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Global Vitamins Market, By Source (Plant, Animal), Product Type (Vitamin A, Vitamin B, Vitamin C, Vitamin D, Vitamin E, Vitamin K) | Leading Vendors are Archer Daniels Midland Co., BASF SE, CSPC Pharmaceuticals Group Limited, Lonza Group Ltd.

07-29-2019 02:50 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Coherent Market Insight

Vitamins

Vitamins

Vitamins are organic compounds that are essential for every organism in a small amount for proper growth and development of the body. Lack of these vitamins may led to various vitamins deficiency diseases and disorders such as night blindness, xerophthalmia and keratomalacia. Growing consumer awareness for various vitamins deficiency diseases across the world in turn is expected to boost growth of the global market for vitamins. These vitamins can be classified into two groups, namely water based and fat based.

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The Public Health Clinical Medicine and Social Policies, across the world are challenging for micronutrient deficiency due to lack of food security, monitoring and education in the developing and underdeveloped region. These deficiencies in children mostly due to vitamins A and Vitamins D, iodine and iron deficiency along with clinical anemia and rickets. Also, various chronic diseases among adults, which includes osteoporosis, osteomalacia, colorectal cancer, thyroid deficiency and cardiovascular diseases are primarily linked to deficiency of vitamin D and iodine.

Major players in the global vitamins market include Adisseo France S.A.S., Archer Daniels Midland Co., BASF SE, CSPC Pharmaceuticals Group Limited, Lonza Group Ltd., North China Pharmaceuticals Corporation, Pharmavite LLC, Zhejiang Hangzhou Xinfu Pharmaceutical Co. Ltd., among others.

The global vitamins market size was valued at US$ 5.16 billion (revenue) in 2016 and is expected to expand at a CAGR of 4.98% in terms of revenue during 2017 – 2025.

Regional Insights
North America, followed by Europe and Asia-pacific, respectively, accounted for major share in the global vitamins market in terms of revenue in 2016 and the trend is estimated to remain the same over the forecast period. In 2016, Asia Pacific held a share of 27.64% in terms of revenue, followed by Europe (28.10%). The growing demand for supplement diet in Asia Pacific due to rising public awareness coupled with growing retail and hospitality sector is expected to drive growth of the global vitamins market over the forecast period. The global animal source segment in the global vitamins market is expected to witness a CAGR of 4.99% from 2017 to 2025. Asia Pacific is expected to be the most lucrative market during the forecast period, due to its rapidly growing economy, especially in China and India, coupled with rising disposable income, which in turn is expected to bend the consumers towards supplement food along with the regular diet.

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Moreover, the growing retail sector across the region is also expected to boost the market for vitamins from 2017 to 2025. For instance, according to India Brand Equity Foundation (IBEF)—a Trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India—the retail market in India is expected to nearly double to US$ 1 trillion by 2020 from US$ 600 billion in 2015, due to income growth, urbanization, and attitudinal shifts.

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