The Global Vitamins Market was valued at US$ 5.16 billion in 2016, according to a new report published by Coherent Market Insights. Vitamins are organic substances that are required by the body in small amounts, for proper growth and development. These are usually extracted naturally from certain food and is an essential component of diet. However, inadequate intake of vitamins in the diet may led to certain deficiency diseases, such as avitaminosis. North America dominated the global vitamins market during the last five years and is expected to retain its dominance in the market throughout the forecast period, due to growing consumer preferences for healthy diet coupled with increasing awareness for various vitamins deficiency diseases. Pharmaceuticals is the largest and the fastest growing segment amassmong end use industry segments for vitamins market. For instance, India Brand Equity Foundation (IBEF)—a Trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India—the overall Indian healthcare market was valued at US$ 100 billion in 2016 and is expected to grow to US$ 280 billion by 2020, at a Compound Annual Growth Rate (CAGR) of 22.9%. The growing end use industry such as pharmaceuticals, personal care, food & beverages and animal feed is propelling the market for vitamins during the forecast period. Pharmaceuticals followed by animal feed and personal care is dominating the market in 2016 and the trend is expected to remain the same from 2017 to 2025.
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On the basis of product type, vitamins are classified as water soluble and fat soluble. Water soluble vitamins (vitamin B-complex group and vitamin C), are easily dissolve in water and can be absorbed by the body. However, these vitamins are not stored in the body and excreted as urine, so a continuous supply is required in our everyday diet. Fat soluble vitamins (A, D, E, and K) are dissolved in fat prior to being absorbed into the bloodstream. Excess intake of these vitamins are stored as fats in the liver and fat tissue. According to Coherent Market Insights analysis, among product type, vitamin B segment holds a dominant position in the global vitamin market. Vitamin E is expected to be the fastest growing segments in the product type and is expected to grow at a CAGR of 5.06% during the forecast period, as majority of the global population is at risk of vitamin deficiency and associated disorders.
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