Market Overview
The Vitamins Market is expected to register a CAGR of 7.30% and is expected to reach a value of USD 7.860303064 billion during the forecast period. Vitamins are important for the regular development and function of the human body, as well as for a healthy metabolism. Vitamin deficiencies in the human body can cause problems. Resupply of these nutrients, on the other hand, can help to reduce deficient symptoms. Vitamins A, B, C, D, E, and K are well-known. Thiamin (B1), riboflavin (B2), niacin (B3), pantothenic acid (B5), pyridoxal (B6), cobalamin (B12), biotin, and folate/folic acid is the other well-known kinds of vitamin B.
Vitamins are used in a variety of industries, including food and drinks, animal feed, personal care, pharmaceuticals, and nutraceuticals. Vitamin is a carbon-based nutrient that is required by both humans and animals. Vitamin A, vitamin B1, vitamin B2, vitamin B3, vitamin B5, vitamin B6, vitamin B7, vitamin B9, vitamin B12, vitamin C, vitamin D, vitamin E, and vitamin K, all of which have diverse roles, are employed in end-use sectors. B vitamins, for example, are employed in a larger range of food and beverage applications, contribute significantly to disease prevention, and are the primary driver of the vitamins market outlook.
Market Segmentation
Based on the Type, the global Vitamins Market has been segmented into vitamin B, vitamin C, Vitamin E, and others.
Based on the Source, the global Vitamins Market has been segmented into synthetic and natural.
Based on Application, the global Vitamins Market has been segmented into food beverages, pharmaceutical nutraceutical, animal feed, and personal care.
Based on Region, the global Vitamins Market has been segmented into North America, Asia-pacific, Europe, and The Rest of the World (RoW).
Regional Classification
During the review period, Asia-Pacific held the greatest market share. Asia-Pacific has the greatest market share of 32.46 percent in 2022 and is expected to grow at the fastest rate throughout the research period. Furthermore, during the historic projected period, Europe held the second-largest market share and is expected to grow at a CAGR of 5.08 percent during the forecast period. China is the most powerful country in the Asia-Pacific area. Several functional foods now include vitamins as an ingredient. Functional food consumption is expanding in this region as a result of rising per capita disposable income, urbanization, and rising worries about nutrition insufficiency.
Europe is thought to be a lucrative vitamins market share. Product development, rising vitamin insufficiency rates, and technological advancements are projected to fuel the growth of the functional beverages market in European countries throughout the forecast period. According to a survey by the World Health Organization (WHO), about 70% of Europeans are vitamin D deficient, which is driving up the demand for vitamins.
Key Players
The major key players in the market are Koninklijke DSM N.V. (the Netherlands), BASF SE (Germany), Amway Corporation (U.S.), Pfizer Inc. (U.S.), Reckitt Benckiser Group plc (U.K), Vitamin Shoppe, Inc. (U.S.), Archer-Daniels-Midland Company (U.S.), NBTY Global, Inc. (U.S.), Bayer AG (Germany), and Pharmavite LLC (U.S.).
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