Meticulous Research®—a leading global market research company, published a research report titled ‘Vitamins Market—Global Opportunity Analysis and Industry Forecast (2024-2031)’. According to this latest publication from Meticulous Research®, the Vitamins market is expected to reach $26.03 billion by 2031, at a CAGR of 7.5% from 2024 to 2031.
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The vitamins market is witnessing robust growth, primarily driven by an increasing demand for fortified foods, functional beverages, and dietary supplements, as well as heightened awareness of vitamin deficiencies and rising healthcare expenditures. However, challenges such as raw material fluctuations and the high cost of naturally sourced vitamins are limiting market expansion.
Opportunities for growth are emerging with rising demand for naturally sourced products and personal care items, although issues like copyright dietary supplements and a lack of consistent regulatory standards remain obstacles. Key market trends include a strong shift toward clean-label products and a heightened focus on health and wellness.
Key Players:
The vitamins market is moderately competitive, featuring a blend of global, regional, and local players. Leading companies include BASF SE (Germany), Archer Daniels Midland Company (U.S.), Cargill Incorporated (U.S.), Ingredion Incorporated (U.S.), Tate & Lyle PLC (U.K.), Roquette Freres (France), DSM-Firmenich AG (Switzerland), Lonza (Switzerland), Dishman Carbogen Amcis Ltd (India), Divi's Laboratories Ltd. (India), Fermenta Biotech Lim
ited (India), Lycored Corp. (U.S.), Glanbia plc (Ireland), and Zhejiang Garden Biopharmaceutical Co. Ltd. (China).
Market Segmentation:
- By Type: The vitamin B segment is set to lead in 2024, owing to greater health awareness, aging populations, and high consumption of processed foods.
- By Source: Plant-sourced vitamins are expected to dominate in 2024, propelled by a growing vegan population and preference for natural ingredients.
- By Form: Dry vitamins are likely to hold the largest market share in 2024 due to their stability and extended shelf life.
- By Application: The food and beverages sector is projected to experience the highest CAGR from 2024 to 2031, driven by demand for fortified products and functional drinks.
Regional Insights:
The report analyzes key regions, including North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is expected to capture the largest market share in 2024 due to a strong demand for functional foods, higher health spending, and the presence of major market players in the region.
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