Vitamin A market is estimated to witness high growth due to increasing health consciousness and growing demand for fortified food products
The Vitamin A Market is estimated to be valued at USD 596.5 Mn in 2024, exhibiting a CAGR of 5.1% over the forecast period (2024-2031). Rising awareness about vitamin deficiencies and health benefits of vitamin A is driving greater consumption of vitamin A rich food products and dietary supplements. Furthermore, the growing demand for fortified convenience food products is supporting the expansion of the vitamin A market.
Increasing health consciousness among consumers has been a key driver propelling the growth of the global vitamin A market. More people are focusing on enhancing their nutritional intake and are actively looking to supplement their diets with essential vitamins and minerals. This has resulted in the heightened demand for vitamin A supplements especially in developing countries. Additionally, the growing demand for functional and fortified food products from millennial populations has also acted as a driver. Food companies are increasingly incorporating vitamins like A to cater to this demand, thereby fueling the market growth. Population growth and rising disposable incomes in emerging economies are expected to provide further opportunities for market expansion over the forecast period.
Increasing Health Consciousness Among Consumers
Health and wellness has become one of the top priorities for consumers globally. People are more conscious about the food they intake and supplements they consume. Vitamin A plays an important role in maintaining optimal health and vision. The increasing awareness about various health benefits of vitamin A like improving immune system, cell growth and development is driving more consumers to rely on vitamin A supplements. This growing health consciousness is a major driver boosting the vitamin A market growth.
Expanding Nutraceuticals Industry
The nutraceuticals industry has witnessed tremendous growth over the past few years owing to factors like aging population, busy lifestyle, and focus on preventive healthcare. Vitamin A finds wide applications in dietary supplements, functional foods, and beverages. The constant innovations and new product launches in the nutraceuticals segment involving vitamin A is fueling the growth of the vitamin A market. Many nutraceutical companies are offering vitamin A supplements for various target groups like children, pregnant women, older adults, etc. which is expanding the customer base.
Stringent Regulations on Daily Intake Levels
Regulatory bodies like FDA have imposed strict norms and guidelines regarding the daily intake levels and dosage of vitamin A from supplements and fortified products. Excess consumption of preformed vitamin A from supplements can be toxic causing headaches, nausea and even liver damage. The regulators are keeping a close check on label claims and concentrations to protect public health which restrains rapid expansion of some vitamin A products and formats.
Availability of Alternative Nutrients
Vitamin A content can also be obtained through the intake of foods rich in carotenoids like carrots, sweet potatoes, and leafy greens. Some consumers prefer obtaining vitamins through normal diet over supplements. There are also other fat-soluble vitamins and minerals competing for similar health benefits as vitamin A. The easy availability of alternatives limits the full market potential of standalone vitamin A supplements and ingredients.
Scope in Emerging Economies
Countries like India, China, Brazil, and Mexico are showing high economic growth rates over past years and an emerging affluent middle class. However, significant populations in these regions still remain nutrient deficient and undernourished. Initiatives like food fortification programs involving vitamin A provides opportunities for private players to participate and address public health issues. High degree of untapped market potential exists in developing Asian and Latin American countries.
Innovation in Delivery Formats
Consumers demand novel, convenient and responsive delivery formats for nutrition. Omega-3 fatty acids and probiotic markets have grown significantly with innovations like gummies, chewable tablets, and drinks. Vitamin A market players can capitalize on this trend by launching more palatable and functional product variations addressing target demographics like children, patients, etc. Novel formats have strong market prospects.
Link - https://www.coherentmarketinsights.com/market-insight/vitamin-a-market-4451
Key Developments
- In 2023, Tri Tito Karnavian, the Chair of the Family Welfare Empowerment Mobilization Team (TP-PKK), launched an important program to provide Vitamin A supplements to children aged 6 to 59 months in Southwest Papua Province. This initiative, unveiled on a Wednesday, highlights the commitment to enhancing child health and nutrition in the region.
- In June 2022, the world's first bio-based Vitamin A entered the application testing phase with cosmetics customers, following a significant scientific breakthrough by DSM. This innovative development represents a pivotal moment in the cosmetics industry, providing a sustainable alternative to conventional Vitamin A sources.
- In 2022, BASF announced the expansion of its world-scale vitamin A formulation plant located in Ludwigshafen, Germany. This strategic move is designed to enhance the company's production capabilities and meet the increasing global demand for vitamin A.
Key Players
DSM, BASF SE, Bluestar Adisseo Co. Ltd., Prinova Group LLC, Zhejiang NHU Co. Ltd., Zhejiang Medicine Co.Ltd., Provimi North America Inc., Kempex Holland BV, Xiamen Kingdomway Group Co, Koninklijke DSM N.V., Archer Daniels Midland Company, Zhejiang NHU Co. Ltd, and Fenchem
