Global Vitamins Market Size to Reach USD 10.52 Billion by
Pune, March 22, 2022 (GLOBE NEWSWIRE) — According to report published by The Brainy Insights, the global vitamin market is expected to grow from USD 6.50 billion in 2020 to USD 10.52 billion by 2028, with a CAGR of 7.21% during the forecast period 2021-2028.
Rising demand for functional and nutritionally enriched food products and increasing cases of vitamin deficiency are some of the factors driving the vitamin market.
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Excess consumption or deficiency of the vitamin can lead to serious diseases. Before 1935, the only source of vitamins was fruit. After the production of vitamins from yeast extracts and slowly, many vitamin supplements have appeared, which helps to remedy the vitamin deficiency. Vitamins are either water-soluble or fat-soluble. Four of the 13 vitamins are fat soluble, these are vitamins A, DE and K and the remaining 9 vitamins are water soluble including eight B vitamins and also vitamin C. There is a high demand for the vitamin market by the vitamins industry. well-being. There is an increase in the demand for vitamins in the supplement industry. All these factors are driving the vitamins market. Doctors also prescribe multivitamins for children and also during prenatal development, vitamins are essential. Vitamin D is very important for breastfeeding and pregnant women for the best health of children and is now gaining popularity. There has been a varied application of vitamins and multivitamins in many market segments. Vitamins are also used as additives and premixes. Such diverse application of vitamins and vitamin supplements has prompted its manufacturer to invest in R&D to know the additional nutrient needs of different people. This will boost the market during the forecast period. Many dairy drinks, flours and many others contain another type of vitamin B, which improves the nutritional value of products. Different types of B vitamins can also be found in sports drinks. Vitamins used as additives and premixes are also the most commonly used. These are the factors driving the vitamins market.
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The fluctuating price of raw materials for the extraction of vitamins and for the manufacture of tablets or supplements limits the market for vitamins. The fluctuation of the price would cause the fluctuation of the quantity of products, which could lead to an unmet requirement, because there are various uses of vitamins from the food, health care, feed and care industries. personal, this whole segment has been affected. Thus, the fluctuating commodity price acts as a constraint for the market.
The major players in the global vitamins market are BASF, Pfizer, Koninklijke DSM, Nestlé, Lonza, GroupeDanone, Amway, Archer Daniels Midland Company, BluestarAdisseo Company, AIE Pharmaceuticals. Inc. and Bactolac Pharmaceuticals, Inc among others.
• The major players are now focusing on implementing strategies such as adoption of new technologies, product innovations, mergers and acquisitions, joint ventures, alliances and partnerships to improve their market position in the market. Global Vitamins Industry. For example, in June 2019, Pfizer entered into an agreement to acquire Array Biopharma. This acquisition will strengthen the organization’s innovative biopharmaceutical business.
• In July 2019, Lonza agreed to acquire a sterile fill and finish facility from Novartis. This acquisition will allow the organization to build on the development of existing parent pharmaceuticals and provide end-to-end service to customers.
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Vitamin A represents the highest market value of USD 1.95 billion in 2020
The product type segment is divided into vitamin A, vitamin B, vitamin C, vitamin D, vitamin E, and vitamin K. Vitamin A accounts for the highest market value of USD 1.95 billion in 2020. Vitamin A presents many benefits, such as in the treatment of eye disorders such as cataracts, etc.
Animal feed represents the highest market value of USD 3.00 billion in 2020
The application segment includes animal feed, food and beverage, pharmaceutical industry and cosmetics. Animal feed accounted for the highest market value of USD 3.00 billion in 2020; vitamins are widely used as animal feeds and premixes, which improve the health of the animal. Vitamins help strengthen the digestive system of livestock, improving the quality of livestock by-product like meat.
Regional Segment Analysis of Vitamins Market
• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, rest of APAC)
• South America (Brazil and rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
Regions analyzed for Vitamins market include North America, Europe, South America, Asia-Pacific, Middle East and Africa. The APAC region has the highest market value of USD 2.71 billion in 2020. This is due to the fact that there is an increase in the per capita income of people in developing countries in the region like India and China. China, which led to change in people’s lifestyle and also led to unhealthy eating habits, causing the increase in cases of vitamin deficiency. Also, rising health awareness would increase the supplements market, which in turn would drive the vitamins market in the region. Additionally, numerous marketing initiatives including physician prescribing of vitamin tablets are driving the vitamins market. North America had the second highest market value of 2.06 billion in 2020. People in this region yearn for a healthy lifestyle; hence, there is a high demand for dietary supplements in the region for better muscle development and better immune system etc. The increase in disposable income helps the people of this region to afford the healthy standard of living.
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About the report:
The global vitamins market is analyzed on the basis of value (USD billion). All segments have been analyzed on a global, regional and country basis. The study includes analysis of more than 30 countries for each segment. The report offers an in-depth analysis of the drivers, opportunities, restraints and challenges to obtain key market insights. The study includes Porter’s five forces model, attractiveness analysis and competitor position grid analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aiming to provide businesses with actionable insights through data analytics to improve their business acumen. We have a robust forecasting and estimating model to meet customers’ high-quality production goals in a short period of time. We provide custom (customer specific) and syndicated reports. Our union reporting repository is diverse across all domain categories and subcategories. Our customized solutions are designed to meet customer needs, whether they are looking to expand or planning to launch a new product in the global market.
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