Vitamin is a group of organic substance present in smaller amounts in the natural foods. Each organism has different requirement of vitamins to sustain life. Usually human body does not produce enough of vitamins for which it requires food holding such vitamins or supplements. Vitamins are either water-soluble or fat-soluble. Fat-soluble vitamins are stored in the fatty tissues of the body and the liver whereas water-soluble do not stay in the body for long. Different types of vitamins include vitamin A, vitamin, B, vitamin C, vitamin D, vitamin E, vitamin K and others. These vitamins can be sourced through plants, animals and others.
Owing to growing consumer needs and their awareness about vitamins and vitamin supplements required for nutrition and prevention of chronic disorders has grown in recent years. The growth has been driven by the increased acceptance of supplements amongst the consumers. With growing health concerns and rising per capita health care cost, there has been surge in demand of vitamin. Market Research Future, a firm which specializes in market reports related to the Foods, Beverages & Nutrition sector among others, recently forecasted in its report “Global Vitamins Market Research Report- Forecast to 2023” that the market will demonstrate an exceptional CAGR % while achieving million dollar growth readily in the forecast period.
Vitamins are organic compounds that are needed in small quantities to sustain life. Their application in various industries such as bakery & confectionery, dairy & frozen desserts, beverages, oils and fats, sweet and savory snacks, meat products, and others is driving the growth of the market. Moreover, increasing application in cosmetics and pharmaceuticals is further boosting the growth of the market.
Increasing health conscious population and inclination of consumers towards food supplements is boosting the growth of vitamins market. Moreover, continuous increase in health issues among the growing population has opened doors for vitamins market owing to its health beneficial attributes. However, stringent government laws and regulations for application of vitamins in the products may hamper the growth of the market.
The key players profiled in Vitamins Market Trend are Koninklijke DSM N.V. (the Netherlands), Amway Corporation (U.S.), Vitamin Shoppe, Inc. (U.S.), Bayer AG (Germany), Pharmavite LLC (U.S.), NBTY Global, Inc. (U.S.), Reckitt Benckiser Group plc (U.K), Archer-Daniels-Midland Company (U.S.), Pfizer Inc. (U.S.), BASF SE (Germany)
Industrial players are involved in the acquisition of small players which will further support the company to expand and reach out to consumers across the regions, the end-user industries are inclined towards product promotions through social media, magazines and other mediums in order to reach out to customers. The promotional strategy aids in retaining the existing the customers and also to regenerate new customer base.
With strategic expansions, market players can focus on penetrating into the developing economies to expand their business portfolio. Consumers in developing countries are keen on exploring new product range offered to them and form a large consumer base. Establishing market in these emerging economies is profitable based on relatively low set-up costs, ease of doing business, and further lower variable cost to be incurred.
Global Vitamins Market has been divided into type, form, distribution channel, and region.
On the Basis of Type: Water-soluble and Fat-soluble
On the Basis of Form: Capsules, Tablets, and Others
On the Basis of Distribution Channel: Store-based and Non-store based
On the Basis of Region: North America, Europe, Asia Pacific, and ROW
Global Vitamins Market is segmented into North America, Europe, Asia Pacific and rest of the world (RoW). North America is dominating the market followed by Europe. The U.S. is the major contributor for vitamins market in North America. Inclination towards functional food among the consumers is driving the vitamins market in Europe.
Asia Pacific is witnessed to be the fastest growing region over the forecast period. Increasing health awareness in developing countries like India and China is boosting the growth of Asia Pacific market. Growing application of vitamins in various industries is supporting the growth of vitamins market in rest of the world.