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 experiencing substantial growth, driven by increasing demand for fortified foods, functional beverages, and dietary supplements, along with rising awareness about vitamin deficiencies and health expenditures. However, challenges such as fluctuations in raw material availability and the high costs of naturally sourced vitamins are restraining market expansion.
The market also presents new growth opportunities, fueled by rising demand for naturally sourced products and personal care items. Nonetheless, issues like counterfeit dietary supplements and the lack of standardized regulatory frameworks pose significant obstacles to growth. Key trends in the vitamins market include a surge in clean-label products and a growing focus on health and wellness.
Key Players
The vitamins market is moderately competitive, with the presence of numerous global, regional, and local players. Leading companies in the market 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 Limited (India), Lycored Corp. (U.S.), Glanbia plc (Ireland), and Zhejiang Garden Biopharmaceutical Co. Ltd. (China), among others.
The market is segmented by type, source, form, and application, with analysis across regional and country levels.
Market Segmentation
• By Type: The vitamin B segment is expected to lead in 2024 due to heightened health awareness, increasing vitamin deficiencies, an aging population, higher consumption of processed foods, and widespread use in food, beverage, personal care, and nutraceutical applications.
• By Source: In 2024, plant-sourced vitamins are anticipated to dominate, driven by the growing vegan population, a preference for natural ingredients, abundant raw material availability, higher absorption rates, and rising demand for clean-label products.
• By Form: The dry vitamins segment is projected to hold the largest share in 2024, due to the stability, long shelf life, and ease of handling of dry vitamin products.
• By Application: The food and beverages segment is forecasted to experience the highest CAGR from 2024 to 2031, spurred by the demand for fortified foods, personalized nutrition, ready-to-drink functional beverages, and the increasing incorporation of vitamins into food and beverages.
Regional Insights
This report covers major regions, including North America (U.S., Canada), Europe (France, Germany, U.K., Italy, Spain, Poland, Netherlands, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Singapore, Rest of Asia-Pacific), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), and the Middle East & Africa (Saudi Arabia, South Africa, UAE, Rest of Middle East & Africa).
Asia-Pacific is expected to hold the largest share of the vitamins market in 2024, followed by North America, Europe, Latin America, and the Middle East & Africa. This significant market share in Asia-Pacific is attributed to the high demand for functional foods, a rising prevalence of diseases, increased health expenditures, abundant raw materials, and the presence of numerous major market players in the region.
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