The Vitamin D Ingredients Market is estimated to be valued at US$ 3.23 Bn or Mn in 2023 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Vitamin D ingredients are essential micronutrients required for human health. They are commonly used in dietary supplements, pharmaceutical drugs, and food & beverage products to manage diseases associated with vitamin D deficiency. Some key types of vitamin D ingredients include vitamin D3, vitamin D2, and vitamin D1. These ingredients play an important role in maintaining strong bones & teeth, regulating cell growth, and boosting immunity.
Market Dynamics:
The growth of the Vitamin D ingredients market is primarily driven by the rising occurrences of vitamin D deficiency globally due to changing lifestyles and lack of sun exposure. As per scientific studies, over 1 billion people worldwide suffer from vitamin D deficiency. This has increased the demand for dietary supplements and fortified food products containing vitamin D. Furthermore, increasing awareness about the various health benefits of maintaining optimal vitamin D levels is also propelling the adoption of vitamin D formulations among consumers.
Segment Analysis
The global vitamin D ingredients market is segmented into vitamin D3 and vitamin D2. Among these, the vitamin D3 segment currently dominates the market owing to its superior efficiency in raising vitamin D levels in the body as compared to vitamin D2. Vitamin D3 (cholecalciferol) can be synthesized in the skin upon exposure to sunlight and is also present in foods like fatty fish. This makes it a more preferable choice for use in various end-use applications like pharmaceuticals, functional foods & beverages, personal care products etc.
PEST Analysis
- Political: Regulations related to daily value or recommended dietary allowance of vitamin D supplements vary across different countries. This affects demand dynamics.
- Economic: Increasing per capita incomes are enabling greater affordability of nutrition-rich healthcare products boosting sales of vitamin D supplements.
- Social: Rising health consciousness among consumers is driving demand for vitamin D fortified/functional food and beverage products for their various health benefits.
- Technological: Advances in microbial fermentation production methods have improved yields and lowered costs of commercially manufacturing vitamin D3, the most common form added to supplements and fortified foods.
Key Takeaways
The global Vitamin D ingredients market is expected to witness high growth, exhibiting a CAGR of 11% over the forecast period, due to increasing health awareness among consumers regarding vitamin D deficiency and associated diseases.
Regionally, North America currently dominates the vitamin D ingredients market owing to high supplement consumption and stringent regulations regarding fortification of food products with vitamin D in the region. The Asia Pacific market is expected to grow at the fastest pace during the forecast period due rising incomes, urbanization, lifestyle changes and increasing nutrition awareness in key countries like India and China.
Key players operating in the vitamin D ingredients market are BASF SE, Dishman Netherlands B.V., Royal DSM N.V., Barr Pharmaceutical, Lycored Limited, Zhejiang Garden Bio-chemical High-tech Company Limited, Fermenta Biotech Ltd, Schiff Nutrition International, Inc. (Reckitt Benckiser), Glaxo Smith Kline, J.R. Carlson Laboratories. These players are focusing on expanding their production capacities and product portfolios through mergers, acquisitions and new product launches to capitalize on the market opportunities.
