GIA: Global Vitamins Market to Reach US$3.2 Billion by 2017
Vitamin E represents the largest segment, owing to the extensive use of these vitamins in cosmetics, pharmaceuticals, and food end-use applications.
Nov 23 2011 --- The global market for Vitamins is forecast to reach US$3.2 billion by the year 2017, primarily driven by the positive outlook in the cosmetics and pharmaceuticals end-use markets, according to Global Industry Analysts, Inc. Furthermore, evolution of the innovative food concepts and increased importance of sports nutrition are also contributing to the market growth.
Vitamins find application in the foods, feed additives, pharmaceuticals, and the cosmetics industries. Changing lifestyles is triggering the demand for health beneficial 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 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 US constitutes the single largest market globally. Asia-Pacific is likely to emerge as the fastest growing market, with a CAGR of about 4.0% 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 ranging 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.
Select major players profiled in the report include Adisseo France S.A.S, Aland (Jiangsu) Nutraceutical Co., Ltd., Archer Daniels Midland Co., BASF SE, Cargill Inc., Cognis Corp., among others.
The research report titled “Vitamins: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of Vitamins, its market overview, market dynamics and trends, product overview, competitive scenario, recent industry activity, product introductions/innovations, and profiles of select major global/niche market participants. The report provides annual value sales estimates and projections for the Vitamins market for the years 2009 through 2017 for the following geographic markets - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America, and Rest of World. Also, a six-year (2003-2008) historic analysis is provided for additional perspective. The report analyzes the Vitamins market by the following key product segments – Vitamin A, Vitamin D, Vitamin E, Vitamin B Complex, Vitamin C, and Other Vitamins.
