Tuesday, August 23, 2016
Vitamins Market - Growth, Share, Opportunities & Competitive Analysis, 2015 - 2022
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Global Vitamins Market In Terms Of Revenue Is
Projected To Reach USD 41.07 Billion In 2022 Growing At A Rate Of 9.0% From
2015 To 2022
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.
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.
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