The global vitamin ingredients market is majorly driven by rising awareness for preventive measures among consumers along with growing geriatric population in many developed and emerging economies. Furthermore, rising demand for vitamin added foods and cosmetics and government initiation for necessary intake of vitamins among children and pregnant women are also fueling the growth of the vitamin ingredients market.
Global Vitamin Ingredients Market size was valued at $5,843 Million in 2016 and expected to reach $8,573 Million by 2024; growing at a CAGR of 4.9% from 2016 to 2024. In geographical segments, Asia Pacific and Europe are anticipated to grow at a fastest CAGR of 5.4% and 5.3%, respectively, over the forecast period 2016 – 2024.
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Global vitamin ingredients market trends are increasing demand for vitamin added foods & cosmetics, increasing knowledge about preventive actions in consumers, government initiation regarding essential intake of vitamins among children and pregnant women, increasing geriatric population in many developed and emerging countries. Though, fortified foods and other supplements such as fish oils may hamper the market growth.
Additionally, e-commerce and access of private labels recommending their new brands with superior formulations would provide growth opportunity for the market in the upcoming years.
The global vitamin ingredients market has been categorized into product type, application and geography. Product type includes Vitamin A, Vitamin B, Vitamin C, Vitamin D, Vitamin E and Vitamin K.
Vitamin B accounted for major market share in 2016 and expected to continue the trend in the forecast period, 2016 -2024. Additionally, applications segment is further segmented as food & beverages, pharmaceuticals, cosmetics, animal feed and others.
In application segment, Pharmaceuticals held the largest market share in 2016 and projected to be predominant during the forecast period, 2016 – 2024.
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On the basis of geography, the vitamin ingredients market has been categorized into North America, Europe, Asia-Pacific and Rest of the World (RoW). Asia Pacific is the fastest growing region in the global vitamin ingredients market, owing to growing health-awareness, increasing disposable income, and various health awareness initiatives from government.
Major market players of global vitamin ingredients market comprise of BASF SE, Bayer AG, Pharmavite LLC, Herbalife International, Inc., Archer Daniels Midland Co., North China Pharmaceutical Corporation, Adisseo France S.A.S, Nutraceutical Corporation, Glanbia plc., and Lonza Group Ltd., among others.
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Scope of Vitamin Ingredients Market
Product Type Segments
- Vitamin A
- Vitamin B
- Vitamin C
- Vitamin D
- Vitamin E
- Vitamin K
- Food & Beverages
- Animal Feeds
- North America
- Middle East
- South America
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