The global vitamin ingredients market is highly concentrated and competitive in nature, finds a report by Transparency Market Research (TMR). The top five companies in this market, namely, BASF, DuPont, Koninklijke, Amway, and Lonza, collectively accounted for nearly 70% of this market in 2015. The scenario is not expected to change in the next few years; although the competition is likely to intensify further due to the ongoing mergers, acquisitions, and partnerships activities.
As per the report, the worldwide vitamin ingredients market, which was worth US$5.3 bn in 2016, is estimated to proliferate at a 4.90% CAGR during the period from 2017 to 2025 and touch US$8.1 bn by the end of the forecast period. In terms of volume, the market is anticipated to reach 63,512.4 tons mark by 2025. Pharmaceuticals has emerged as the key application area of vitamin ingredients and is anticipates to remain so over the coming years.
Asia Pacific to Continue on Top Position
The report also presents a geographical analysis of the worldwide market for vitamin ingredients. According to it, the market stretches across Latin America, Asia Pacific, Europe, North America, and the Middle East and Africa. Asia Pacific, which is the current market leader, is anticipated to retain its position throughout the forecast period, owing to the rising population, increasing concerns of consumers over health issues, and the escalating patient pool suffering from vitamin deficiency in this region. Researchers estimate this regional market to rise at a CAGR of 5.40% over the period of forecast, thanks to the surge in the disposable income of the working-class people, enabling them to spend on expensive items, advancing infrastructure of healthcare facilities, and the availability of a wide-ranging distribution network.
North America, which stood second in 2016, is also projected to exhibit healthy growth in its market share. As a number of North American consumers prefer prevention over cure, the demand for vitamin-based food and drugs has been tremendously high in this region and this trend is likely to remain increasing over the next few years, leading to a considerable progress in the North America vitamin ingredients market. The U.S. is the leading domestic market for vitamin ingredients in this region and is expected to remain seated in this position throughout the forecast period, thanks to a well-established medical and healthcare industry, reports the study.
Growing Prevalence of Nutritional Deficiencies to Boost Demand for Vitamin Ingredients
“The increasing concerns, as well as awareness about health and fitness, have prompted consumers to take accountability of their well-being, which has boosted the uptake of vitamins, consequently influencing the sales of vitamin ingredients across the world,” says a TMR analyst. With the growing prevalence of nutrition-based deficiencies and chronic diseases, such as Alzheimer’s, which is caused by the deficiency of vitamin D, the focus of consumers has shifted from curing a disease to preventive healthcare. This, as a result, has propelled the global market for vitamin ingredients substantially. The rise in the knowledge of consumers about the benefits of the various type of vitamins, especially vitamin C, is also boosting the growth of this market significantly.
Although these factors point towards a thriving future of this market, the growing preference among consumers for direct consumption of natural vitamin sources, such as fruits and nuts, may limit the market’s progress to some extent in the near future, states the research report.