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 Report, published by Variant Market Research, forecast that the global market is expected to reach $8,573 Million by 2024 from $5,843 Million in 2016, growing at a CAGR of 4.9% from 2016 to 2024. By geography, Asia Pacific and Europe are expected to grow at a CAGR of 5.4% and 5.3%, respectively, during the forecast period.
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Increasing knowledge for precautionary measures among consumers, and rising geriatric population, majorly in developed countries such as the U.S. is driving the global vitamin ingredients market.Also, rising acceptance of vitamin added cosmetics has also boosted the growth of the market. Growing awareness towards necessary intake of vitamins among pregnant women and children have increased market penetration across various geographies.
However, other supplements such as, fish oil would restrain the growth of the market. Mounting penetration of online sales, and product innovation with upgraded formulations would provide new business opportunities for competitors in the coming four to five years.
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The segmentations of the global vitamin ingredients market are product type, application, and geography. The product type sub-segments include Vitamin A, Vitamin B, Vitamin C, Vitamin D, Vitamin E, and Vitamin K.
The application sub-segments include food & beverages, pharmaceuticals, animal feed, cosmetics, and others. In the product type segment, Vitamin B accounted for the largest market share in 2016 and estimated to dominate the market throughout the forecast period, 2016 – 2024.
Geographical classifications of the market are North America, Europe, Asia-Pacific, and Rest of the World (RoW). Health awareness programs from government organizations and increased disposable income has made Asia-Pacific the fastest growing region in the global vitamin ingredients market.
Awareness programs by social media has also boosted market growth in the region.
Major key players operating in the market are, Pharmavite LLC, Bayer AG, Lonza Group Ltd., Glanbia plc., Adisseo France S.A.S, BASF SE, Archer Daniels Midland Co., Herbalife International, Inc., Nutraceutical Corporation, and North China Pharmaceutical Corporation, among others.
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