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Vitamin E Market 2024 - By Growth Opportunities, Future Insights, Regional Segments, Latest Innovations And Forecast To 2033
Vitamin E Market
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According to The Business Research Company's, The vitamin E market size has grown strongly in recent years. It will grow from $2.58 billion in 2023 to $2.77 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to increasing diet*ary supp*lement consumption, animal feed fortification, rising health awareness, cosmetic industry demand, aging population.
The vitamin E market size is expected to see strong growth in the next few years. It will grow to $3.7 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to increasing demand for functional foods, growth in aquaculture, rising prevalence of chronic diseases, expanding applications in pharmaceuticals, consumer shift towards natural products. Major trends in the forecast period include product launches, personalized nutrition, clean label products, plant-based alternatives, increasing research and development investment.
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Market Drivers and Trends:
The increasing demand for skin care products is expected to propel the growth of the vitamin E market going forward. Skincare products refer to a wide range of items designed to maintain and enhance the health and appearance of the skin. The demand for skin care products is in light due to greater awareness of skin health, often fueled by social media influence. Moreover, the growth of online shopping and continuous innovation in skin care product attract consumers seeking effective solutions. Vitamin E is a versatile and beneficial ingredient in skincare, offering moisturizing, protective, and healing properties that cater to various skin types and concerns. For instance, in May 2023, according to the report published by The Cosmetic, Toiletry, and Perfumery Association, a UK-based organization, the sales of skin care products reached 479,569 units in 2022, compared to 461,472 units in 2021. Therefore, the increasing demand for skin care products is driving the growth of the vitamin E market.
Major companies operating in the vitamin E market are focusing on enhancing health products with advanced ingredient combinations and formulations, such as vitamin E creams, to provide comprehensive health benefits and meet diverse consumer needs across various industries. Vitamin E cream is a topical skincare product that contains vitamin E, known for its antioxidant properties, which help to moisturize, protect, and repair the skin. For instance, in April 2024, P&G Healths Evion, an India-based manufacturer of pharmaceutical products, launched Vitamin E Cream that combines Vitamin E with Aloe Vera, aiming to enhance skin nourishment and promote a radiant appearance. This includes advancements in both natural and synthetic forms of Vitamin E, as well as novel applications across various industries such as cosmetics, dietary supplements, and functional foods. The health benefits of vitamin E position it as a vital ingredient in health and wellness products.
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Major Key Players of the Market:
Archer Daniels Midland Company (ADM), BASF SE, Brenntag AG, Evonik Industries AG, Kao Corporation, DSM Nutritional Products, Amway Corporation, Lonza Group AG, Glanbia Plc, Alfa Laval AB, Herbalife Nutrition Ltd., Sime Darby Plantation Berhad, Lubrizol Corporation, Kemin Industries Inc., Schwabe Group, Vitamin Shoppe Industries Inc., Naturex SA, Swanson Health Products Inc., Nature's Way Products LLC, AstaReal AB, Kensing LLC, NutriScience Innovations LLC, Vitae Naturals, Hawkins Watts Limited
Vitamin E Market 2024 Key Insights:
• The vitamin E market size is expected to see strong growth in the next few years. It will grow to $3.7 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%.
• Growing Skincare Industry Fuels Vitamin E Market Expansion
• Innovations In Vitamin E Market Enhancing Efficacy And Appeal With Advanced Formulations And Applications
• Europe was the largest region in the vitamin E market in 2023
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