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Global Vitamins Market to reach USD 10 billion by the end of 2030

Global Vitamins Market Size study & Forecast, by Source (Natural, Synthetic), by Type (Vitamin B, Vitamin E, Vitamin D, Vitamin C, Vitamin A, Vitamin K), by Application (Healthcare Products, Food & Beverages, Feed, Personal Care Products) and Regional Analysis, 2023-2030

Product Code: OIRFB-65528247
Publish Date: 10-08-2023
Page: 200

Global Vitamins Market is valued approximately at USD 6.3 billion in 2022 and is anticipated to grow with a growth rate of more than 6% over the forecast period 2023-2030. Vitamins are essential organic compounds that are required in small amounts for various physiological processes in the body. They play a crucial role in supporting growth, development, and overall health by facilitating biochemical reactions, acting as coenzymes, and contributing to the proper functioning of organs and systems. Vitamins cannot be synthesized in sufficient quantities by the body and must be obtained from dietary sources or supplements. Each vitamin has specific functions and benefits, contributing to various aspects of health, including immune function, energy production, cell growth, and maintenance of healthy skin, vision, and bones. The driving factors boosting the market growth are rising health and wellness market and expansion of E-commerce and online retail.

According to Statista, the size of the health and wellness market stood at USD 5.59 trillion and is expected to reach approx. USD 6.99 trillion by 2025. The growth of e-commerce platforms and online retail has made dietary supplements more accessible to consumers worldwide. Online channels provide a convenient way to purchase vitamins, enabling consumers to explore a wide range of products, compare prices with other sellers, and access product information, thereby driving market growth. Moreover, the growing focus on Sports nutrition and active lifestyles and collaboration with healthcare professionals to build trust and credibility about vitamins in the market is expected to create lucrative opportunities for market growth. However, the high cost of Vitamins and competition from functional foods such as cereals and snacks stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Vitamins Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 due to high health and wellness awareness, advanced healthcare infrastructure, well-established dietary supplement industry and affluent and health-conscious consumer base. However, Asia Pacific is expected to become the fastest growing region during the forecast period, owing to factors such as nutritional deficiencies and changing dietary patterns, expansion of modern retail channels, population growth and increasing disposable income.

Major market player included in this report are:
Koninklijke DSM NV
SternVitamin GmbH
Farbest-Tallman Foods Corporation
Zhejiang Garden Biochemical High-Tech Co., Ltd.
Lonza Group Ltd
Archer Daniels Midland Company (ADM)
DuPont de Nemours, Inc.
Nutraceutical International Corporation
Nature’s Bounty Co.
NOW Foods

Recent Developments in the Market:
Ø In August 2022, MD Pharmaceuticals collaborated with DSM to develop a new vitamin supplement known as Rapid-D.
Ø In March 2022, Farbest-Tallman Brands partnered with ZMC to become their exclusive distributor of two specific products within the Beta Carotene portfolio in North America.

Global Vitamins Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Source, Type, Application, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Source:

By Type:
Vitamin B
Vitamin E
Vitamin D
Vitamin C
Vitamin A
Vitamin K

By Application:
Healthcare products
Food & Beverages
Personal Care Products

By Region:

North America


Asia Pacific
South Korea

Latin America

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Vitamins Market, by region, 2020-2030 (USD Billion)
1.2.2. Vitamins Market, by Source, 2020-2030 (USD Billion)
1.2.3. Vitamins Market, by Type, 2020-2030 (USD Billion)
1.2.4. Vitamins Market, by Application, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Vitamins Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Vitamins Market Dynamics
3.1. Vitamins Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Rising health and wellness market Expansion of E-commerce and online retail
3.1.2. Market Challenges Competition from Functional Foods such as cereals and snacks High cost of vitamins
3.1.3. Market Opportunities Growing focus on Sports Nutrition and active lifestyles Collaboration with healthcare professionals to build trust and credibility about vitamins
Chapter 4. Global Vitamins Market: Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economic
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Vitamins Market, by Source
5.1. Market Snapshot
5.2. Global Vitamins Market by Source, Performance – Potential Analysis
5.3. Global Vitamins Market Estimates & Forecasts by Source 2020-2030 (USD Billion)
5.4. Vitamins Market, Sub Segment Analysis
5.4.1. Natural
5.4.2. Synthetic
Chapter 6. Global Vitamins Market, by Type
6.1. Market Snapshot
6.2. Global Vitamins Market by Type, Performance – Potential Analysis
6.3. Global Vitamins Market Estimates & Forecasts by Type 2020-2030 (USD Billion)
6.4. Vitamins Market, Sub Segment Analysis
6.4.1. Vitamin B
6.4.2. Vitamin E
6.4.3. Vitamin D
6.4.4. Vitamin C
6.4.5. Vitamin A
6.4.6. Vitamin K
Chapter 7. Global Vitamins Market, by Application
7.1. Market Snapshot
7.2. Global Vitamins Market by Application, Performance – Potential Analysis
7.3. Global Vitamins Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
7.4. Vitamins Market, Sub Segment Analysis
7.4.1. Healthcare products
7.4.2. Food & Beverages
7.4.3. Feed
7.4.4. Personal Care Products
Chapter 8. Global Vitamins Market, Regional Analysis
8.1. Top Leading Countries
8.2. Top Emerging Countries
8.3. Vitamins Market, Regional Market Snapshot
8.4. North America Vitamins Market
8.4.1. U.S. Vitamins Market Source breakdown estimates & forecasts, 2020-2030 Type breakdown estimates & forecasts, 2020-2030 Application breakdown estimates & forecasts, 2020-2030
8.4.2. Canada Vitamins Market
8.5. Europe Vitamins Market Snapshot
8.5.1. U.K. Vitamins Market
8.5.2. Germany Vitamins Market
8.5.3. France Vitamins Market
8.5.4. Spain Vitamins Market
8.5.5. Italy Vitamins Market
8.5.6. Rest of Europe Vitamins Market
8.6. Asia-Pacific Vitamins Market Snapshot
8.6.1. China Vitamins Market
8.6.2. India Vitamins Market
8.6.3. Japan Vitamins Market
8.6.4. Australia Vitamins Market
8.6.5. South Korea Vitamins Market
8.6.6. Rest of Asia Pacific Vitamins Market
8.7. Latin America Vitamins Market Snapshot
8.7.1. Brazil Vitamins Market
8.7.2. Mexico Vitamins Market
8.8. Middle East & Africa Vitamins Market
8.8.1. Saudi Arabia Vitamins Market
8.8.2. South Africa Vitamins Market
8.8.3. Rest of Middle East & Africa Vitamins Market

Chapter 9. Competitive Intelligence
9.1. Key Company SWOT Analysis
9.1.1. Company 1
9.1.2. Company 2
9.1.3. Company 3
9.2. Top Market Strategies
9.3. Company Profiles
9.3.1. Koninklijke DSM NV Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
9.3.2. SternVitamin GmbH
9.3.3. Farbest-Tallman Foods Corporation
9.3.4. Zhejiang Garden Biochemical High-Tech Co., Ltd.
9.3.5. Lonza Group Ltd
9.3.6. Archer Daniels Midland Company (ADM)
9.3.7. DuPont de Nemours, Inc.
9.3.8. Nutraceutical International Corporation
9.3.9. Nature’s Bounty Co.
9.3.10. NOW Foods
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

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Data Collection:
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Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
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