Global Vitamin Ingredients Market Is Driven By, Increasing in Geriatric Population and Growing Popularity of Vitamin Added Foods

Global Vitamin Ingredients Market Report, published by Variant Market Research, forecast that the global market is expected to reach $8573 Million by 2024 from $5843 Million in 2016, growing at a CAGR of 4.9% from 2016 to 2024. By geography, Asia Pacific and Europe are expected to grow at a CAGR of 5.4% and 5.3%, respectively, during the forecast period.

Major factors supporting growth of the market are, increasing knowledge for preventive measures among consumers along with rising geriatric population in many developed countries such as the U.S. Furthermore, growing popularity for vitamin added cosmetics and foods are boosting the growth of the vitamin ingredients market. Moreover, government initiation for necessary intake of vitamins among children and pregnant women has led to increased market penetration across various geographies. However, fortified foods and other supplements such as, fish oil would restraint the growth of the market. E-commerce and entry of private labels with upgraded formulations would provide new business opportunities for competitors.

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The global vitamin ingredients market has been categorized as product type, application, and geography. By Product type, the market is bifurcated into Vitamin A, Vitamin B, Vitamin C, Vitamin D, Vitamin E, and Vitamin K. Moreover, application segment is segregated into, food & beverages, pharmaceuticals, animal feed, cosmetics, and others. Vitamin B accounted for the largest market share in 2016 and estimated to remain the largest segment throughout the forecast period, 2016 -2024.

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Geographically, the vitamin ingredients market has been categorized into, North America, Europe, Asia-Pacific, and Rest of the World (RoW). Asia Pacific is the fastest growing region in the global vitamin ingredients market, owing to growing health-conscious consumers and increased disposable income. Health awareness programs from government organizations and social media has also boosted market growth in the region.
Major key players operating in the market are, BASF SE, Herbalife International, Inc., Pharmavite LLC, Bayer AG, Lonza Group Ltd., Glanbia plc., Adisseo France S.A.S, Nutraceutical Corporation, Archer Daniels Midland Co., and North China Pharmaceutical Corporation, among others.

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