The global vitamins market is anticipated to grow at a significant CAGR during the forecast period (2024-2031). The major factors that are expected to accelerate the growth of the market include the growth in the demand for functional and nutritionally enriched processed food products, the rising prevalence of vitamin deficiencies, and feed fortification due to the rise in global meat & dairy product consumption. Moreover, the rise in health awareness is also a major factor that is propelling the growth of the market during the forecast period. In addition, an increase in global meat and dairy product consumption is further estimated to drive the growth of the market. On the other hand, the constricted supply of the raw materials for the natural vitamins and the rise in the prices is further projected to impede the growth of the market during the forecast period.
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Vitamins can be defined as vital nutrients and organic compounds that an organism need in inadequate amounts. Therefore, vitamins are mainly utilized as ingredients and supplements in several industries. Consumers are seeking innovative as well as healthy products that are enriched with nutrients, to provide relief from symptoms associated with the coronavirus such as chest pain, shortness of breath, tiredness, diarrhea, and others. Thus, the nutraceuticals industry is witnessing tremendous growth, owing to a huge demand for multivitamins, pediatric nutrition, and other products that would reduce the health risks, which in turn is expected to propel the growth of the market during the forecast period. In addition, the sourcing of natural allergen-free vitamin E will further provide potential opportunities for the growth of the market in the coming years. However, the shortage of ingredients and price sensitivity might further create a challenge for the growth of the market in the near future.
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Market Coverage
- Segment Covered-
- By Type
- By Source
- Regions covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape: Koninklijke DSM N.V., BASF SE, and Glanbia plc, among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How are players addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Vitamins Market Report by Segment
By Type
- Vitamin B
- Vitamin E
- Vitamin D
- Vitamin C
- Vitamin A
- Vitamin K
By Source
- Synthetic
- Natural
- Plant
- Animal
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