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 advancing rapidly due to rising demand for fortified foods, functional beverages, and dietary supplements, as well as growing awareness of vitamin deficiencies and increased healthcare spending. Yet, the market faces limitations from raw material price fluctuations and the high cost of natural vitamins.
Opportunities for growth are emerging with the demand for naturally sourced products and personal care items, though challenges like supplement counterfeiting and varying regulatory standards remain. The market is also witnessing a trend toward clean-label products and an enhanced focus on health and wellness.
Key Players:
This moderately competitive market features major players such as 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 Limited (India), Lycored Corp. (U.S.), Glanbia plc (Ireland), and Zhejiang Garden Biopharmaceutical Co. Ltd. (China).
Market Segmentation:
- By Type: Vitamin B is expected to lead the market in 2024, driven by increased health awareness and demand in processed food sectors.
- By Source: Plant-based vitamins are anticipated to capture the largest share, reflecting a growing preference for natural ingredients.
- By Form: The dry vitamins segment is likely to dominate in 2024, given its stability and convenient storage.
- By Application: The food and beverages sector is forecasted to achieve the highest CAGR from 2024 to 2031, spurred by demand for fortified and functional products.
Regional Insights:
The report examines North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, with Asia-Pacific expected to dominate in 2024. This leadership is attributed to high demand for functional foods, rising healthcare investments, and a strong presence of market players in the region.
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