Market Highlights
The global Vitamins Market size is projected to be valued at USD10,079.92 million by 2028, recordinga CAGR of 5.70% during the forecast period. The growth of the Vitamins Market size is anticipated to be driven by several factors during the forecast period from 2021 to 2028. A wide range of end-use applications of vitamins is the major factor driving the market growth. Also, increasing health consciousness and focus on preventive healthcare across the globe are boosting the sales of vitamins, especially in the pharmaceuticals & nutraceuticals industry. Moreover, the rising demand for naturally sourced vitamins in various application industries is creating profitable opportunities for the manufacturers of vitamins. Also, consumer inclination towards fitness activities is driving the demand for vitamins in sports nutrition products. However, side effects associated with overconsumption of vitamins are restraining the growth of the market.
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The outbreak of the COVID-19 pandemic has had a major impact on the global food & beverages industry. Implementation of lockdown strategies puts significant restrictions on the individual movement of the people. Moreover, it led to partial or complete closure of restaurants and hotels globally, affecting the demand for various food & beverage products. Lockdowns also disrupted labor and raw material availability for the food & beverages industry, affecting the overall production levels. Thus, the overall decrease in production and demand for various food & beverage products has had a negative impact on the demand for vitamins across the world.
Segmental Analysis
The global Vitamins Market size has been segmented based ontype, source, application, and region.
By type, the market has been divided intovitamin B, vitamin C, vitamin E, and others. The vitamin Bsegment accounted for the largest market sharein 2020,whereas the vitamin Csegment is expected to record the highest CAGR of 6.29%during the forecast period.Vitamin C, commonly known as L-ascorbic acid, is naturally present in some foods, especially in fruits & vegetables. It is naturally extracted from several sources, including citrus fruits, peppers, strawberries, blackcurrants, broccoli, brussels sprouts, and potatoes. The demand for vitamin C is growing as a supplement.
Based on source, the global Vitamins Market size has been classified as synthetic and natural. The syntheticsegment accounted for a larger market share in 2020. Synthetic vitamins include substances that are produced chemically. Such vitamins are typically produced by fractional distillation and additional chemical manipulation of naturally sourced chemicals. Synthetic vitamins have gained acceptance among the end users owing to their economical pricing.
Based on applications, the global Vitamins Market size has been classified as food & beverages, pharmaceutical & nutraceutical, animal feed, and personal care. The pharmaceutical & nutraceutical segment is projected to exhibit the highest CAGR during the forecast period. Pharmaceuticals & nutraceutical products made from vitamins are available in several forms, such as capsules, tablets, soft gels, and powders. Nutraceuticals provide essential nutrients to the body and help enhance metabolism. Consumers are also adopting supplements to improve their digestive and gut health.
Regional Analysis
Geographically, the global Vitamins Market size has been categorized as North America,Europe, Asia-Pacific,and the Rest of the World. As per MRFR analysis, Asia-Pacific constituted a dominant share of the Vitamins Market size in 2020. The growth of the Vitamins Market size in Asia-Pacific can be attributed to a focus on preventive healthcare over curative solutions. Also, the market in Europe offers lucrative opportunities for manufacturers of vitamins owing to the increasing consumption of functional beverages or nutraceuticalsin the region. The increasing geriatric population drives the growth of the vitamin supplements market in North America. The Rest of the WorldVitamins Market size isprojected to register a CAGR of 5.42%during the forecast period.Increasing purchasing power and growing awareness for a healthy lifestyle are anticipated to boost the demand for the Vitamins Market size in the Rest of the World.
Key Findings of the Study:
The global Vitamins Market size is projected to register a growth rate of 5.70%from 2021 to 2028.
The vitamin Bsegment is estimated to retain its prominent share till 2028,whereas the vitamin C segment is projected torecord the highestCAGR of 6.29% during the forecast period.
The synthetic segment is estimated to retain its dominance till 2028 whereas, the natural segment is estimated to register a higher growth rate during the forecast period.
The pharmaceutical & nutraceutical segment is estimated to retain its dominant share till 2028, and the same segment is estimated to register a higher growth rate during the forecast period.
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