Vitamin D Market Analysis, Innovation Trends and Current Business Trends by 2024
Vitamins are a group of chemical compounds or ingredients necessary for human body to maintain normal metabolic functions. They are grouped according to function it performs on human metabolism such as A, B, C, D, E and K. Global vitamin market is poised to surpass USD 9.5 billion by 2024 owing to rise in geriatric population along with adoption of preventive healthcare practices.
Vitamin D is fat soluble and can be found naturally in very few food products and could be primarily found in fish, mushroom, egg yolk and liver oil. It is essential for normal bone growth and bone remodeling by osteoclasts and osteoblasts. Moreover, it prevents rickets in children, osteomalacia and osteoporosis in adults. These major factors may drive the industrial growth in forecasted timeframe.
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Vitamin D absorbs calcium and phosphorus from intestinal tract which is required for normal growth, development of bones and teeth, protection against muscle weakness, regulates heart, proper thyroid functioning and blood clotting.
Increasing diseases caused by deficiency of vitamin D, child malnourishment and growing recommendations from doctors may drive the industry growth. Regulatory standards in some regions to prevent excessive usage will inhibit industry growth. Ingredient overdose can cause appetite loss, vomiting, nausea, depression and headache.
In July 2016, FDA had approved increase in vitamin D consumption to be added as an optional ingredient to milk. It is also used in soy beverages, coconut, edible plant based yoghurt, and almond. This approval would allow manufacturers to add ingredients in various food products.
Increasing fortified food, sports or energy drinks and fruits & vegetables should drive functional food & beverages market size. Global food & beverages market may witness gains at over 8%. Rising trend of self-medication, disease prevention and consumer awareness towards healthy diet along with meeting recommended diet intake may drive industry growth. Food products offering Vitamin D supplements includes fortified cereals, breads, juices, soymilk, edible oil and dairy products.
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Strong application scope in personal care sector should drive vitamin D market size. Global personal care market may witness above average gains at 4%. Body uses sunlight to make vitamin D, sun exposure accelerates skin aging. UV light damages the skin which leads to sun spots, higher risk of skin cancer, and wrinkles. Additionally, it repairs and develop skin cell, mobilize skin immune system, and destroy free radicals causing premature aging.
North America led by the U.S. vitamin D market size should show a steady growth over the forecast period. Three quarter of the U.S. population is vitamin D deficient which has led to rise in skin cancer, diabetes, and heart diseases which may hinder market growth. Favorable government regulations along with increase in consumer concerns towards health may drive regional growth.
Europe vitamin D market size, driven by Italy, France, UK, and Germany, may witness significant gains due to increasing application scope in pharmaceutical and personal care industries, thereby driving regional industry growth. EFSA has set dietary reference values (DRVs), for infants aged 7-11 months may intake 10 ug per day.
Asia Pacific led by India, South Korea, Japan, and China vitamin D market size may have steady gains owing to strong growth in feed, pharmaceutical, and functional food industries. Increasing consumer awareness along with growing incidences of rickets, osteoporosis, and oestomalacia may fuel regional demand.
Various regulations standards are practiced in regions to prevent undesirable toxicity, which may challenge industry profitability. Rise in ingredient cost has led to undergo supply demand deficit which may affect vitamin D market price trend.
Improper diet in underdeveloped countries including Sudan, Congo, Mali, Ethiopia and Djibouti and high incidence rate of vitamin D deficiency may drive industry growth. Government and private institutions are increasingly emphasizing on supplementing such compounds through public awareness campaigns and regulating food policy reform which may create opportunities in the industry.
Global vitamin D market share is fragmented and competitive with considerable number of competitors operating at local and regional levels. Key industrial participants include BASF, ADM, Kraft Foods Group, Koninklijke DSM, Pfizer, and Synthesia. These market players have adopted strategies to expand business and enhance product portfolio.
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