USD 4.47 billion
Report ID: SQSG30I2030 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 123 | Figures: 77
Vitamin In Human Nutrition Market size was valued at USD 4.47 billion in 2021 and is poised to grow from USD 4.8 billion in 2022 to USD 7.86 billion by 2030, growing at a CAGR of 7.3% in the forecast period (2023-2030).
Vitamins are goods that are consumed in tiny, concentrated dosages to support the body's physiological activities, maintain health, enhance physical and mental well-being, or lower the risk of disease. In recent years, the Healthcare (Nutrition and Pharmaceutical) and Personal Care sectors have expanded, expanding their commercial emphasis to new areas, and fulfilling common customer demands. The company's growth, together with the newest industry trends, has resulted in the development of transversal and creative market sectors focused on providing health and wellness advantages via the use of natural products and resources (e.g., vitamins). Vitamins supplements account for 10% of the global human nutrition. They are utilized as a food supplement for certain requirements ranging from disease-related to athletic.
A growing number of health-conscious customers and a preference for vitamins in daily diets are projected to fuel the vitamin in human nutrition market. The COVID-19 pandemic emphasized the need of vitamin intake. According to the United Kingdom's National Institute for Health and Care Excellence (NICE), vitamin D is crucial for bone and muscular health as well as boosting the body's immunological response to respiratory infections. Furthermore, it is advised that adults (including pregnant and nursing mothers), children, and young people over the age of four consume 10 micrograms of vitamin D daily.
US Vitamin In Human Nutrition Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 4.47 billion
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The Global Vitamin in Human Nutrition Market is segmented based on Type, Application, end use, distribution channel, and Region. Based on the Type, the Global Vitamin in Human Nutrition Market is segmented as Multivitamin, Vitamin A, Vitamin B, Vitamin C, Vitamin E, Vitamin D, Vitamin K. Based on the Application, the Global Vitamin in Human Nutrition Market is segmented as Dietary Supplements, Functional Nutrition, Sports Nutrition, Infant Nutrition. By end use, the market is segmented into adults, geriatric, pregnant women, children, and infants. By distribution channel, the market is segmented into OTC and prescription. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Vitamin In Human Nutrition Market Analysis by Type
In 2022, the multivitamin category led the vitamin in human nutrition market, accounting for more than 40.0% of worldwide sales. Multivitamin supplements are made up of a mix of minerals and vitamins, as well as additional components. According to the World Health Organization, nearly 2 billion people worldwide are deficient in vitamins and minerals. To perform at their best, many athletes use multivitamin vitamins that supply full nutrients to sustain energy levels.
Vitamin C accounted for a significant portion of market revenue as well as volume and is expected to expand at the quickest CAGR during the forecast period. One of the most effective and safe vitamins is vitamin C. Vitamin C advantages include immune system support, cardiovascular health, pregnancy health, eye problems, and even skin aging.
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North America held the largest Vitamin In Human Nutrition Market share. Obesity and lifestyle-related disorders are on the rise in North America because of more unhealthy diets, increased disposable money, and availability to a range of processed and ready-to-eat foods. Furthermore, functional foods and supplements have emerged in the "transitioning face of food," providing a wide range of health advantages in addition to basic nourishment.
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Vitamin In Human Nutrition Market Driver
The Rise of Higher-Income Middle Class In Emerging Markets
Vitamin In Human Nutrition Market Restraint
Raw Material Availability And Cost
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The acquisition is one of the key strategies adopted by the key players in this market. The acquisition offers reduced entry barriers, market power, access to experts, customer base, etc. BASF, DSM, Cargill, Glanbia PLC, and Kerry Group PLC are some of the players using this strategy to strengthen their business network and product portfolio. For instance, Cargill acquired Continental Grain and DSM acquired Prodap in 2021.
Vitamin In Human Nutrition Market Top Player's Company Profiles
Vitamin In Human Nutrition Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Vitamin in Human Nutrition Market Analysis, Product launch has been the vital strategy adopted by the key player in this market. Developing new products provides a means to target new markets, increase market share, sell more and increase revenue streams. Meanwhile redesigning existing products enables costs to be cut, margins to be increased and ultimately more profits to be made. Evonik, DSM, Chr. Hansen Holding A/S , and Glanbia launched new products in the past one year. For instance, Chr. Hansen Holding A/S launched two new products in 2022.
|Market size value in 2021||USD 4.47 billion|
|Market size value in 2030||USD 4.8 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
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For the Global Vitamin In Human Nutrition Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Vitamin In Human Nutrition Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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