Vitamin Ingredients Market Size, Share & Industry Analysis, By Type (Vitamin A, Vitamin B, Vitamin C, Vitamin D, Vitamin E, and Vitamin K), Application (Pharmaceuticals, Dietary Supplements, Food & Beverage, Personal Care & Cosmetics, and Animal Feed), and Regional Forecast, 2024-2032

The global vitamin ingredients market size was valued at USD 5.99 billion in 2023. The market is projected to grow from USD 6.32 billion in 2024 to USD 9.80 billion by 2032, exhibiting a CAGR of 5.64% during 2024-2032. Asia Pacific dominated the vitamin ingredients market with a market share of 41.07% in 2023.

Vitamin ingredients, also known as vitamers, are organic compounds that possess similar properties to natural vitamins. These ingredients are extracted from plant sources such as fruits & vegetables and animal sources that cater to nutritional deficiencies in the human body. Fat-soluble and water-soluble vitamins are the two most common forms of vitamin ingredients available in the market. Both these forms are useful in providing immediate nourishment and reducing the fear of contracting several health ailments, such as cardiovascular health issues, diabetes, and early aging. Moreover, these ingredients act as integral components in a range of products, such as pharmaceuticals, cosmetics, animal feed, and fortified food and beverages, as consumers are seeking naturally sourced ingredients. In addition, the increasing health consciousness, growing incidences of vitamin deficiencies, and surging awareness of preventive healthcare are expected to drive the market's growth. Furthermore, advancements in research & development and technology of manufacturing vitamin ingredients play a prominent role in shaping the dynamics of the market.

The sudden occurrence of the COVID-19 pandemic led to a drastic spike in the sales of pharmaceuticals and dietary supplements in 2020. The use of these products rose enormously as the majority of consumers were highly concerned regarding their health & fitness. Moreover, the work-from-home culture fueled their screen time and reduced their physical activity, which further contributed to the demand for vitamin-enriched supplements.

Vitamin Ingredients Market Trends

Growing Sports Nutrition Industry Intensifies the Usage of Vitamin-based Supplements

With an overall rise in the interest in active & healthy lifestyles, sports nutrition has emerged as a rapidly growing category within consumer health. Historically, these products were specially designed for sports professionals and athletes. However, with time, the overall market is undergoing a drastic switch toward mainstream consumption, owing to the high demand from a group of consumers. Nowadays, both amateur exercisers and professionals are seeking supplements that can impart an extra boost to their daily workout routines. Furthermore, there is an increasing awareness regarding the importance of physical fitness as a means of encouraging stable mental health and reducing the risk of chronic ailments. Thus, these factors support the growth of the sports nutrition industry and influence the companies to introduce supplements by aiming at the target group (sports professionals). For instance, in April 2023, Genetic Nutrition, a premium supplements brand in the U.K., expanded its portfolio and announced the launch of a premium quality health and wellness segment across the Indian market. The supplements range includes amino acids, vitamins and protein powders, and are mainly produced for athletes and fitness enthusiasts.

Vitamin Ingredients Market Growth Factors

Increasing Demand for Vitamins in Animal Nutrition to Fuel the Vitamins Utilization Rate

Vitamins have emerged as the foundation of stable animal nutrition. These vitamins are irreplaceable nutrients that are needed for normal physiological functions such as body development, growth, and reproduction. The majority of the vitamins cannot be synthesized by the animal's body and are obtained from feed; however, only feed is not sufficient to ensure the ideal vitamin status. Poor immunity and health, lower animal performance, and poor reproductive success are a few of the consequences faced by animals suffering from vitamin deficiency. Thus, in order to overcome such challenges, manufacturers are trying to produce superior quality cattle feed supplements to ensure nutritional needs are met. For instance, in August 2023, Gramik, the first peer commerce agritech in India, introduced three latest cattle feed supplements, which include Heifer Mix, Urja Pashu, and Doodh Sagar. The product, Doodh Sagar, is enriched with essential micronutrients such as amino acids, vitamins, and fatty acids and fulfills the cattle's daily needs.

Surging Use of Vitamins in the Cosmetic Industry to Promote Market Growth

Vitamins are one of the most popularly used, easily accessible, and biologically active components in the skincare industry. In this modern era, consumers are increasingly choosing ecological or natural cosmetics, which are free from dyes, contaminants, and fragrances. The demand for natural ingredient-rich cosmetics fuels the usage of vitamins in cosmetics as they supply essential nutrients required for skin repair, protection against environmental damage, and collagen production. The most widely utilized vitamins in cosmetics include Vitamin E, Vitamin C, Vitamin A, and Vitamin B5. Thus, cosmetic manufacturers are investing in launching new products that are of improved quality. For instance, in February 2023, Vitamin Shoppe, a U.S.-based retailer, launched a line of True You Beauty, which includes premium supplements and vitamins that fulfill the evolving requirements of women. Apart from this, the trend of vitamin injections is also emerging and these products are designed in a way to provide a boost of the vitamin levels which can be easily absorbed by the human body as compared to pills and other oral supplements.

