Vitamin API refers to active pharmaceutical ingredients used in vitamin supplements and nutraceutical products. Vitamin API helps in fortifying foods and beverages with essential micronutrients required by the human body. Widely used vitamin API includes vitamin A, vitamin B3, vitamin B5, vitamin B6, vitamin B9, vitamin B12, vitamin C, vitamin D, vitamin E, and vitamin K. Demand for vitamin API is growing owing to the rising prevalence of vitamin deficiencies worldwide due to changing lifestyles.
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 include 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. These players are focusing on expansion plans and new product launches to fulfill the growing demand.
Key opportunities in the market include development of innovative delivery systems for sustained and controlled release of vitamins. Development of vegetarian and vegan vitamin supplements using algal-based vitamin API is also expected to open new growth avenues.
Globally, the vitamin API market is expected to witness robust expansion in Asia Pacific region owing to growing health consciousness, rising disposable incomes and increasing incidence of lifestyle disease in countries like India and China. North America and Europe are also expected to retain their leading positions in the global market during the forecast period.
Market Drivers
Rising health consciousness among consumers regarding the importance of essential micronutrients and nutrients is a key factor driving the demand for vitamin API globally. Growing prevalence of vitamin deficiencies owing to changing diets, busy lifestyles and aging population is further propelling the market growth. Increased demand for functional food and beverages fortified with vitamins will continue to boost the sales of vitamin API in the upcoming years.
PEST Analysis
Political: The global vitamin API market is significantly influenced by governmental rules and regulations regarding pharmaceutical ingredient specifications, trade policies, import-export restrictions and pricing controls.
Economic: fluctuations in the global economy impact demands from end use industries and affects the production volumes and profitability of vitamin API manufacturers.
Social: Increasing health awareness and focus on preventive healthcare is driving demand for dietary supplements, which in turn propels the growth of vitamin API market.
Technological: Advancements in fermentation and purification technologies allow manufacturers to develop cost-effective production processes for various vitamin APIs. Continuous research also aids development of novel delivery systems.
The global vitamin API market in terms of value is highly concentrated in North America and Europe. This can be attributed to growing health consciousness among consumers as well as stringent regulations regarding vitamin fortification of food products in these regions. The dietary supplement industry is well established in the United States and countries of Western Europe.
The Asia Pacific region is poised to witness the fastest growth in the global vitamin API market during the forecast period. This can be majorly attributed to rising disposable incomes, growing middle class population and their increasing willingness to spend on health and wellness products in emerging economies such as China and India. Rapid urbanization and increasing awareness about preventive healthcare are further supporting market growth in Asia Pacific.
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