The Global Vitamin API Market consists of products such as Vitamin A, B vitamins, Vitamin C, Vitamin D, Vitamin E. These Vitamin API’s majorly finds applications in food & beverage, pharmaceutical, personal care and animal feed industries. Vitamin API’s helps in preventing and treating various deficiency diseases and also promotes overall health and wellbeing. The growing consumer awareness about health, nutrition and preventive healthcare is fuelling the demand for vitamin fortified food products which in turn is driving the growth of Vitamin API market.
The Global Vitamin API Market Demand is estimated to be valued at US$ 451.1 MN in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Global Vitamin API market are DSM, BASF, BOC Sciences, CSPC Pharmaceutical Group Limited, Lonza, Zhejiang Medicine, Jubilant Life Sciences, Glanbia Nutritionals, Aurorium , Northeast Pharmaceutical Group Co., Ltd, Abbott Laboratories and Fermenta Biotech Ltd. Key players like DSM and BASF accounts for major share in global vitamin API market. DSM offers wide range of vitamin A, B vitamins, vitamin C, vitamin D, vitamin E APIs.
The growing demand for fortified food products in preventive healthcare is driving the growth of vitamin API market. The rising health consciousness among consumers and focus on preventive healthcare is boosting the demand for various vitamin fortified food products. The proliferating use of vitamin API in dietary supplements, functional food and beverages is also augmenting the market growth.
The global expansion of key players through regional presence is further propelling the vitamin API market. Major players are expanding their regional presence through partnerships and acquisitions to tap the opportunities in developing markets. For instance, BASF has production sites across North America, Europe and Asia pacific to serve the global demand.
Market key trends
One of the key trends gaining traction in the global vitamin API market is the increasing demand for clean label and sustainable sourcing. The rising focus on environmental protection and sustainability is driving companies to develop clean label vitamin API through sustainable sourcing and green chemistry approaches. Companies are investing in R&D to develop plant-based and fermentation derived APIs through green synthesis and extraction methods. Fermenta Biotech Ltd. is working on innovative fermentation technologies to commercially produce a variety of vitamin API through sustainable means.
Porter’s Analysis
Threat of new entrants: Regulations and patents limit the entry of new players.
Bargaining power of buyers: Buyers have high bargaining power as vitamin APIs have many substitutes.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes.
Threat of new substitutes: Threat of substitute is high as vitamins can be synthesized through multiple routes.
Competitive rivalry: Industry players compete on quality, innovation and pricing leading to intense competition.
Geographical regions
North America dominates the global vitamin API market in terms of value owing to increasing healthcare expenditure and growing health awareness. Asia Pacific is the fastest growing region for the global vitamin API market due to rising population, improving healthcare facilities and increasing disposable income in countries like India and China.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
