Vitamin Ingredients Market Size

Vitamin Ingredients Market Size

Vitamin Ingredients Market for Food & Personal Care Applications was over USD 2 billion in 2017 and industry expects consumption above 145 kilo tons by 2024.

Growing healthcare awareness, rise in elderly population, and surging healthcare costs may contribute to vitamin ingredients market size for food & personal care applications. These nutrients cure various diseases depending on the benefits they offer. Shortage of these nutrients owing to poor diet in children may cause hypocalcemia, rickets, restricted muscle development and movement ability. In 2017, over 12 million children suffered from chronic malnutrition in China which indicates ample growth potential for vitamin ingredients market for food & personal care applications.

Increasing consumption of junk food on account of changing lifestyles has led to rising deficiency of essential vitamin products such as A, B1, B2, K and E. In 2017, as per WHO, over 9.5 million pregnant women suffer from night blindness globally. Growing awareness of adverse health effects of deficiency such as night blindness & infertility caused by insufficient vitamin A supply and nausea & blurry vision by thiamine deficiency may accelerate growth of vitamin market for food & personal care applications.

Growing consumer awareness regarding healthy diet consumption has led to rise in dietary supplement market demand. Japan nutraceutical market accounted for over 30% of the total market share in 2017. Whereas, China nutraceutical market accounted for about 10% of the total demand owing to rising consumer awareness regarding healthy diet intake along with buyer’s purchasing power. Increasing consumer consciousness towards weight loss and calorie reduction mainly in China, India, Japan, and Australia should drive industry growth over the forecast timeframe.

Lack of awareness regarding dosage of dietary supplements along with possible toxic side-effects from overconsumption may restrain vitamin ingredients market for food & personal care applications. However, recent establishment of stringent labelling regulations such as the U.S. Dietary Supplements Health and Education Act (DSHEA) which empowers the FDA to check product health claims & hazards and other EU Directive which restricts the number & types of vitamins allowed for supplement manufacture could boost the global market for food & personal care applications.