Strong Growth in Vitamins Market to Reach $26.03 Billion by 2031

 

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 accelerated growth due to a rising demand for fortified foods, functional beverages, and dietary supplements, coupled with increased awareness of vitamin deficiencies and healthcare expenditures. However, the market faces constraints from raw material price volatility and high costs of natural vitamins.

Growth opportunities are arising from the demand for naturally derived products and personal care items, while challenges such as supplement counterfeiting and inconsistent regulatory policies persist. Prominent market trends include a shift to clean-label products and a rising emphasis on health and wellness.

Key Players:

The vitamins market remains moderately competitive, with major players such as 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).

Market Segmentation:

  • By Type: Vitamin B is anticipated to dominate the market by 2024, supported by increasing health awareness and demand in processed food applications.
  • By Source: Plant-based vitamins are expected to lead the market, driven by preferences for natural ingredients.
  • By Form: The dry segment is likely to capture the largest share in 2024, thanks to product stability and ease of storage.
  • By Application: Food and beverages are projected to grow at the highest CAGR from 2024 to 2031 due to demand for fortified and functional products.

Regional Insights:

The report covers North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is expected to hold the largest share in 2024, driven by high demand for functional foods, rising healthcare spending, and a significant number of market players in the region.


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