Vitamins Market Segmentation Detailed Study With Forecast To 2030
Global
Vitamins Market
report added by Reports and Data provides insights into the current market
scenario with regards to sales, growth rate, market share, and market size. The
investigative research report offers a complete analysis of the challenges,
restraining factors, market growth prospects, technological and product
advancements, R&D developments, threats, and investment opportunities in
the global market. The report also covers fundamental aspects of the Vitamins market inclusive
of lucrative business approaches, market demands, prominent players of the
industry, and a futuristic outlook for the market for the forecast period of
2022-2030. The report also offers insights into how the market revenue is
expanding in domestic and international markets and contributing to global
economy.
According
to the current analysis of Reports and Data, the Global Vitamins Market was
valued at USD 6.7 Billion in 2021 and is expected to reach USD 12.6 Billion by
year 2030, at a CAGR of 7.4%. Vitamins are widely used as dietary supplements.
They are commonly prescribed by physicians as a medication for mild illness to
severe chronic illnesses. It is believed that they help in enhancing immunity,
improve wellbeing and aid in faster recovery of the illness. They are organic
substances that must be provided in small quantities from environment, because
they either cannot be synthesized in human body or their rate of synthesis is
inadequate for maintenance of health. They are also self-prescribed by healthy
people for enhancing their health, supplementing nutrition and prevention of
minor ailments. It has been reported that these ingredients are one of the most
common types of dietary supplements in the United States.
The food and beverage industry is involved in
transforming raw food materials into consumer food products. The sector
includes groceries, oils and fats, food additives, functional foods and
beverages, canned food, packaged foods, health and natural foods, baby food,
animal food, syrup, baked food, soft drinks, alcoholic and non-alcoholic
drinks, energy drinks, and packaging. The companies in this industry are
looking for innovations in food that meet the changing consumer’s preferences in
terms of global flavors, and varieties. The touchless transactions, open kitchen concept, ghost
kitchens and e-commerce trends (especially during Covid-19) are reshaping the
food and beverage sector.
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Key Players:
Key
competitors in the vitamins market are Archer Daniels Midland Company, BASF SE,
Btsa Biotecnologías Aplicadas AS, Farbest Brands, Glanbia PLC, Lonza Group
Ltd., Rabar Pty., Ltd., Royal DSM NV, Showa Denko K.K, Pharmavitte and others.
In October 2016, BASF SE announced construction of a new world-scale plant for
retinols in Ludwigshafen, Germany. The new facility will increase BASF’s total
annual production capacity of by 1,500 metric tons.
Further
Key Findings From The Report Suggest:
- By
application, healthcare products are anticipated to grow at a CAGR of
about 6.5% during the analysis period. The growth of this segment can be
attributed to the increased malnutrition cases across the world which is
in turn rising the demand for the vitamins.
- Asia Pacific
is estimated to dominate the vitamins market in 2020 and is also projected
to grow at the highest CAGR of 7.9% from 2020 to 2028. The market in this
region is majorly driven by China, which is the largest producer, exporter,
and consumer of vitamins. Further, the rise in incomes, increase in
purchasing power, and significant consumer demand for nutritional &
healthy products are also driving the consumption in various industries in
the region.
- Further, the
market in Asia Pacific is also experiencing growth due to its growing
application in the animal feed industry. The region accounts for the
largest livestock population and caters to significant demands for
livestock-based products such as milk, egg, meat and others. Quality feed
is essential for livestock growth and performance. As the livestock owners
are becoming increasingly conscious regarding the importance of adequate
nutrition, essential micronutrients such as vitamins are experiencing
significant growth in demand in Asia Pacific's feed industry. A total of
936 vitamin formulations are available in the Indian market. The nutrient
profiles of the multivitamins vary widely. The lack of uniformity in
labeling, as products contain ‘multivitamins’ (without specifying the actual
composition), one or more minerals, antioxidants and various other
nutritional supplements is impeding the vitamins market.
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Segments
Covered In The Report:
This
report forecasts revenue growth at a global, regional & country level, and
gives an in-depth analysis of the market trends in each of the sub-segments
from 2016 to 2028. For this study, Reports and Data have segmented the market
based on source, type, application, and region:
By
Type (Volume Metric Tons, Revenue, USD Million; 2020-2028)
- Vitamin B
- Vitamin E
- Vitamin D
- Others
By
Source (Volume Metric Tons, Revenue, USD Million; 2020-2028)
- Synthetic
- Natural
By
Application (Volume Metric Tons, Revenue, USD Million; 2020-2028)
- Healthcare
Products
- Food &
Beverages
- Infant Food
- Dairy
Products
- Others
- Feed
- Personal care
products
Regional
Outlook (Volume Metric Tons, Revenue, USD Million; 2020-2028)
- North America
- Europe
- Asia Pacific
- Middle East
& Africa
- Latin America
Key Questions Answered In The Report:
- What
will be the market size and growth rate in the forecast year?
- What
are the key factors driving the global Vitamins market?
- What
are the risks and challenges in front of the market?
- Who
are the key players in the global Vitamins market?
- What
are the trending factors influencing the market shares?
- What
are the key outcomes of Porter’s five forces model?
- Which
are the global opportunities for expanding the global Vitamins market?
Thank you for reading this article. You can also get
chapter-wise sections or region-wise report coverage for North America, Europe,
Asia Pacific, Latin America, and Middle East & Africa.
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