Global Vitamins Market to Witness Substantial Growth, Fueled by Increasing Demand for Fortified Healthcare Products

According to a recent research report by MarketsandMarkets titled "Vitamins Market," the global vitamins market is poised for significant growth, with an estimated value of USD 6.7 billion in 2023, projected to reach USD 8.9 billion by 2028 at a CAGR of 6.0%. The market is driven by factors such as shifting food habits, busy lifestyles, heightened consumption of nutritionally deficient fast foods, and a rising geriatric and infant population worldwide.

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The study covers various aspects of the vitamins market, including types (Vitamin A, B, C, D, E, and K), applications (Healthcare Products, Food & Beverages, Feed, and Personal Care Products), and sources (Synthetic and Natural). Consumer awareness of fortified healthcare products, such as dietary supplements and infant foods, is identified as a key driver, particularly in the healthcare products segment.

Healthcare products, enriched with vitamins and micronutrients, dominate the market application-wise. The growth in lifestyle diseases like diabetes and obesity has fueled the demand for fortified food and healthcare products. Fortification emerges as an effective strategy to address nutritional deficiencies, with manufacturers increasingly incorporating vitamins into their products.

Vitamin C is anticipated to experience the highest Compound Annual Growth Rate (CAGR) during the forecast period (2023-2028). The surge in demand for vitamin C is attributed to its widespread use in skincare and personal care products due to its antioxidant properties, aiding in skin damage reduction. Additionally, the vitamin's oral consumption is associated with immunity enhancement, further boosting its application in food, personal care, and healthcare.

Synthetically sourced vitamins are expected to dominate the market throughout the study period. While some studies question the absorption of synthetically sourced vitamins, their cost-effectiveness and stability make them preferred for various applications, contributing to their increasing demand in the market.

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Europe is highlighted as a region with the highest growth prospects in 2023. The European population's susceptibility to lifestyle diseases and vitamin deficiencies, coupled with a rising trend in adopting healthy lifestyles and fortified supplements, contributes to the increased demand for vitamins. The region's inclination towards vegan and vegetarian diets further fuels the market. Key players such as Koninklijke DSM N.V., Glanbia PLC, BASF, and Lonza Group strengthen the vitamin market in Europe.

Key players in the global vitamins market include Koninklijke DSM (Netherlands), Glanbia PLC (Ireland), ADM (US), BASF (Germany), Lonza Group (Switzerland), Adisseo (France), Vitablend Nederland B.V (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 Biotecnologias Aplicadas S.L (Spain).

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