Increasing Demand Drives Global Vitamins and Derivatives Market Growth during 2017-2026 | By Amway, Herbalife, Glanbia PLC, ADM, DSM, Abott Laboratories, GlaxoSmithKline, Glanbia, etc.
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Increasing level of awareness about consuming healthy food, especially among aging population is driving the demand for food products with vitamins and derivatives. Consumption of such products has also increased in emerging economies such as China, India and Brazil. Regular intake of vitamins and derivatives is extremely important for proper development and functioning of the health. Vitamins are added to a wide range of healthcare products, which continue to witness an uptrend owing to their growing importance in the fast-paced life of a modern consumer. At the same time, increased consumption of vitamin supplements and desires of having enhanced physical appearance has led to a greater demand for vitamins and derivatives globally. FactMR’s recently published report reveals that the global vitamins and derivatives market will exhibit a steady growth during the forecast period (2017-2026). In terms of volume, the market is expected to reach 165,075 tons by 2026-end. In recent years, trend of leading a healthier and active life has become more prominent, which is fueling the demand for functional food.
Vitamins and derivatives are also used for making drugs to treatment of various metabolic syndrome diseases. These essential nutrients have profound therapeutic potential in the prevention and treatment of various chronic ailments. Consumer are moving towards preventive healthcare and products that can fulfill the daily nutrition quotient. Vitamins and derivatives are available in the form of tablets, capsules, powder, oral liquid and gummies and softgels. Some of these variants can be consumed without medical prescription as well. Factors such as expanding geriatric population, changing lifestyle, increasing discretionary spending have partly influenced the global sales of vitamins and derivatives.
The market in North America is expected to remain highly lucrative for vitamins and derivatives throughout the assessment period. The region’s market is projected to exhibit a steady CAGR between 2017 and 2026. Use of vitamins and derivative supplement is significantly high in the region. Americans are increasingly inclining towards such products to ensure a balanced diet.
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Use of vitamin B is significantly high across the globe. Vitamin B finds application in manufacturing of various function food, cosmetics, and dietary supplements. The global sales of vitamin B currently represents for more than one-fourth share of the market in terms of revenue. Towards the end of 2026, nearly US$ 7,355.2 Mn worth vitamin B is expected to be sold worldwide.
Use of vitamins and derivatives is significantly high in the food and beverage industry. This is primarily owing to increasing consumer preference for food and beverage product that have high nutritional content and are healthy. By 2026-end, more than US$ 6,900 Mn worth vitamins and derivatives are expected to be used in the food and beverage industry.
Some of the leading players operating in the global vitamins and derivatives include Amway, Herbalife, Glanbia PLC, ADM, DSM, Abott Laboratories, GlaxoSmithKline, Glanbia, Bayer, Pfizer, Jubilant Life Sciences Limited, Lonza Group Ltd, Atrium Innovations, Inc., Sanofi, Schiff Nutrition International, Inc, BoehringerIngelheim Consumer Health Care, Fermenta Biotech Ltd., CSPC Pharmaceutical Group Limited, Bactolac Pharmaceutical, Inc., and Adisseo France S.A.S.
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