RESTRAINING FACTORS

Stringent Regulatory Challenges and High Raw Material Cost Impedes the Market's Potential

One of the major constraints faced by vitamin producers is the challenges linked with quality control and stringent regulatory framework. The regulatory bodies impose stringent standards and guidelines for the labeling, marketing, and manufacturing of vitamin ingredients. Thus, compliance with such regulations requires significant investments in documentation, testing, and research, which pose difficulties in growth. In addition, another critical task in the production of vitamins is ensuring consistent purity and quality of ingredients throughout the supply chain. Instances of mislabeling, adulteration, and contamination can lead to consumer distrust and also hamper the reputation of producers. Other than this, the high raw material price is also a crucial factor that can impede the production rate. The premium-quality ingredients are expensive as compared to conventional ingredients, as they are mainly sourced from reputable sources such as organic suppliers and farms. Thus, all such instances collectively obstruct the vitamin ingredients market growth.

Vitamin Ingredients Market Segmentation Analysis

By Type Analysis

Vitamin D Segment Dominated Due to its High Demand in Populations of Various Ethnicity

Based on type, the market is segmented into Vitamin A, Vitamin B, Vitamin C, Vitamin D, Vitamin E, and Vitamin K. Amongst all, the Vitamin D segment dominates the market and held the largest share of the global market in 2023 and is expected to grow significantly in the future. Vitamin D inadequacy can result from malabsorption and limited exposure to sunlight, which can lead to osteoporosis, autoimmune diseases, and even depression in extreme cases. Moreover, the target group of Vitamin D deficiency is mainly the elderly population, primarily because of the increased indoor lifestyles, impaired intestinal absorption, and high risk of hydroxylation in the kidneys and liver. In today's time, even younger adults are having similar issues of Vitamin D deficiency. According to the National Institutes of Health, a government agency in the U.S., nearly 1 in 4 adults are facing low Vitamin D levels. Thus, the growing demand is poised to drive the global vitamin ingredients market share.

The Vitamin C segment is also experiencing a spike in its growth due to the increased focus on preventive healthcare, especially during the COVID-19 pandemic. In addition, in comparison to others, the demand for Vitamin C is highly growing as this nutrient can be widely used for physical health and skincare supplementation, which drives its demand.

The demand for Vitamin E ingredients is expected to grow at a notable pace in the forthcoming years owing to rising demand for the product in cosmetics and personal care product manufacturing.

By Application Analysis

Pharmaceuticals Segment Generated the Highest Revenue Owing to their Wide Demand and Availability

Based on application, the segment is distributed into pharmaceuticals, dietary supplements, food & beverage, personal care & cosmetics, and animal feed. The pharmaceuticals segment leads and held the largest share of the market in 2023, as vitamins are highly used in pharmaceutical formulations for several therapeutic purposes. Majorly, vitamins are utilized in the medicinal nutrition industry for the cure of deficiency-related disorders. Thus, in line with this, the companies are launching new vitamin-rich medicines that are capable of reducing the risk of health diseases and promoting well-being.

The dietary supplements segment captures the second position in the market due to the rising need for daily supplementation and the growing availability of such supplements in the market.

REGIONAL INSIGHTS

By region, the market is classified into Europe, Asia Pacific, the Middle East & Africa, South America, and North America.

Asia Pacific leads the global vitamin ingredients market and holds the lion's share of 38.82% across the globe. Out of all the countries, China holds the largest market share and is expected to grow substantially in the coming years due to the thriving skincare industry and the surge in the geriatric population. Vitamin deficiencies are the major cause of nutritional deficiencies across the world. Such deficiencies have emerged as a cause of concern for health regulators and public health agencies. In the current scenario, the daily dietary allowances have been updated in several countries, which have given rise to the scope of new formulations and therapies in the market. As compared to other regions, Asia Pacific has emerged as the largest producer of vitamin ingredients, with China being the primary producer of Vitamin C. Thus, this enormous production of ingredients is further utilized to cater to the evolving consumer demand. In addition, with time, the demand for dietary supplements is growing in Asian countries such as China and Japan, and the increasing number of chronic ailments is promoting the utilization of vitamin ingredients in the pharma sectors.

