SAN JOSE, Calif.—The global market for vitamins will reach US $3.2 billion by 2017, according to a new report by Global Industry Analysts Inc. (GIA), which said this growth will be driven by the food, feed, pharmaceutical and the cosmetic industries.
Hot Location
GIA reported Europe represents the largest regional market, although the United States constitutes the single largest market globally. Asia-Pacific is likely to emerge as the fastest growing market, with a compound annual growth rate (CAGR) of about 4 percent during the analysis period.
A decade ago, production of vitamins was confined to the West, and only a few chemical-based companies dominated the market. But presently, a significant quantity is produced in China and India. Increasing competition has brought a change in the product and marketing concepts, paving way for increased customer focus, manufacture of value-added products and improved services.
Hot Ingredient
Vitamin E represents the largest segment, owing to the extensive use of these vitamins in cosmetics, pharmaceutical and food applications.
With a wide ranging applications in the cosmetics industry, such as key ingredient in skin care lotions, sunscreens and anti-aging creams, vitamin E is in wide use due to its varied functionality related to the skin. As such, its use in the cosmetics industry is potentially beneficial, and there are comparatively fewer regulatory hurdles for cosmetic manufacturers in comparison to the food manufacturers.
In recent years, the antioxidants industry has grown considerably, due in part to the increasing use of vitamin E. Lower dosage of vitamin E is exceedingly being sought by aging population for improving heart health. People are increasingly aware of the role of good nutrition in reducing the risk of diseases, including osteoporosis, cancer, coronary heart diseases, and other infections.
Hot Market
Animal feed additives market represents the largest end-user segment, while the food fortification market, driven by the GRAS (generally recognized as safe) status of vitamins, is also on an upswing. The cosmetics industry, though relatively small in terms of the percentage share, is emerging as a key end-user with a CAGR of 4.6 percent over the analysis period.
The animal feed additives market is influenced by a host of diverse factors, including variations in income, population, exports and meat consuming preferences. As the global population continues to increase, the demand for food will experience dramatic growth. This, coupled with the rising affluence in developing nations, would shape the eating habits of the global population. The consumption of protein-rich foods, particularly meat, rises when disposable incomes rise. Consequently, the animal industry and its allied sectors, such as feed additives, are set to experience significant growth.
Earlier this year, GIA reported the global weight control products market is expected to reach US$46.9 Billion by 2015 due to the growing incidence of overweight and obese consumers, introduction of new products and increased customer focus on enhancing quality of life.
