Vitamins Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
Analyst Perspective
The global vitamins market is estimated to register a CAGR OF ~7.5%. The vitamin market is set to grow primarily due to increased demand for enriched processed foods with added nutritional benefits. Rising global consumption of meat and dairy products, leading to food fortification, will also play a significant role. The market is also benefitting from growing health consciousness. Product innovation, focus on functionality, sustainability, and emerging markets are significant growth driven opportunities for the vitamins market. Regulatory hurdles, misinformation, and competition are challenges that may hamper the growth of the vitamins market.
Market Overview
Vitamins are crucial elements for supporting regular cell growth and functioning. They also play a crucial role in maintaining normal metabolism for a healthy life. These essential nutrients are vital in various industries, often utilized as ingredients and supplements to enhance products. Vitamins and dietary supplements are a convenient way to get the nutrients that people need. The rise in e-commerce has made it easier for people to purchase vitamins and dietary supplements. Developing new delivery formats like gummies, tablets, or personalized capsules can attract diverse consumer segments and improve compliance. As disposable income rises, people are more willing to spend money on health and wellness products, leading to increased spending on vitamins and dietary supplements. Expanding into developing countries with rising disposable incomes and increasing health awareness presents significant growth potential. The use of vitamins in various industries as supplements and ingredients offers untapped opportunities for growth in the market. The growth of the vitamin market is fuelled by a growing number of individuals embracing corporate culture, placing importance on diet, and prioritizing nutritional needs for health maintenance.
Market Drivers
- Rising health and wellness awareness
Consumers are increasingly becoming more aware of the importance of good health and well-being, which leads to greater demand for products that can help them improve their health, such as vitamins and dietary supplements.
- Aging population
The global population is aging, and older adults are more likely to take vitamins than younger adults due to several factors, including a higher risk of developing chronic diseases and a greater need for nutritional support.
- Fortification of food and beverages
The food and beverage industry is increasingly adding vitamins to its products to improve the nutritional value of food and meet the growing demand for fortified products.
Market Segmentation
The global vitamins market is segmented based on type, source, and application. The global vitamins market is segmented based on type into vitamins A, B, C, E, and others. The vitamins market is segmented based on source into natural and synthetic. Based on the application, it is into healthcare products, food & beverages, infant foods, dairy products, and others.
Regional Analysis
The report provides a detailed industry overview, which includes qualitative and quantitative information. It gives information on an overview and forecast of the global vitamins market based on several segments. It also provides market size and forecast estimates from 2020 to 2030 concerning five major regions: Europe, North America, Asia-Pacific (APAC), Middle East & Africa (MEA) And South & Central America. The vitamins market by region is also sub-segmented by respective countries and segments. The vitamins market report covers an analysis and forecast of 18 countries globally and the prevailing trends and opportunities in the region.
The report analyses factors affecting the vitamin market from both the demand and supply side. Furthermore, it evaluates market dynamics during the forecast period, i.e., drivers, challenges, opportunities, and future trends. The report also provides an extensive Porter's Five Forces analysis highlighting factors affecting these regions' vitamin market.
Key Players
The reports cover vital organic and inorganic growth strategy developments in the vitamins market. Various companies concentrate on organic growth strategies such as product launches, approvals, patents, and others. Inorganic growth strategies activities observed in the market were acquisitions, partnerships & collaborations. These activities have paved the way for the development of the business and customer base of market players. The vitamins market players are expected to have lucrative growth opportunities with the rising demand for healthy products in the global market.
The report includes key companies' profiles, swot analysis, and vitamins market strategies. The report also focuses on leading market players with information including components and services offered, company profiles, financial information for the last three years, and critical development in the past five years.
Below is a list of vitamins market companies.
