Global Vitamin IngredientsMarketReport, 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.
"Vitamin Ingredients Market (By Product Type: Vitamin A, Vitamin B, Vitamin C, Vitamin D, Vitamin E and Vitamin K ; By Application Industry: Pharmaceuticals, Food & Beverages, Cosmetics, Animal Feed, Others; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024"
The global vitamin ingredients market is majorly driven by rising awareness for preventive measures among consumers along with growing geriatric population in many developed and emerging economies. Furthermore, rising demand for vitamin added foods and cosmetics and government initiation for necessary intake of vitamins among children and pregnant women are also fueling the growth of the vitamin ingredients market.
The global vitamin ingredients market has been bifurcated into product type, application and geography. Product type is further segmented into Vitamin A, Vitamin B, Vitamin C, Vitamin D, Vitamin E and Vitamin K. Vitamin B held the highest market share in 2016 and estimated to remain the largest throughout the forecast period, 2016 -2024. Furthermore, applications segment includes pharmaceuticals, food & beverages, cosmetics, animal feed and others. Pharmaceutical segment accounted for the largest market share in 2016 and it is anticipated to continue its dominance over the forecast period, 2016 – 2024.
Geographically, the vitamin ingredients market has been bifurcated 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, due to increasing health-consciousness, rising disposable income, hectic lifestyles and various health awareness programs from government organizations and social media.
The key market players of global vitamins ingredients market include Bayer AG, BASF SE, Pharmavite LLC, Herbalife International, Inc., Archer Daniels Midland Co., Lonza Group Ltd., North China Pharmaceutical Corporation, Adisseo France S.A.S, Nutraceutical Corporation and Glanbia plc. The companies are following new product launch strategy. For instance, in August 2016, Herbalife International launched its new skin collagen beauty booster that nourishes younger looking skin, which is gluten free and contains vitamins A, C and E.