Vitamins and Derivatives Market

Vitamins and Derivatives Market Outlook (2023 to 2033)

According to the latest industry analysis by Fact.MR, the global vitamins and derivatives market reached US$ 27.16 billion in 2023 after registering a CAGR of 5.5% from 2018 to 2022. By the end of 2033, the size of the worldwide market is forecasted to reach US$ 47.28 billion, expanding at 5.7% CAGR.

Proper consumption of vitamins and derivatives is crucial for keeping the body healthy and preventing disorders that usually occur due to weakness or malnutrition. Many food products are now being supplemented with vitamins and derivatives due to the consumer trend toward healthier products.

Nutritional supplements must be used to maintain a balanced diet due to changing lifestyles and the emergence of a fast-food culture. The need for vitamin supplements is also driven by the increasing significance of maintaining a healthy lifestyle. Modern customers seek food products that can assist them in achieving their daily dietary objectives since they want to live a healthy and active lifestyle.

Some significant variables that are projected to have an impact on the global consumption of vitamins and derivatives throughout the projection period are rising consumer health consciousness, rising demand for nutritious and useful foods, and an expanding geriatric population. Additionally, it is anticipated that rising consumer demand for goods with better nutritional content will benefit the industry.

• At present, adult women account for 48% share of the consumption of vitamins and derivatives.

Adult women are more likely to be deficient in several vitamins. Most pregnant and breastfeeding women experience vitamin deficiency, Hence, demand for vitamins and derivatives for women is estimated to increase faster as compared to vitamins and derivatives for men.

Use of vitamins and derivatives has expanded in pharmaceutical products as a result of their potential to treat several disorders associated with metabolic syndrome. Demand for value-added products is being fueled by a greater emphasis on preventative healthcare.

Demand for vitamin D derivatives for the elderly population to enhance calcium absorption in the bodies, vitamin A derivatives for children to build a strong immune system, and feed-grade vitamins and derivatives by farmers is increasing for overall health management in both, humans and animals.

Vitamin C is a well-known vitamin that benefits both, the inside and outside of the body. It is a common food ingredient with a slew of hidden advantages. Vitamin C is employed in a variety of industries and can also be found naturally in fruits and vegetables.

Report Attributes	Details
Vitamins and Derivatives Market Size (2023)	US$ 27.16 Billion
Projected Market Value (2033)	US$ 47.28 Billion
Global Market Growth Rate (2023 to 2033)	5.7% CAGR
Market Share of Vitamin B (2023)	32%
Japan Market Size (2023)	US$ 1.19 Billion
China Market Growth Rate (2023 to 2033)	6% CAGR
Market Share of Vitamins and Derivatives for Adult Women (2023)	48%
South Korea Market Growth Rate (2023 to 2033)	4.6% CAGR
United States Market Size (2023)	US$ 7.3 Billion
Key Companies Profiled	DuPont; Nutrilo; DSM; Bayer; Aland Nutraceutical Co., Ltd.; Pfizer; Lonza Group; Adisseo France S.A.A; BASF; Amway; AIE Pharmaceuticals; ParkAcre Enterprises

What are the Key Catalysts Driving Vitamins and Derivatives Market Expansion?

“Growing Consumer Preference for Nutraceutical Supplements to Stay Fit”

Emphasis of millennials to maintain health has motivated more manufacturers of vitamins and derivatives to invest in the business. The present generation in developed countries is preferring health supplements to stay fit and maintain their health.

Unlike other forms of supplements, vitamins and derivatives can be consumed as a powder, oral liquids, capsules, tablets, and gummies & soft gels. The agility of vitamin supplements to react with the human body as water-soluble vitamin derivatives have proved to be one of the important drivers for market expansion.

Vitamins and derivatives are utilized as dietary supplements and preventative measures for several illnesses in addition to their health advantages. The use of vitamins and derivatives as immune boosters is anticipated to be a prime factor driving vitamins and derivatives business growth.

• A vast majority of people above the age of 65 are introduced to multiple health challenges due to various vitamin deficiencies. The population that is above 60 years is likely to rise beyond 2 billion by the year 2050, according to the UN-DESA population division, creating an opportunity for manufacturers.

“Huge Demand for Vitamins and Derivatives as Skincare Solution”

At present, baby boomers and Generation X consist of a majority portion of the population. These generations have more inclination towards beauty and cosmetic products.

Vitamin E is a healthier and natural solution for skin care, according to various studies. As a result, the cosmetics industry considers vitamin E (tocopherol) to be an important nutrient for skincare. Tocopherol is widely utilized in skincare products such as sunscreens, anti-aging creams, and many more.

Since the last decade, the market for antiaging creams has been surging. This has driven demand for vitamins and derivatives as a skincare solution. Countries popular for beaches have shown growth in demand for UV protectors. Vitamins and derivatives have been viewed as vital ingredients in these UV protection creams, which has subsequently increased their demand.

What Could Possibly Hinder Consumption Growth of Vitamins and Derivatives?

