The market is witnessing growth on the back of increasing consumer health consciousness and health benefits associated with it. But to increasing government regulation is acting as the one of the major barriers in the market growth. However, in future rising demand from different end user industries and development of new products will promote growth in this market.
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Vitamins are of two type’s water soluble and fat soluble. Water soluble vitamins are easily absorbed into the body whereas fat soluble vitamins require bile acids to help absorb them. Fat soluble accounted for major share of the pie when compared to their water soluble counterparts. In fat soluble vitamins all the vitamins B are projected to account for the major share and expected to maintain their dominance over the next six years. On the other hand vitamin C is projected to grow at the fastest rate of 7.6% from 2015 to 2022. In fat soluble vitamins, Vitamin D is projected to account for the major share of the pie of 37% in 2014 but in future growth is projected to be highest from Vitamin E segment. Vitamin E is projected to grow at a rate of 12.6% for next six years growing on the back of rising demand from the personal care and animal feed industry.
By applications, food and beverages segments accounts for more than 50% share of the market pie in 2014 and projected to maintain its dominance in future also. In future, personal care segment is projected to grow at the fastest rate of 9.7% during the forecast period.
By geography, North America is the largest market with the share of 37%. U.S. is the largest market for vitamins worldwide. But in future Asia Pacific will be the fastest growing market. Asia Pacific will witness growth from rising demand from economies such India, China and Japan. Row is also considered to be the one of the potential market for vitamins in future and is projected to grow at a rate of 9.1% during the forecast period. The region’s continued economic success in the primary driver. Europe is also one of the largest markets.
Companies such as BASF SE, ADM, DSM, Pfizer and NBTY Inc are some of the major players in this market. They together accounted for more than 35% share of the market in 2014.