Vitamin is a nutritional compound that removes some sort of deficiency from body. Since vitamins can’t adjust with the body so they are consumed in small quantity. The increasing need for dietary supplements is propelling the market to grow as it involves different types of vitamin used to prevent certain sort of nutritional deficiency in the body.
On the basis of application, animal feeds are accounted for having the largest market share of around 45% globally. In order to ensure the proper health of animals and also to maintain the standardization of products, animal feed segment is dominating the market. The market for vitamin ingredients globally witnessed the growth of USD 5.90 billion in 2016 and is predicted to reach USD 8.50 billion in 2024, growing at a CAGR of approximately 5% over the forecast period 2016-2024.
Rise in ageing population: Major boost
Due to rise in population especially rising of ageing population, people are taking more vitamins to stay fit and healthy. Certain types of vitamins are available in the forms of pills, powder, creams and liquids which not only work as dietary supplements but also help people to stay fit and healthy. Thus rise in ageing population work as a major boost for vitamin ingredients market.
Health nutritive initiatives by government: Innovation
Government of various countries are taking initiatives to make people aware of dietary supplements such as the Office of Dietary Supplements (ODS) at the National Institutes of Health (NIH) have made several efforts to make people aware of the importance of vitamin D in terms of health similarly government of other countries are also trying to make people aware of vitamin deficiency and also providing a solution to them.
However, lack of trust among the consumers towards vitamin ingredients products and lack of awareness in developing nations are the two major factors which are hampering the growth of global vitamin ingredients market.
“Global Vitamin Ingredients Market Outlook 2024” contains detailed overview of the global vitamin ingredients market in terms of market segmentation by sources type, by livestock application type, by industrial application type.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
This market report also includes provides competitive outlook of some of the major players of the global vitamin ingredients market which includes profiling of companies of The BASF, Bayer, Amway, DSM, Dupont, Lonza, AIE Pharmaceutical, Aland (Jiangsu) Nutraceuticals, Atlantic Essential Products, Bactolac Pharmaceutical etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global vitamin ingredients market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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