REDDING, Calif., Nov. 28, 2024 /PRNewswire/ -- According to a new market research report titled, 'Vitamins Market Size, Share, Forecast, & Trends Analysis by Type (Vitamin A, Vitamin B, Vitamin C, Vitamin D, Vitamin E, Vitamin K), Source (Plant, Animal), Form (Dry, Liquid), Application (Food & Beverages, Pharmaceuticals)-Global Forecast to 2031,'
The vitamins market is expected to reach $26.03 billion by 2031, at a CAGR of 7.5% from 2024 to 2031.
The vitamins market is growing primarily due to the increasing demand for fortified foods, the growing demand for functional beverages, increasing awareness regarding vitamin deficiencies, rising demand for dietary supplements, and an increase in health expenditure. However, this market's growth is restrained by the fluctuations in raw material availability and the high prices of naturally sourced vitamins.
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Additionally, the rising demand for naturally sourced products and the growing demand for personal care products are anticipated to create substantial growth opportunities for players operating in this market. Moreover, clean-label products and the growing focus on health and wellness are prominent trends in the vitamins market.
Key Players:
The major market players studied in this report are Cargill Incorporated (U.S.), Ingredion Incorporated (U.S.), BASF SE (Germany), Archer Daniels Midland Company (U.S.), Tate & Lyle PLC (U.K.), Roquette Freres (France), DSM-Firmenich AG (Switzerland), Lonza (Switzerland), Dishman Carbogen Amcis Ltd (India), Divi's Laboratories Ltd. (India), Fermenta Biotech Limited (India), Lycored Corp. (U.S.), Glanbia plc (Ireland), and Zhejiang Garden Biopharmaceutical Co. Ltd. (China).
The vitamins market is segmented by type (vitamin A, vitamin B, vitamin C, vitamin D, vitamin E, and vitamin K), source (plant, animal, and other sources), form (dry and liquid), application (pharmaceuticals & nutraceuticals, food & beverages, feed & pet food, and personal care), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). This study also evaluates industry competitors and analyzes the vitamins market at the regional and country levels.
Vitamins Industry Overview: Latest Developments from Key Industry Players
- In December 2023, Smart for Life, Inc. (U.S.) signed a Letter of Intent (LOI) to acquire a cutting-edge manufacturer of vitamins and supplements.
- In July 2022, BASF SE (Germany) expanded its vitamin A formulation plant in Ludwigshafen, Germany.
- In July 2022, Biosyntia Aps (Denmark) raised EUR 11.5 million in a Series B funding round to launch the world's first bio-based vitamin B7.
- In April 2022, Abbott Laboratories (U.S.) launched Arachitol Gummies in India, designed to help maintain sustainable levels of vitamin D.
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Key Findings in the Vitamins Market Study:
By type, the vitamin B segment is expected to register the highest CAGR during the forecast period. This segment's rapid growth is driven by the rise in chronic illnesses, increasing expenditures on high-end fortified food items, and a sharp increase in the prevalence of vitamin B deficiency.
By source, the plant-sourced vitamins segment is anticipated to record the highest CAGR during the forecast period. This segment's rapid growth is driven by the increasing demand for clean-label products, the growing vegan population, the demand for products with natural ingredients, the abundance of raw materials required to produce plant-sourced vitamins, and the excellent absorption of vitamins derived from plants.
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By form, the dry segment is anticipated to record the higher CAGR during the forecast period. This segment's rapid growth is driven by dry vitamins' high market availability, stability, longer shelf life, simplicity of handling, and ease of consumption, and the rising consumer preference for vitamins in dry gummy form.
By application, the food & beverages segment is anticipated to record the highest CAGR during the forecast period. This segment's rapid growth is driven by the expanding trend of individualized nutrition, the growing demand for functional ready-to-drink beverages, the increased need for fortified food items, and the rising use of vitamins in food and beverages.
By geography, Asia-Pacific is poised to record the highest CAGR during the forecast period. The growth of this regional market is attributed to several factors, including rising health consciousness and a rise in vitamin inadequacies in several countries.
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Scope of the Report:
Vitamins Market Assessment-by Type
- Vitamin A
- Vitamin B
- Vitamin C
- Vitamin D
- Vitamin E
- Vitamin K
Vitamins Market Assessment-by Source
- Plant
- Animal
- Other Sources
Vitamins Market Assessment-by Form
- Dry
- Liquid
Vitamins Market Assessment-by Application
- Pharmaceuticals & Nutraceuticals
- Food & Beverages
- Feed & Pet Food
- Personal Care
Vitamins Market Assessment-by Geography
- North America
- U.S.
- Canada
- Europe
- France
- Germany
- U.K.
- Italy
- Spain
- Poland
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Singapore
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
Vitamins Market Research Summary
Particulars | Details |
Number of Pages | 210 |
Format | |
Forecast Period | 2024-2031 |
Base Year | 2024 |
CAGR | 7.5 % |
Market Size | USD 26.03 Billion by 2031 |
Segments Covered | By Type
By Source
By Form
By Application
|
Countries Covered | North America (U.S., Canada), Europe (France, Germany, U.K., Italy, Spain, Poland, Netherlands, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Singapore, Rest of Asia-Pacific), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), and the Middle East & Africa (Saudi Arabia, South Africa, UAE, Rest of Middle East & Africa) |
Key Companies | BASF SE (Germany), Archer Daniels Midland Company (U.S.), Cargill Incorporated (U.S.), Ingredion Incorporated (U.S.), Tate & Lyle PLC (U.K.), Roquette Freres (France), DSM-Firmenich AG (Switzerland), Lonza (Switzerland), Dishman Carbogen Amcis Ltd (India), Divi's Laboratories Ltd. (India), Fermenta Biotech Limited (India), Lycored Corp. (U.S.), Glanbia plc (Ireland), and Zhejiang Garden Biopharmaceutical Co. Ltd. (China). |
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