North America secured the second position in the market in 2023, owing to the large presence of key vitamin manufacturers and vigorous trade activities. Out of all the countries in the global market, the U.S. is considered the biggest importer of Vitamin C ingredients from China. This also increases the chances of usage of Vitamin C in producing fortified foods and supplements. In the current scenario, the demand for vitamin ingredients in the region reflects a prominent trend toward health & wellness. Consumers, especially in the U.S. countries, are seeking scientifically-proven healthy ingredients that can support their well-being. Moreover, due to hectic lifestyles and unscheduled mealtimes, the majority of individuals are opting for ready-to-cook or ready-to-eat products, which can avoid the hassle of cooking. This dependency on packaged products reduces their exposure to natural vitamins, leading to poor health. Thus, consumers are switching toward vitamin-enriched nutritional supplements, which can help to overcome their deficiencies.

Europe is the third largest market and offers opportunities for substantial regional growth in the future. The nutraceutical market in Europe is constantly expanding owing to the surging concern over preventive healthcare and increasing interest in functional foods. In addition, the growing sports nutrition industry fuels the demand for vitamins, as it is considered an essential nutrient for maintaining fitness. Along with this, the trend of fortified products is gaining traction among European consumers, which can also utilize vitamin ingredients. For instance, in July 2023, Danone S.A., a French company, launched a new line of Vitamin D-fortified yogurt shots under the Actimel brand across the U.K. The company launched this product majorly to address the Vitamin D deficiency in the country.

South America and the Middle East & Africa are at their developing stage and are expected to grow significantly during the forecast period. The rising investment in R&D and the expansion of prominent pharmaceutical players in the region are likely to amplify the product’s awareness among consumers.

KEY INDUSTRY PLAYERS

Main Market Players Are Capitalizing on New Launches to Increase their Profit Margin

The leading players in the market include BASF SE, Glanbia Plc., and Royal DSM. All such key players are emphasizing the current health & wellness trend and are strategically working toward enhancing their portfolio by adding innovative vitamin-based products. In addition, the firms are trying to improve their production capacity and export their vitamin-enriched products to developing countries that have limited availability. For instance, in July 2022, BASF SE, a German chemicals producer, opened a new vitamin A formulation plant at their Verbund site in Germany. This new facility helped in supporting the animal nutrition industry by expanding its production. Moreover, the rising demand for natural ingredient-infused supplements and an increasing number of health diseases are responsible for the strong market growth.

List of Top Vitamin Ingredients Companies:

• Foodchem International Corporation (China)


• BASF SE (Germany)


• Royal DSM (Netherlands)


• CSPC Pharmaceutical Group Limited (China)


• Glanbia Plc. (Ireland)


• Farbest Brands (U.S.)


• AIE Pharmaceuticals (U.S.)


• Nutrilo (Germany)


• Piramal Pharma Solutions (India)


• Bluestar Adisseo (China)

KEY INDUSTRY DEVELOPMENTS:

• April 2024: Evion, a brand of a prominent company, P&G, launched a new Vitamin E enriched cream that can be used as a daily moisturizer or can be paired with sunscreen for nourishment.


• February 2024: Performance Lab, a U.K.-based producer of wellness products, released a range of novel supplements, which include vitamin C, vitamin B complex, magnesium, and others. All the supplements produced are 100% plant-based and are free from any artificial binders or fillers.


• August 2023: Nutritional Research Company, a supplier of vitamins and minerals in the U.S., announced the launch of their immunity supplements, composed of blends of Vitamin D3 and C. The company aims to promote optimal health and thus sourced high-quality ingredients to manufacture its range of supplements.


• July 2023: Oriflame, a personal care products company in India, launched two health supplements under its Wellosophy range. The supplements include calcium fortified with Magnesium, Vitamin D, and iron complex products. Both products are manufactured after extensive R&D and are free from artificial preservatives or genetically modified organisms (GMOs).


• May 2021: NuShakti, an Indian brand, introduced their latest range of home fortified products to fulfill the nutritional gap in Kerala. The products launched, such as Powermix for Atta and Power Mix for Rice, are fortified with essential minerals and vitamins, with the aim to encourage healthier lifestyles and better nutrition.

REPORT COVERAGES

The report includes quantitative and qualitative insights into the market and offers a detailed analysis of the market sizing and growth rate for all possible market segments. Various key insights presented in the report are an overview of related markets, competitive landscape, recent industry developments such as mergers, acquisitions, the regulatory scenario in critical countries, and key trends.

Report Scope & Segmentation