Vitamin C

Vitamin C, also known as L-ascorbic acid, is an essential nutrient for higher primates and other small organisms. The human body cannot synthesize and store vitamin C on its own. It needs to be taken from fresh vegetables and fruits. Without sufficient supply, it will lead to vitamin C deficiency and the occurrence of scurvy. In the field of medicine, vitamin C can be used as a medicine and nutritional supplement; In the field of food processing, vitamin C can be used as an antioxidant; In addition, vitamin C can also be applied in fields such as cosmetics and feed processing.

The industrial production of vitamin C mainly relies on crops such as corn and soybeans as raw materials. The production processes of vitamin C mainly include Lai's method, two-step fermentation method, acidification method, and new two-step fermentation method. Among them, the Lai's method is the longest developing production process with good product quality and a high application rate in the global market. However, its production process is more complex and can cause significant environmental pollution; The two-step fermentation method simplifies the production process on the basis of the Lai's method, has lower cost and less pollution, and is the main production process of vitamin C in China; The acidification method and the new two-step fermentation method have not yet been applied in the industrial production field.

Market Definition

The global Vitamin Market size was valued at USD 14.27 billion in 2022, and is predicted to reach USD 21.65 billion by 2030, with a CAGR of 7.3% from 2023 to 2030. The vitamin market is a segment of the health and wellness industry that encompasses the production, distribution, and sale of vitamin supplements.

The growing number of consumers is driving the growth of the vitamin market as people are turning to the daily use of vitamin supplements for reasons including specific health concerns and improving overall well-being. It offers a wide range of products including single-vitamin supplements, multivitamins,herbal supplements,and some specialty supplements.

Also, with the growing e-commerce platforms, many vitamin supplements are sold through online mediums. This allows consumers to compare products easily ,read reviews, and choose the products. The U.S. Food and Drug Administration (FDA) and the European Food Safety Authority (EFSA) set guidelines for product labeling and safety standards to ensure product safety and quality.

Market Dynamics and Trends

The increasing consumption of vitamins by aging population is driving the vitamin market growth, as health-conscious people are adopting vitamin supplements for overall well-being, bone health, and aging-related concerns. Also, there has been an increase in vitamin deficiencies due to poor dietary habits in under-developed and developing countries, such as Brazil, India, Nigeria, and others.

Vitamin supplements can help meet the growing populaion's daily vitamin requirements. According to a report published by BMC Public Health, in 2021,around 50% of the global population will be affected by vitamin D deficiencies. Also, about 20-90% of Europe, the U.S., and the Middle East population are not consuming vitamin D sufficiently on a daily basis.

Moreover, the growing access to online pharmacies that provide vitamins and supplements to customers at a reasonable price than offline stores is boosting the vitamins market growth. Online pharmacies, such as Amazon Pharmacy, Apollo, Pharmacy2you Ltd., and Tata 1mg, offer discounted vitamin products.

However, inconsistency in the supply of raw materials that ultimately impacts the price factor is restraining the growth of the vitamin market. On the contrary, there is a growing demand for vegan and gluten-free vitamins, such as B6 and B12, among the population with a rising inclination toward a healthier lifestyle.This is expected to create significant opportunities for the growth of the market.

Market Segmentation and Scope of Study

The vitamin market share is segmented based on source, form, type, application, distribution channel, and region. On the basis of source, the market is categorized into natural and synthetic. The natural vitamin source is further divided into animal fats, vegetable oils, dairy food, and others.

On the basis of form, the vitamins market is segmented into powder, tablets, capsules, soft gels, gummies, and others. On the basis of type, the market is categorized into vitamin A, vitamin B, vitamin C, vitamin D, vitamin E vitamin K, and multivitamin. The vitamin B is further divided into vitamin B1, vitamin B2,vitamin B3,vitamin B5vitamin B6, vitamin B7, and vitamin B12. The vitamin K is further divided into vitamin K1 and vitamin K2.

Based on application, the market is divided into personal care products, food and beverages, digestive health, mental health, menstrual health, pregnancy, sports and performance, and others. The food and beverages market is further divided into infant foods, dairy products, bakery, and confectionery products.

Based on distribution channel ,the market for vitamins is bifurcated into offline and online. The offline market is divided into hypermarkets/supermarkets,specialty stores,and others. Regional breakdown and analysis of each the aforementioned segments includes regions,such as North America, Europe, Asia-Pacific, and the Rest of World.

Geographical Analysis

North America holds the dominant share of the vitamin market. This is attributed to the increasing consumption of organic vitamins containing staple food and plant-based proteins. For instance, in October 2022, Kappa Bioscience, a leading manufacturer of vitamin K2, launched the first organic-grade vitamin K2-Mk7 for oil-based health applications in the US. and Canada. The product is certified by the U.S. Department of Agriculture(USDA). lt is vegan and allergen-free, and presented in liquid oil format with a three-month shelf life.

Also, the growing initiatives by government organizations and education institutes in developed countries, such as the U.S. and Canada, for daily consumption of vitamins to maintain excellent health and well-being are driving the growth of the vitamin market. For instance, in June 2022, the U.S. Food and Drug Administration(FDA) launched a new education initiative focusing on daily dietary supplements in children, middle-aged adults and older adults with vitamins, minerals, and herbs.

On the other hand, Asia-Pacific is considered the fastest-growing region. The market is analyzed across India,China, Japan, and the rest of the Asia-Pacific region. The growing awareness towards consumption of multivitamins in day-to-day life for better health and enrichment of the body coupled with the introduction of the innovative product range by well-known companies fuel the market growth.

For instance, in September 2022, GSK Plc launched the Centrum multivitamin range in India to provide consumers with nutritional requirements by gender and age. lt also offers four variants of multi-vitamin products including men,women,adults,and kids, to maintain the daily consumption of vitamins and supplements.

Furthermore, the surge in demand for functional foods and beverages due to rising acquisitions among companies to further enhance their product portfolio propels the vitamin market growth. For instance. in Apri2023, Kirin Holdings Company Limited (a Japanese beverage company) acquired Blackmores, an Australian vitamin and supplement manufacturer. The acquisition is aimed at developing vitamin beverages for infants to adults. It provides resolutions related to people's health and well-being by providing its consumers with vitamins such as juice and drinks.

Competitive and scape

The vitamin industry includes several market players, including Amway Corporation, BASF SE, Bayer AG, DSM,ADM,Glanbia PIc. Herbalife International of America, Inc, Vitablend Nederland  BV. Wright Enrichment, Inc,Jubilant Life Sciences Ltd, and others. These market players opt for various strategies, such as acquisition and expansion, to maintain their dominance in the global vitamin market.

For instance, in May 2022,Glanbia Plc (an lrish global nutrition group) acquired Sterling Technology. This U.S.based company manufactures dairy bioactive solutions derived from bovine colostrum for immunity boosting and digestive aid. The acquisition helps to enhance the bioactive solution portfolio from Sterling Technology among the global consumers.

For instance in December 2022, Amway Corporation launched a new business hub in Singapore with the support of the Singapore Economic Development Board (EDB). The new hub is part of Amway's plan to expand its regional product portfolio. Amway's Nutrilite brand is the world's top-selling brand for vitamin and dietary supplements, accounting for 53% of the company's overall sales. Amway's expansion into the region is expected to drive the growth of vitamin consumption among the growing population.

In short, the current prospects of the vitamin market are still promising and have great potential, which is also the driving force for the survival of most enterprises.