Market Overview
The global vitamins market has been ever flourishing as the demand for supplements has increased as a tool to treat various medical conditions and stay healthy. Consumers and public health agencies are aiming to reduce and prevent chronic diseases and improve healthy life spans. The emergence of direct-to-consumer genetic testing, self-monitoring devices, web, and mobile apps, alongside the easy remote access to medical consultations, are transforming the way prevention process used to be practiced earlier.
This is a huge opportunity for the vitamins industry to connect with consumers and monitor them more closely to match their needs better while creating more partnerships with health facilities around prevention. Vitamins market has always been witnessing a continued demand over the last few years. Moreover, the emergence of customization of medicines along with the technology is escalating the market on the global platform, bringing new opportunities.
Acknowledging the rapid growth, the market is witnessing currently Market Research Future (MRFR) in its recently published study report asserts that the global vitamins market is expected to perceive exponential growth yet again in 2023, registering a fabulous CAGR throughout the forecast period (2017 – 2023).
Trends such as the adoption of healthy lifestyles and vitamins among consumers to prevent diseases and thus to avoid expensive healthcare costs and extend healthy life spans are generating growth opportunities and challenges for vitamins market, globally.
On the other hand, regulatory frames are becoming stricter and accordingly, vitamins manufacturing companies are fine-tuning in the new scenario, creating healthier and more diverse portfolios wherein a consumer is well informed with a self-explanatory label.
Additional factors such as the increasing prevalence of various lifestyle diseases such as night blindness, osteomalacia, digestive disorders, and other vitamin deficiency diseases are propelling the growth of the market.
With the growing age, it becomes challenging for the body to absorb the required nutrients from food, optimally. Loss of appetite is also a usual problem among the elderly population. Older adults tend to suffer from vitamin D deficiency. Hence, there is a growing dependence on vitamin D supplements among the elderly population.
Key Players
Key players leading the global vitamins market include Koninklijke DSM N.V. (The Netherlands), Glanbia PLC (Ireland), Archer Daniels Midland Company (US), BASF SE (US), Lonza Group (Switzerland), Vitablend Nederland B.V. (The Netherlands), Sternvitamin GmbH & Co. Kg (Germany), Farbest-Tallman Foods Corporation (US), Adisseo France SAS (China), and Watson Inc. (US) among others.
Market Segmentation:
For ease of understanding, the market has been segmented into four key dynamics: -
By Product Type : Water-soluble (Vitamin B, Vitamin C, and others) and Fat-soluble ( Vitamin A, Vitamin D, Vitamin E, Vitamin K, and others).
By Form : Capsules, Tablets, Granule and Liquid.
By Application :Food and Beverages, Animal Feed, Personal Care,and Health Care among others.
By Regions : North America, Asia Pacific, Europe, and the Rest-of-the-World.
Access Report @ https://www.marketresearchfuture.com/reports/vitamins-market-1331
Regional Analysis
The Asia Pacific region, heading with the increasing demand for nutritional products dominates the global market. The market offers huge growth opportunities to manufacturers and suppliers of vitamins. Markets in New Zealand and China are substantially larger in the region which is expected to increase their market share in the forthcoming years.
The APAC vitamins market has long been attracting to the international investors and manufacturers of vitamins with its ample availability of cost-competitive logistic such as land, workforce, and raw materials required for the production of vitamins. The region will witness higher growth due to the growing demand from health supplements market especially in the rapidly developing countries like India and China.
Growing applications of vitamins in the feed industry led by the significant consumer demand for nutritional & healthy products is another key driving force behind the growth of the market in the region. Rising population followed by increasing consumption of livestock in developing countries of Asia Pacific is boosting the vitamins market, driving the feed supplement market.
The Vitamins market in the North American region accounts for the second-largest market, globally. Vitamin D deficiency is a common issue in North America which is driving the vitamins market propelling the vitamin supplement market in the region. The increasing prevalence of low immunity disorders and chronic diseases has been leading to an increased focus on preventive health care, which, in turn, is driving the growth of the regional market, increasing the consumption of healthcare products and fortified & functional food products with essential nutrients such as vitamins.
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