The vitamin E market is expected to grow at a CAGR of above 5% over the forecast period from 2016 to 2024. Vitamin E has distinct benefits on human body such as it acts as an antioxidant in the human body, neurological health, gene expression, and lipid health. It also prevents oxidation of lipids, maintains them in the form beneficial to the body. Vitamin E is acquired in two forms i.e. natural vitamin E and synthetic vitamin E. Products and ingredients that carry the ‘Natural’ tag of vitamin E are accumulating considerations and increased consumer demand.
Key micronutrient used in the livestock feed industry, animal feed additive demand is soaring, owing to rise in live stock production for meat consumption, expected to propel the market. Natural vitamin E is typically utilized in dietary supplements, followed by beverages and cosmetics and fortification of foods together constituted the market growth. The rising usage of cresols in the production of vitamin E is expected to provide a strong impetus to the global market over the forecast period.
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Growing concerns regarding toxic chemical additives use, consumer demand for bio based ingredients contained in food & beverages and personal care products is likely to fuel demand.
The synthetic vitamin E growth in animal feed industry attributed to the animal feed industry’s growth globally. The demand for livestock products such as meat, poultry is increasing rapidly in developing nations. The main attributes for growth is likely to be population growth, urbanization and especially growing household incomes. General patterns of food consumption and specific demand for livestock products are shaped by levels of urbanization and growth in income, contributing directly to the vitamin E market growth in developing countries.
Disproportion in supply-demand for raw materials still posses as a challenge for the market. Reducing raw material procurement cost owing to technological advancement to maintain the global supply chains is expected to gain additional profits for businesses.
Alternate sources for extraction of vitamin E from deodorized distillates palm oils, rapeseed and mixed sources are foreseeable opportunities for market growth. Introduction of new formulations along with solubility in water based products are favourable prerequisites for manufacturers to launch new products and increase regional presence.
The market is segregated on the basis of application, industry and region.
On the basis of application, nutritional/dietary supplements, animal feed, food & beverages and cosmetics are major consumers of vitamin E. Animal feed is the largest application area for both natural and synthetic vitamin E extract for maintaining colour and taste of the meat. Also, an adequate level of vitamin E prior to slaughter improves shelf life of meat. Moreover, it is used for cattle applications and prevention of muscular dystrophy among calves.
On the basis of industry, vitamin E has wide applications in food & beverages, medical and cosmetic industry. Food & beverage industry is the leading contributor to the market; used for the fortification of food products and as an antioxidant. In medical industry, it is used as a therapy for vitamin E deficiency. Vitamin E moisturizes the upper scaly layer of the skin owing to which it is utilized in sun care products in cosmetic industry.
On the basis of region, vitamin E as an ingredient source in nutritional bars is gaining importance along-with launch of fortified oils and margarines in North America and Europe where markets are expected to grow moderately over the forecasted period. U.S. synthetic vitamin E market accounted for close to 50% share owing to numerous animal feed applications in the region.
Asia Pacific is likely to be the fastest growing region owing to significant opportunity in natural tocopherols (natural vitamin E) market over the forecast period. Natural vitamin E market is in infant stage and is growing at a healthy rate in India and China owing to growing awareness among people about the benefits of natural source vitamins and numerous companies offering different range of healthy products.
Nutricosmetics, supplements which purposes to support the function and the structure of the skin, is likely to be the most promising application favouring growth over the forecasted period. It also helps in prevention of melanin deposits and improved effectiveness of sunscreen ingredients.
Leading diet & supplementary food product companies such as Herbalife and Amway are investing directly or through contract manufacturers for manufacturing in India, is expected boost market in the region.
Sunmagic, Aptitude Life and PepsiCo launched health drinks containing vitamin E and changing consumption pattern of vitamins, a number of supplementary vendors have launched biscuits containing vitamins consequently stimulating market.
Major players in this market include PepsiCo DSM Nutritional Products, Ranbaxy, Beijing Gingko Group, Archer Daniels Midland Company, BASF Corporation, COFCO Tech Bioengineering, Davos Life Science, Vitae Naturals, Eisai Food & Chemical, Fenchem Biotek, Carotech Bhd, and BTSA.
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