

The vitamin ingredients market is extensively controlled by agencies such as the United States Food and Drug Administration (FDA) and the European Food Safety Authority (EFSA). Compliance with these standards is considerably difficult as they vary by country and are often amended. Thus, ensuring that vitamin products are safe, appropriately labelled, and fulfil dietary supplement regulatory criteria is a complex, time-consuming, and expensive process for manufacturers, leading to limited market expansion.

The procurement of high-quality raw materials is critical for the creation of vitamin supplements. However, the market faces constraints due to the availability and pricing of these raw materials. Climate change, agricultural practices, and geopolitical tensions all have an impact on raw material supply, causing price volatility and scarcity. Thereby, affecting the production schedules, cost structure, and profitability, limiting market supply.

Furthermore, the market is saturated with items claiming various health benefits, some of which are not supported by scientific evidence. This condition is resulting in consumer skepticism about the efficacy and utility of vitamin supplements. Also, instances involving contaminated or counterfeit items undermine consumer trust, impeding market expansion.

Category-Wise Acumens

What Factors Contribute to the Dominance of Vitamin C in the Market?

According to VMR analysis, the vitamin C segment is estimated to hold the largest market share during the forecast period. Vitamin C is widely recognized for its ability to support the immune system. This is especially important in light of global health concerns, such as the COVID-19 pandemic, where people are taking more proactive steps to protect their health and boost their immune systems. The public's heightened health consciousness and desire to avoid illness is greatly boosting demand for Vitamin C supplements.

Vitamin C is a potent antioxidant that protects cells from free radicals. It is also required for collagen formation, iron absorption, and the preservation of healthy skin, teeth, and bones. Vitamin C's numerous health benefits, supported by scientific research, make it a popular choice among customers seeking to improve their overall health and well-being.

Furthermore, Vitamin C's versatility increases its usage in a broad variety of goods, including dietary supplements, fortified meals and beverages, and even cosmetics products. Its potential to improve skin health by increasing collagen formation and decreasing UV damage makes it a prominent ingredient in the beauty and personal care industries. This versatility not only broadens its market reach but also appeals to a diverse range of consumers with various health and wellness objectives.

How Does the Market Address the Convenience of the Tablets and Capsules Segment?

The tablets and capsules segment is estimated to dominate the market during the forecast period. Tablets and capsules are popular among consumers because of their convenience and ease of usage. They are easy to transport, require no preparation, and can be devoured fast, making them an excellent alternative for persons with hectic schedules. This ease of handling and consuming element helps it retain its dominance in the market.

Tablets and capsules allow for precise dosage control, which is critical for ensuring that customers get the right quantity of vitamins for their health without risking underdosing or overdosing. This precision is more difficult to attain with powders and other types of supplements, so tablets and capsules appeal to health-conscious consumers.

Additionally, tablet and capsule manufacturing generates goods that are more stable and have longer shelf life than other forms such as powders. This stability is especially crucial for maintaining the efficacy of vitamins over time, making tablets and capsules a popular choice among both customers and retailers.

Country/Region-wise Acumens

What Role does Rising Health Awareness Play in Driving the Market in North America?

According to VMR analyst, North America is estimated to dominate the vitamin ingredients market during the forecast period. North America, particularly the United States, has a high level of health awareness among its citizens. There is a strong culture of preventative healthcare and well-being, which encourages the use of dietary supplements, especially vitamins. Consumers in this region are proactive in maintaining health and preventing sickness through nutrition, resulting in a high demand for vitamin supplements.

Furthermore, the North American market benefits from a strong regulatory structure, led by organisations like the United States Food and Drug Administration (FDA). These standards protect the safety, quality, and efficacy of dietary supplements, especially vitamins. The availability of such standards increases consumer trust and confidence in the products offered on the market, resulting in higher consumption rates.

What Factors are Driving the Significant Growth of the Market in Asia Pacific?

Asia Pacific is estimated to grow at the highest CAGR for the vitamin ingredients market during the forecast period. Growing middle class in this region have high disposable incomes and a willingness to invest in health and wellness products. This generational transition is a crucial driver of the vitamin ingredients industry, as more people can afford to buy dietary supplements to maintain and improve their health.

Additionally, the expansion of retail infrastructure and the development of e-commerce platforms in the Asia Pacific have made vitamin supplements more widely available. Online sales channels, in particular, provide a simple means for consumers to research, compare, and buy a wide range of health-related products, including vitamins. This ease of access, combined with targeted marketing and education initiatives about the benefits of vitamins, has considerably boosted market growth in the region.

Competitive Landscape

The competitive landscape of the vitamin ingredients market is defined by fierce competition among several competitors fighting for supremacy in a sector known for innovation, research, and development. The landscape is also shifting towards sustainable and clean-label products, which has an impact on product development and marketing tactics.

Some of the prominent players operating in the vitamin ingredients market include:

BASF SE

Koninklijke DSM N.V.

Lonza Group

Archer Daniels Midland Company

Pfizer Inc.

Nestle S.A.

Evonik Industries AG

Ingredion Incorporated

DuPont de Nemours and Company

Dow Chemical Company

Bactolac Pharmaceutical Inc.

