Global and Asia Vitamin Ingredients Market Overview:
Since the propensity of consumers to use kitchen cabinets as drug cabinets is increasing exponentially, the growth potential of the market for vitamin-containing ingredients in the coming years is very high. In 2013, global opportunities in this market amounted to $ 4.3 billion. With a CAGR of 3.90% between 2013 and 2023, the market is expected to reach USD 7.1 billion by the end of 2023. In terms of volume, the market is expected to break the 62,500 tons mark by 2023.
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Global and Asia Vitamin Ingredients Market Drivers and Restraints:
With an increasing number of customers taking responsibility for their health and well-being, the global market for vitamin-based ingredients has grown substantially in recent years. Increasing public awareness of lifestyle-related diseases and preventive health care has significantly boosted the demand for vitamin-rich ingredients around the world.
Although the future of this market seems promising, the growing preference of consumers for the direct consumption of natural sources of vitamins, such as nuts and fruits, could hinder their trajectory in the coming years.
Global and Asia Vitamin Ingredients Market Segmentation:
Vitamin Ingredients Market by type includes Vitamin A, Vitamin B, Vitamin C, Vitamin D, Vitamin E, and Vitamin K. By application, it includes Pharmaceuticals, Processed and Packaged Food and Beverage, Cosmetics, and Animal Feed. Pharmaceutical products reported a higher demand for vitamin ingredients in all application segments. The researchers predict that this segment will continue to be the main field in the coming years.
On the other hand, the feed industry is expected to provide lucrative opportunities for market players due to the increased incorporation of vitamins in animal feed by breeders.
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Global and Asia Vitamin Ingredients Market Geographic Segmentation:
The global market for vitamin ingredients is divided between Latin America, Asia-Pacific, Europe, North America, and Middle East and Africa. The Asia-Pacific region dominates the global market and is expected to continue in the coming years. The growing population base, the growing concerns about health problems and the growing number of patients with vitamin deficiency are the main factors that explain the growth of this regional market. In addition, the increase in disposable income for the consumer, the development of infrastructure in health centers and the presence of a large distribution network in this region will soon boost the Asia Pacific vitamin ingredients market. Analysts predict that this regional market will grow at a CAGR of 5.40% from 2017 to 2023 in terms of value.
It is expected that North America, which closely followed Asia Pacific in 2016, will present promising growth opportunities in the coming years. A large population of North America prefers disease prevention than cure, with the result that the demand for vitamins and drug-based foods is increasing dramatically in this region, which will lead to a dramatic increase in demand for vitamin ingredients in North America in the coming years.
Some of the Prominent Players in this Vitamin Ingredients Market:
Atlantic Essential Products Inc., Bactolac Pharmaceutical Inc., AIE Pharmaceuticals Inc., Archer Daniels Midland Co., Amway, Bluestar Adisseo Co., Lonza Group, Koninklijke DSM N.V., E. I. du Pont de Nemours and Co., and BASF SE.
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