The global vitamins market is on a strong growth trajectory, expected to expand from $6.7 billion in 2023 to over $8.9 billion by 2028, with a CAGR of 6.0%. Vitamins, essential organic compounds required in minimal quantities for optimal bodily function, cannot be synthesized internally and must be obtained through diet. With changing food and lifestyle habits, vitamin deficiencies have become more prevalent, driving the demand for supplements, fortified foods, and beverages.
How is rising health awareness influencing consumer dietary choices?
· Increasing Demand for Nutritionally Enriched Processed Foods Consumers today prefer packaged and processed foods due to convenience. However, these foods often lose their nutritional value during processing. To counteract this, food manufacturers are fortifying their products with essential vitamins. Additionally, vitamin supplements are being used to meet daily Recommended Dietary Allowances (RDA) and support preventive healthcare.
· Rising Health Awareness and Disposable Income Health-conscious consumers are increasingly incorporating vitamin supplementation into their daily diets. Reports indicate that health expenditures in the U.S. reached $3.6 trillion in 2018, highlighting the growing investment in personal well-being. This trend is fueling the demand for vitamins across multiple industries, including healthcare and food & beverages.
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Europe Leading the Market Growth
European vitamins marketis poised to offer the highest growth potential. Factors such as the rising prevalence of lifestyle diseases, increased adoption of vegan and vegetarian diets, and a growing inclination toward fortified foods contribute to the region’s demand for vitamins. Leading industry players such as Koninklijke DSM N.V., Glanbia PLC, BASF, and Lonza Group maintain a strong presence in the European market, further boosting its expansion.
Market Segmentation and Key Trends
Vitamin B Dominance
Vitamin B is expected to hold a dominant market position due to its essential role in tissue regeneration and nerve repair. This vitamin is widely used in cosmetic products, dairy, dietary supplements, and pharmaceuticals. Additionally, it is a crucial component during pregnancy, further driving its demand.
Healthcare Segment Witnessing the Highest CAGR
With increasing vitamin deficiencies and the need for fortified healthcare products, the healthcare segment of the vitamins market is projected to witness the highest growth rate. Products such as multivitamin supplements, dietary aids, infant nutrition, and specialized supplements are driving this growth.
Naturally Sourced Vitamins Gaining Traction
The demand for naturally sourced vitamins is growing at a significant pace, as they are derived from whole foods and absorbed more efficiently by the body. These vitamins, extracted along with their natural enzymes and coenzymes, provide enhanced functionality, making them a preferred choice for food fortification.
Considering the increasing awareness about health and nutrition, government initiatives to combat micronutrient deficiencies, and the rising popularity of dietary supplements, the vitamins market is set for robust growth. As key players continue to innovate and expand their product portfolios, the industry is well-positioned to meet the evolving demands of consumers worldwide.
Top Leaders in vitamins market
Koninklijke DSM NV (Netherlands), Glanbia PLC (Ireland), ADM (US), BASF (Germany), Lonza Group (Switzerland), Adisseo (France), Vitablend Nederland BV (Netherlands), SternVitamin GmbH (Germany), Farbest-Tallman Foods Corporation (US), The Wright Group (US), Zhejiang Garden Biochemical High-Tech Co., Ltd (China), NewGen Pharma (US), Rabar Pty Ltd. (Australia), Resonac (Japan), and BTSA BIOTECNOLOGÍAS APLICADAS SL (Spain).
