Vitamin A Market Analysis, Industrial Forecast and Trends from 2017 to 2024
Vitamin A Market size is estimated to grow at steady state owing to positive outlook in pharmaceuticals, skin care products and animal feed industry. It is naturally available in carrot, pumpkin, broccoli, sweet potato, chicken, cod liver oil and milk & milk products including cheese, butter and tofu.
Vitamin A is fat-soluble retinoid and available in two forms namely performed and pro-vitamin A. It helps in human growth & development, maintain good vision, body immune system and promote hormone growth.
Global dietary supplement market is poised to surpass USD 275 billion by 2024. More than two third adult population in U.S consume dietary supplements on daily basis. Rise in vitamin demand due to increase in geriatric population along with growing consumer health consciousness should have positive influence on industry growth. Inadequate vitamin A intake causes deficiency mainly among infants, children and pregnant women. Vitamin deficiency is addressed by dietary modification, supplementary intake and fortified processed food consumption.
Rise in disposable income accompanied with consumer inclination towards personal care is likely to drive cosmetic industry growth. Global cosmetic industry is poised to surpass USD 430 billion with gains at over 4.5% by 2024. Vitamin A has strong application in personal care products as it improves epidermal cell hydration, improves blood flow and retains facial glow. It stimulates collagen growth, which in turn arrests aging breakdown and reduces facial fine line. It also reduces melanin growth
leading to pigmentation and dark spots due to aging process. Growing awareness regarding personal hygiene and wellbeing along with rising anti-aging skin care products demand should favour industry growth.
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About 90% teen population suffer from Acne issue and over 50% continues symptom in adulthood which has led to consumer adoption towards acne treatments thereby stimulating product demand. Vitamin A provides retinol form sebum and reduces dry skin and oil generation thereby treats acne.
Retinol and anti- oxidants nourishes skin from inside and makes skin healthy.
Vitamin A plays decreases vision loss possibility and has strong application scope in vision care products. The global eye care industry is values at over USD 35 billion in 2016. It is available in ointment and eye drop form and used by consumer to treat dry eyes syndrome. Myopia is most common disorder accounting around 1.6 billion world’s population in 2016. Vitamin A reduces aging related macular degeneration (ARMD), glaucoma and cataracts risk and preserves vision.
Growing meat & meat products consumption mainly in China, Indonesia, Malaysia and the U.S due to high protein intake has driven beef industry growth. Vitamin A is an essential ingredient in cattle feed as it helps bone development, maintain digestive, reproductive tract lining and vision. Its deficiency may lead to decrease in immune system and increase disease susceptibility and lead to night blindness.
WHO promotes food fortification to eradicate malnutrition issue in underdeveloped countries. Cereal grains, condiments, refined sugar, milk and edible fats and oil are fortified and shown improvement in vitamin A levels. Rising consumer health awareness in the U.S, UK and Japan has witnessed significant growth in fortified food demand.
North America, driven by Canada and the U.S. vitamin A market size may witness strong growth over the forecast timeframe. Increasing consumer spending on cosmetic and skin care products should drive regional growth. Strong application scope in medical and pharmaceutical industries should drive industry growth. Favorable regulations by FDA may enhance industry growth.
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Europe, vitamin A market size, driven by UK, France, Italy, and Germany, may witness significant gains owing to change in lifestyle accompanied by increase in fortified food consumption, thereby driving regional industry growth. Strict regulations to promote consumption of balanced diet by EU community may favour product demand.
Asia Pacific driven by India, South Korea, Japan, and China vitamin A market size may witness significant growth over the foreseeable timeframe. Rise in teenage population and growing awareness for skin treatment cream in China and India can favour regional industry growth. Rise in economic standards supported by rapid urbanization has led to shift in consumer focus towards healthy diets may drive regional industry growth.
Fish liver oil is the key raw materials used for its production process. Also, it can be synthesized from acetone. Fluctuating raw material cost may widen supply demand gap and affect vitamin A market price trend.
Global vitamin A market share is consolidated. Key companies operating in the market includes DSM, BASF, ABH Pharma, Parchem, Zhejiang and Kingdomway. Most of the companies are expanding their business to enhance their regional presence and product portfolio. For example, BASF expanded its vitamin A production capacity by 1,500 metric tons to meet the global micronutrient demand.
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