AIE Pharmaceuticals Inc.

Atlantic Essential Products Inc.

Bluestar Adisseo Co.

The Wright Group

Glanbia PLC

CHR Hansen Holding A/S

Probi AB

Algatechnologies Ltd.

Nutritional Yeast Company

Latest Developments

In February 2024, BASF SE announced the expansion of its vitamin A production capacity at its Ludwigshafen, Germany, plant to fulfil the growing global demand for vitamin A in food and medicinal applications.

In February 2024, Koninklijke DSM N.V. established a partnership with a major food and beverage firm to develop and offer sustainable vitamin D solutions for fortified goods.

In January 2024, Archer Daniels Midland Company launched a new line of plant-based vitamin and mineral premixes to meet the growing demand for vegan and vegetarian food items.

In January 2024, Evonik Industries AG invested in a new fermentation facility to enhance vitamin B12 manufacturing capacity, meeting the growing demand for this critical mineral.

TABLE OF CONTENTS

1 INTRODUCTION OF GLOBAL VITAMIN INGREDIENTS MARKET

• 1.1 Overview of the Market
• 1.2 Scope of Report
• 1.3 Assumptions

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH

• 3.1 Data Mining
• 3.2 Validation
• 3.3 Primary Interviews
• 3.4 List of Data Sources

4 GLOBAL VITAMIN INGREDIENTS MARKET OUTLOOK

• 4.1 Overview
• 4.2 Market Dynamics
  • 4.2.1 Drivers
  • 4.2.2 Restraints
  • 4.2.3 Opportunities
• 4.3 Porters Five Force Model
• 4.4 Value Chain Analysis

5 GLOBAL VITAMIN INGREDIENTS MARKET, BY TYPE

• 5.1 Overview
• 5.2 Vitamin A
• 5.3 Vitamin B
• 5.4 Vitamin C
• 5.5 Vitamin D
• 5.6 Vitamin E
• 5.7 Vitamin K

6 GLOBAL VITAMIN INGREDIENTS MARKET, BY APPLICATION

• 6.1 Overview
• 6.2 Pharmaceuticals
• 6.3 Foods and Beverages
• 6.4 Personal Care Products
• 6.5 Animal Feed
• 6.6 Others

7 GLOBAL VITAMIN INGREDIENTS MARKET, BY GEOGRAPHY

• 7.1 Overview
• 7.2 North America
  • 7.2.1 U.S.
  • 7.2.2 Canada
  • 7.2.3 Mexico
• 7.3 Europe
  • 7.3.1 Germany
  • 7.3.2 U.K.
  • 7.3.3 France
  • 7.3.4 Rest of Europe
• 7.4 Asia Pacific
  • 7.4.1 China
  • 7.4.2 Japan
  • 7.4.3 India
  • 7.4.4 Rest of Asia Pacific
• 7.5 Rest of the World
  • 7.5.1 Latin America
  • 7.5.2 Middle East and Africa

8 GLOBAL VITAMIN INGREDIENTS MARKET COMPETITIVE LANDSCAPE

• 8.1 Overview
• 8.2 Company Market Ranking
• 8.3 Key Development Strategies

9 COMPANY PROFILES

• 9.1 Abbott Laboratories
  • 9.1.1 Overview
  • 9.1.2 Financial Performance
  • 9.1.3 Product Outlook
  • 9.1.4 Key Developments
• 9.2 Archer Daniels Midland Company
  • 9.2.1 Overview
  • 9.2.2 Financial Performance
  • 9.2.3 Product Outlook
  • 9.2.4 Key Developments
• 9.3 BASF SA
  • 9.3.1 Overview
  • 9.3.2 Financial Performance
  • 9.3.3 Product Outlook
  • 9.3.4 Key Developments
• 9.4 Bluestar Adisseo company
  • 9.4.1 Overview
  • 9.4.2 Financial Performance
  • 9.4.3 Product Outlook
  • 9.4.4 Key Developments
• 9.5 Farbest-Tallman Foods Corp.
  • 9.5.1 Overview
  • 9.5.2 Financial Performance
  • 9.5.3 Product Outlook
  • 9.5.4 Key Developments
• 9.6 Glanbia Plc
  • 9.6.1 Overview
  • 9.6.2 Financial Performance
  • 9.6.3 Product Outlook
  • 9.6.4 Key Developments
• 9.7 Lonza Group
  • 9.7.1 Overview
  • 9.7.2 Financial Performance
  • 9.7.3 Product Outlook
  • 9.7.4 Key Developments
• 9.8 Nestle S.A.
  • 9.8.1 Overview
  • 9.8.2 Financial Performance
  • 9.8.3 Product Outlook
  • 9.8.4 Key Developments
• 9.9 Pfizer Inc.
  • 9.9.1 Overview
  • 9.9.2 Financial Performance
  • 9.9.3 Product Outlook
  • 9.9.4 Key Developments
• 9.10 Rabar Pty Ltd.
  • 9.10.1 Overview
  • 9.10.2 Financial Performance
  • 9.10.3 Product Outlook
  • 9.10.4 Key Developments

10 Appendix

• 10.1 Related Research