“Fluctuating Raw Material Prices”

The market is being restricted by the fluctuating prices of raw materials used in the process of extracting vitamins and producing tablets or supplements. The market has been experiencing significant difficulties recently due to the existence of several rules and processes before the product introduction.

How are New Companies Sustaining in This Competitive Market?

“New Market Players Offering Customized Vitamin Supplements”

Different people require various types and dosages of supplements due to individual variances in dietary consumption, physical fitness, and physiology. Customers tend to buy many supplements to meet all of their nutritional needs. However, buying various supplements is expensive and makes it harder to keep track of your intake. Because of this, new entrants are developing customized vitamin supplements that combine the nutritional benefits of several tablets into one.

• Vitamin supplements made by Canadian start-up VitaminLab are tailored to the body chemistries of consumers. The customized supplement is offered as a tablet or powder. It is created using consumer surveys, DNA traits, or blood test results. For customers with allergies, VitaminLab’s supplements include both food-based components and highly bioavailable synthetic versions. They also come in gluten-free and vegan varieties and don't include artificial fillers.

Country-wise Insights

Will the United States Remain a Key Market for Vitamins and Derivatives?

“Product Demand Rising with Increase in Heath Issues among Individuals Doing Desk Jobs”

• Consumption of vitamins and derivatives in the United States is forecasted to rise at a CAGR of 6.2% over the projection period.

The United States has a well-established vitamins and derivatives product market, which is mainly attributed to the high demand for dietary supplements along with the consumption of derivatives as a solvent and application in cosmetics & personal care products.

Increasing demand for ready-to-eat foods and the widespread use of vitamins and derivatives in medications are stimulating market revenue. The growing geriatric population, an increase in health issues among individuals with desk jobs, and the presence of key companies in the country are driving market demand.

What is Driving Demand for Vitamins and Derivatives in the United Kingdom?

“Rise in Government Programs to Promote Healthy Eating”

• The market in the United Kingdom is anticipated to reach US$ 3.5 billion by 2033.

The United Kingdom is a prominent market for beauty and cosmetic products, owing to the presence of leading cosmetic brands, along with high demand for high-end cosmetic products. Since vitamins and derivatives find good use in personal care, it creates a huge prospect for growth in the country.

Consumers are now aware of the advantages of vitamins because of an increase in government programs to promote healthy eating, which is predicted to boost market size. A rise in the penetration of online pharmacies and high demand for gummy vitamins are assisting market expansion.

Why is China Projected to Exhibit Promising Sales Growth of Vitamins and Derivatives?

“Rapid Expansion of Animal Feed Industry in the Country”

• Demand for vitamins and derivatives in China is valued at US$ 4.32 billion in 2023.

The Chinese market has shown new trends in its business model over the years, which can be ascribed to shifting consumer preferences in the country. Vitamins and derivatives are used in animal feed due to their special property of antioxidants. China is one of the key producers of livestock products and the major manufacturer of animal feed, which is eventually increasing sales of vitamins and derivatives in the country.

China is one of the leading vitamin and derivative producers with established production centers. This has enabled end users in China to procure raw materials at lower rates thus driving consumption of vitamins and derivatives.

The market is expanding as a result of the substantial pharmaceutical manufacturing base and advanced production technologies. An increase in government subsidies for improvements in healthcare infrastructure, the presence of low-cost labor, and easy accessibility of raw materials are the main elements boosting market expansion.

Category-wise Insights

Which Product Type is Forecasted to Gain a Prominent Market Share?

“Vitamin B Derivatives Widely Used in Several Applications Due to Their Unique Therapeutic Properties”

In terms of product type, the market is segmented into vitamin B, vitamin D, vitamin E, vitamin C, vitamin A, and others.

• With 32% share, vitamin B derivatives remain major contributors to market growth.

Vitamin B derivatives are being highly demanded globally due to their wide range of applications in food & beverages and cosmetics. Vitamin B is used in food & beverages as it provides instant energy when consumed. Vitamin B is also used in pharmaceuticals for its therapeutic properties for diseases such as beriberi.

Pharmaceutical grade vitamin B3 derivatives and (niacin) vitamin B3 and derivatives are among the vitamin B derivatives catering to high growth because of their use in cholesterol treatment and promoting a healthy nervous system and digestive system.

Competitive Landscape

Top producers of vitamins and derivatives are putting a lot of effort into introducing innovative vitamins and derivatives to cater to all customer age groups. They are focusing on new developments, quality control, and product standards to expand their market share.

For instance,

• Amway enters into a strategic partnership with ITC Limited to expand its immunity distribution network of immunity-boosting products.

Key Segments of Vitamins and Derivatives Industry Research

• By Product Type :

  • Vitamin B
  • Vitamin D
  • Vitamin E
  • Vitamin C
  • Vitamin A
  • Others

• By Target Group :

  • Adult Women
  • Adult Men
  • Elders
  • Children

• By Form :

  • Tablets
  • Capsules
  • Powder
  • Oral Liquids
  • Gummies & Soft Gels

• By End Use :

  • Dietary Supplements
  • Food & Beverages
  • Pharmaceuticals
  • Personal Care
  • Others

• By Region :

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa