Global Vitamin Market to Reach $3.2 Billion By 2017
- Published Date
- Written by Katherine Cheung
The global market for vitamins is forecast to reach $3.2 billion by the year 2017, primarily driven by the positive outlook in the cosmetics and pharmaceuticals end-use markets.
Furthermore, evolution of the innovative food concepts and increased importance of sports nutrition are also contributing to the market growth, according to a new report from Global Industry Analysts titled, "Vitamins: A Global Strategic Business Report.”
Vitamins find application in the foods, feed additives, pharmaceuticals and cosmetics. Changing lifestyles is triggering the demand for beneficial health products or nutraceuticals, while increased demand for performance enhancers in the feed industry has given rise to Eubiotics, a high-potential offshoot; and growing demand for innovative “cosmeceuticals” is fueling growth in the cosmetics industry.
Overall, the vitamins market is slated for steady growth, driven by the positive outlook in the end-use sectors, primarily cosmetics and pharmaceuticals. A decade ago, production of vitamins was confined to the West, and only a few chemical-based companies dominated the market. But presently, a significant quantity is produced in China and India. Increasing competition has brought a change in the product and marketing concepts, paving the way for increased customer focus, manufacture of value-added products, and improved services.
As stated by the new market research report on vitamins, Europe represents the largest regional market, although the U.S. constitutes the single largest market globally. Asia-Pacific is likely to emerge as the fastest growing market, with a CAGR of about 4% over the analysis period.
Vitamin E represents the largest segment, owing to the extensive use of these vitamins in cosmetics, pharmaceuticals and food end-use applications. Animal feed additives market represents the largest end-user segment, while the food fortification market, driven by the GRAS (Generally Recognized as Safe) status of vitamins, is also on an upswing. The cosmetics industry, though relatively small in terms of the percentage share, is emerging as a key end-user with a CAGR of 4.6% over the analysis period.
With a wide range of applications in the cosmetics industry, such as key ingredient in skin care lotions, sunscreens, and anti-aging creams, vitamin E is in wide use due to its varied functionality related to the skin. As such, its use in the cosmetics industry is potentially beneficial, and there are comparatively lesser regulatory hurdles for cosmetic manufacturers in comparison to the food manufacturers.
In recent years, the antioxidants industry has grown considerably, due in part to the increasing use of vitamin E. Lower-dosage of vitamin E is exceedingly being sought by aging population for improving heart health. People are increasingly aware of the role of good nutrition in reducing the risk of diseases, including osteoporosis, cancer, coronary heart diseases, and other infections.
Animal feed additives market is influenced by a host of diverse factors, including variations in income, population, exports, and meat consuming preferences. As the global population continues to increase, the demand for food would experience dramatic growth. This, coupled with the rising affluence in developing nations, would shape the eating habits of the global population. The consumption of protein rich foods, particularly meat, rises when disposable incomes rise. Consequently, the animal industry and its allied sectors, such as feed additives, are set to experience significant growth.
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