Vitamin D Market: Industry Analysis and Growth Trends 2024

Posted 2024-08-06 11:25:33

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Overview

This report analyzes the global Vitamin D market, examining market shares, recent trends, competitive intelligence, and future outlook. The market is poised for growth due to the increasing demand for vitamin D ingredients in the cosmetic industry. Key players, including BASF, Dishman Group, and Fermenta Biotech Ltd., are intensifying competition in the market.

Market Trends

One of the primary factors driving the growth of the vitamin D market is the high prevalence of vitamin D deficiency across various nations. According to the Centers for Disease Control and Prevention (CDC), approximately 8% of Americans suffer from vitamin D insufficiency, leading to conditions such as rickets in children and osteoporosis in adults. Vitamin D is crucial for skeletal development and dental health in children, and its deficiency can cause developmental issues, irritability, rickets, and an increased risk of respiratory infections. Additionally, the cosmetic industry's rising demand for vitamin D ingredients, particularly for treating conditions like psoriasis, eczema, and vitiligo, is propelling market growth. The COVID-19 pandemic has further highlighted the importance of vitamin D in enhancing the immune system and protecting against severe complications.

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Market Segmentation

The global vitamin D market is segmented by analog (vitamin D3 and vitamin D2), form (dry and liquid), application, end-users, and region. Vitamin D3, essential for bone health and preventing osteoporosis and rickets, is the leading analog and is widely used in food, feed, and healthcare industries. Vitamin D2, used to prevent rickets in children and treat osteomalacia, hypoparathyroidism, and hypophosphatemia, is expected to grow at a CAGR of over 7.2%. The market is further divided based on form, with dry vitamin D dominating due to its stability and longer shelf life. Innovations in production processes, such as the spray-dry technique, have bolstered the growth of dry vitamin D, particularly in the feed and nutritional supplement sectors.

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Geographical Analysis

Regionally, the global vitamin D market is segmented into North America, South America, Europe, Asia-Pacific, and the Middle East & Africa. In 2020, North America held a 26% market share, with the United States being the largest contributor. Factors such as increasing health awareness, a high proportion of vitamin D-fortified dietary supplements, mandatory fortification laws, and investments in the pharmaceutical industry are driving market growth in North America. The COVID-19 pandemic has also increased the demand for vitamin D supplements in the region. In the Asia-Pacific region, China and India were the top contributors, accounting for nearly 51% of regional revenue in 2020. Rapid urbanization, lifestyle changes, western influence in food consumption, and demographic shifts are driving market growth in APAC, particularly in the feed and pharmaceutical sectors.

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Competitive Landscape

Major Key Players are Include

Koninklijke DSM N.V

Zhejiang Garden Biochemical High-Tech Co., Ltd,

Zhejiang Xinhecheng Co., Ltd,

Fermenta Biotech Ltd,

Xiamen Jindawei Vitamin Co., Ltd,

BASF

Taizhou Haisheng Pharmaceutical Co., Ltd

Zhejiang Medicine Co., Ltd,