The global vitamin ingredients market has been envisioned in a report by Transparency Market Research (TMR) to bear a decidedly competitive and concentrated vendor landscape. In 2015, top five players, viz. Lonza, Amway, Koninklijke, DuPont, and BASF, operating in the market had secured close to a 70.0% share. Continuing partnerships, acquisitions, and mergers could further stimulate the competition in the market. However, the scenario of the five players accounting for a dominating consolidated share in the market has not been expected to see a change in the coming years. The TMR report has shed light on some of the crucial factors impacting the vendor landscape and future competitive scenarios.
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TMR has projected the global vitamin ingredients market to expand at a CAGR of 4.9% between 2017 and 2025 to obtain a revenue valuation of US$8.1 bn by the end of the forecast period. In 2016, the market had held a valuation of US$5.3 bn. On the basis of application, the pharmaceuticals segment has been expected to showcase a staggering growth in the market. By region, Asia Pacific could take a leading position in the coming years while growing at a 5.4% CAGR.
Increasing Rate of Nutrition-based Deficiencies to Amplify Demand
People across the world taking accountability of their well-being owing to rising awareness about fitness and health and changing weather conditions have been foretold to significantly augment the uptake of vitamins. This could consequently improve the sales of vitamin ingredients on the global platform. The shift in the focus of consumers to preventive healthcare from curing a disease has been expected to substantially propel the growth of the world vitamin ingredients market. This could be because of the mounting incidences of chronic ailments caused due to the deficiency of certain vitamins in the body. The rising prevalence of other diseases liked to nutrition-based deficiencies could also add to market growth.
Furthermore, the increasing knowledge about the benefits of different kinds of vitamins among the common people has been forecast to considerably up the demand for vitamin ingredients in the coming years.
Direct Consumers of Natural Vitamin Sources to Slow Down Growth
The rise of the international vitamin ingredients market could be cut short on account of the increasing preference for the direct consumption of nuts, fruits, and other foods as natural vitamin sources. Moreover, the swelling uptake of fish oils and other supplements and fortified foods has been envisioned to hamper the demand for vitamin ingredients in the near future.
Nevertheless, there could be growth opportunities prevailing on the back of the entry of private labels and advancement of ecommerce giving way for newer brands with enhanced in-store consumer education, packaging, and formulations. Government initiatives promoting the consumption of vitamins for pregnant women and children and the growing demand for vitamin-added cosmetics and foods have been prophesied to set the tone for a valuable growth of the market. Developing regions such as Asia Pacific exhibiting rising disposable incomes, increasing healthcare spending, improving healthcare infrastructure, and widespread distribution network could open up new avenues in the market.