- Glanbia
- ADM
- BASF
- DSM
- Farbest Brands
- Adisseo
- Pharmavit
- Millmax
- Newgen Pharma
- Rabar
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Vitamins Market - By Type
1.3.2 Vitamins Market - By Application
1.3.3 Vitamins Market - By Source
1.3.4 Vitamins Market - By Region
1.3.4.1 By Country
2. KEY TAKEWAYS
3. RESEARCH METHODOLOGY
4. VITAMINS MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. VITAMINS MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. VITAMINS MARKET - GLOBAL MARKET ANALYSIS
6.1. VITAMINS - GLOBAL MARKET OVERVIEW
6.2. VITAMINS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. VITAMINS MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. VITAMIN B
7.3.1. Overview
7.3.2. Vitamin B Market Forecast and Analysis
7.4. VITAMIN E
7.4.1. Overview
7.4.2. Vitamin E Market Forecast and Analysis
7.5. VITAMIN D
7.5.1. Overview
7.5.2. Vitamin D Market Forecast and Analysis
7.6. VITAMIN C
7.6.1. Overview
7.6.2. Vitamin C Market Forecast and Analysis
7.7. VITAMIN A
7.7.1. Overview
7.7.2. Vitamin A Market Forecast and Analysis
7.8. VITAMIN K
7.8.1. Overview
7.8.2. Vitamin K Market Forecast and Analysis
8. VITAMINS MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. HEALTHCARE PRODUCTS
8.3.1. Overview
8.3.2. Healthcare products Market Forecast and Analysis
8.4. FOOD AND BEVERAGES
8.4.1. Overview
8.4.2. Food and Beverages Market Forecast and Analysis
8.5. FEED
8.5.1. Overview
8.5.2. Feed Market Forecast and Analysis
8.6. PERSONAL CARE PRODUCTS
8.6.1. Overview
8.6.2. Personal care products Market Forecast and Analysis
9. VITAMINS MARKET - REVENUE AND FORECASTS TO 2028 - SOURCE
9.1. OVERVIEW
9.2. SOURCE MARKET FORECASTS AND ANALYSIS
9.3. SYNTHETIC
9.3.1. Overview
9.3.2. Synthetic Market Forecast and Analysis
9.4. NATURAL
9.4.1. Overview
9.4.2. Natural Market Forecast and Analysis
10. VITAMINS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Vitamins Market Overview
10.1.2 North America Vitamins Market Forecasts and Analysis
10.1.3 North America Vitamins Market Forecasts and Analysis - By Type
10.1.4 North America Vitamins Market Forecasts and Analysis - By Application
10.1.5 North America Vitamins Market Forecasts and Analysis - By Source
10.1.6 North America Vitamins Market Forecasts and Analysis - By Countries
10.1.6.1 United States Vitamins Market
10.1.6.1.1 United States Vitamins Market by Type
10.1.6.1.2 United States Vitamins Market by Application
10.1.6.1.3 United States Vitamins Market by Source
10.1.6.2 Canada Vitamins Market
10.1.6.2.1 Canada Vitamins Market by Type
10.1.6.2.2 Canada Vitamins Market by Application
10.1.6.2.3 Canada Vitamins Market by Source
10.1.6.3 Mexico Vitamins Market
10.1.6.3.1 Mexico Vitamins Market by Type
10.1.6.3.2 Mexico Vitamins Market by Application
10.1.6.3.3 Mexico Vitamins Market by Source
10.2. EUROPE
10.2.1 Europe Vitamins Market Overview
10.2.2 Europe Vitamins Market Forecasts and Analysis
10.2.3 Europe Vitamins Market Forecasts and Analysis - By Type
10.2.4 Europe Vitamins Market Forecasts and Analysis - By Application
10.2.5 Europe Vitamins Market Forecasts and Analysis - By Source
10.2.6 Europe Vitamins Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Vitamins Market
10.2.6.1.1 Germany Vitamins Market by Type
10.2.6.1.2 Germany Vitamins Market by Application
10.2.6.1.3 Germany Vitamins Market by Source
10.2.6.2 France Vitamins Market
10.2.6.2.1 France Vitamins Market by Type
10.2.6.2.2 France Vitamins Market by Application
10.2.6.2.3 France Vitamins Market by Source
10.2.6.3 Italy Vitamins Market
10.2.6.3.1 Italy Vitamins Market by Type
10.2.6.3.2 Italy Vitamins Market by Application
10.2.6.3.3 Italy Vitamins Market by Source
10.2.6.4 United Kingdom Vitamins Market
10.2.6.4.1 United Kingdom Vitamins Market by Type
10.2.6.4.2 United Kingdom Vitamins Market by Application
10.2.6.4.3 United Kingdom Vitamins Market by Source
10.2.6.5 Russia Vitamins Market
10.2.6.5.1 Russia Vitamins Market by Type
10.2.6.5.2 Russia Vitamins Market by Application
10.2.6.5.3 Russia Vitamins Market by Source
10.2.6.6 Rest of Europe Vitamins Market
10.2.6.6.1 Rest of Europe Vitamins Market by Type
10.2.6.6.2 Rest of Europe Vitamins Market by Application
10.2.6.6.3 Rest of Europe Vitamins Market by Source
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Vitamins Market Overview
10.3.2 Asia-Pacific Vitamins Market Forecasts and Analysis
10.3.3 Asia-Pacific Vitamins Market Forecasts and Analysis - By Type
10.3.4 Asia-Pacific Vitamins Market Forecasts and Analysis - By Application
10.3.5 Asia-Pacific Vitamins Market Forecasts and Analysis - By Source
10.3.6 Asia-Pacific Vitamins Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Vitamins Market
10.3.6.1.1 Australia Vitamins Market by Type
10.3.6.1.2 Australia Vitamins Market by Application
10.3.6.1.3 Australia Vitamins Market by Source
10.3.6.2 China Vitamins Market
10.3.6.2.1 China Vitamins Market by Type
10.3.6.2.2 China Vitamins Market by Application
10.3.6.2.3 China Vitamins Market by Source
10.3.6.3 India Vitamins Market
10.3.6.3.1 India Vitamins Market by Type
10.3.6.3.2 India Vitamins Market by Application
10.3.6.3.3 India Vitamins Market by Source
10.3.6.4 Japan Vitamins Market
10.3.6.4.1 Japan Vitamins Market by Type
10.3.6.4.2 Japan Vitamins Market by Application
10.3.6.4.3 Japan Vitamins Market by Source
10.3.6.5 South Korea Vitamins Market
10.3.6.5.1 South Korea Vitamins Market by Type
10.3.6.5.2 South Korea Vitamins Market by Application
10.3.6.5.3 South Korea Vitamins Market by Source
10.3.6.6 Rest of Asia-Pacific Vitamins Market
10.3.6.6.1 Rest of Asia-Pacific Vitamins Market by Type
10.3.6.6.2 Rest of Asia-Pacific Vitamins Market by Application
10.3.6.6.3 Rest of Asia-Pacific Vitamins Market by Source
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Vitamins Market Overview
10.4.2 Middle East and Africa Vitamins Market Forecasts and Analysis
10.4.3 Middle East and Africa Vitamins Market Forecasts and Analysis - By Type
10.4.4 Middle East and Africa Vitamins Market Forecasts and Analysis - By Application
10.4.5 Middle East and Africa Vitamins Market Forecasts and Analysis - By Source
10.4.6 Middle East and Africa Vitamins Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Vitamins Market
10.4.6.1.1 South Africa Vitamins Market by Type
10.4.6.1.2 South Africa Vitamins Market by Application
10.4.6.1.3 South Africa Vitamins Market by Source
10.4.6.2 Saudi Arabia Vitamins Market
10.4.6.2.1 Saudi Arabia Vitamins Market by Type
10.4.6.2.2 Saudi Arabia Vitamins Market by Application
10.4.6.2.3 Saudi Arabia Vitamins Market by Source
10.4.6.3 U.A.E Vitamins Market
10.4.6.3.1 U.A.E Vitamins Market by Type
10.4.6.3.2 U.A.E Vitamins Market by Application
10.4.6.3.3 U.A.E Vitamins Market by Source
10.4.6.4 Rest of Middle East and Africa Vitamins Market
10.4.6.4.1 Rest of Middle East and Africa Vitamins Market by Type
10.4.6.4.2 Rest of Middle East and Africa Vitamins Market by Application
10.4.6.4.3 Rest of Middle East and Africa Vitamins Market by Source
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Vitamins Market Overview
10.5.2 South and Central America Vitamins Market Forecasts and Analysis
10.5.3 South and Central America Vitamins Market Forecasts and Analysis - By Type
10.5.4 South and Central America Vitamins Market Forecasts and Analysis - By Application
10.5.5 South and Central America Vitamins Market Forecasts and Analysis - By Source
10.5.6 South and Central America Vitamins Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Vitamins Market
10.5.6.1.1 Brazil Vitamins Market by Type
10.5.6.1.2 Brazil Vitamins Market by Application
10.5.6.1.3 Brazil Vitamins Market by Source
10.5.6.2 Argentina Vitamins Market
10.5.6.2.1 Argentina Vitamins Market by Type
10.5.6.2.2 Argentina Vitamins Market by Application
10.5.6.2.3 Argentina Vitamins Market by Source
10.5.6.3 Rest of South and Central America Vitamins Market
10.5.6.3.1 Rest of South and Central America Vitamins Market by Type
10.5.6.3.2 Rest of South and Central America Vitamins Market by Application
10.5.6.3.3 Rest of South and Central America Vitamins Market by Source
11. INDUSTRY LANDSCAPE
11.1. MERGERS AND ACQUISITIONS
11.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
11.3. NEW PRODUCT LAUNCHES
11.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
12. VITAMINS MARKET, KEY COMPANY PROFILES
12.1. KONINKLIJKE DSM N.V.,
12.1.1. Key Facts
12.1.2. Business Description
12.1.3. Products and Services
12.1.4. Financial Overview
12.1.5. SWOT Analysis
12.1.6. Key Developments
12.2. GLANBIA PLC
12.2.1. Key Facts
12.2.2. Business Description
12.2.3. Products and Services
12.2.4. Financial Overview
12.2.5. SWOT Analysis
12.2.6. Key Developments
12.3. THE ARCHER DANIELS MIDLAND COMPANY
12.3.1. Key Facts
12.3.2. Business Description
12.3.3. Products and Services
12.3.4. Financial Overview
12.3.5. SWOT Analysis
12.3.6. Key Developments
12.4. BASF SE
12.4.1. Key Facts
12.4.2. Business Description
12.4.3. Products and Services
12.4.4. Financial Overview
12.4.5. SWOT Analysis
12.4.6. Key Developments
12.5. LONZA GROUP
12.5.1. Key Facts
12.5.2. Business Description
12.5.3. Products and Services
12.5.4. Financial Overview
12.5.5. SWOT Analysis
12.5.6. Key Developments
12.6. STERNVITAMIN GMBH AND CO. KG
12.6.1. Key Facts
12.6.2. Business Description
12.6.3. Products and Services
12.6.4. Financial Overview
12.6.5. SWOT Analysis
12.6.6. Key Developments
12.7. FARBEST BRANDS.
12.7.1. Key Facts
12.7.2. Business Description
12.7.3. Products and Services
12.7.4. Financial Overview
12.7.5. SWOT Analysis
12.7.6. Key Developments
12.8. WATSON FOODS CO., INC.
12.8.1. Key Facts
12.8.2. Business Description
12.8.3. Products and Services
12.8.4. Financial Overview
12.8.5. SWOT Analysis
12.8.6. Key Developments
12.9. WRIGHT ENRICHMENT INC.
12.9.1. Key Facts
12.9.2. Business Description
12.9.3. Products and Services
12.9.4. Financial Overview
12.9.5. SWOT Analysis
12.9.6. Key Developments
12.10. BTSA. BIOTECNOLOGIAS APLICADAS S.L.
12.10.1. Key Facts
12.10.2. Business Description
12.10.3. Products and Services
12.10.4. Financial Overview
12.10.5. SWOT Analysis
12.10.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
The List of Companies
1. Koninklijke DSM N. V.,
2. Glanbia plc
3. The Archer Daniels Midland Company
4. BASF SE
5. Lonza Group
6. Sternvitamin GmbH and Co. Kg
7. Farbest Brands.
8. Watson Foods Co., Inc.
9. Wright Enrichment Inc.
10. BTSA. Biotecnologias Aplicadas S. l.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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