The global vitamin A market was valued at USD 769.7 million in 2020 and is projected to grow at a CAGR of 5.1% from 2019 to reach USD 1,100.30 million by the year 2030. Vitamin A is a group of unsaturated nutritional organic compounds that includes retinal, retinol, retinoic acid, and several provitamins A carotenoid. The demand is propelled by a surge in demand for nutritionally and functional enriched processed food and beverage products and the growing incidence of deficiencies, as well as the increasing use of feed fortification. Also, factors such as a rise in the geriatric population, the prevalence of ophthalmic diseases, increasing healthcare expenditure, and healthcare awareness are expected to spur the vitamin A growth.
The augmented demand for feed fortification is propelled by the rise in global dairy and meat product consumption and due to the high rate of micronutrient deficiency disorders among the global population and lack of micronutrients in food, which may lead to malnutrition. The increasing applications of these nutrients in the dietary supplement industry is one of the major factors driving the growth. In addition, creating awareness of night blindness and eye care in emerging economies is anticipated to be a major possibility for the industry players to establish their footmarks in this business. However, regulatory approval for its application in infant formula and side effects of vitamin A like diarrhea, bleeding from gums or sore mouth and dizziness or drowsiness, and stringent government regulations related to the approval as pharmaceutical products is anticipated to impede vitamin A market growth.
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The Asia-Pacific region vitamin A market is anticipated to witness a healthy growth rate in recent years. Factors such as in-depth consumer education about the intake of health supplements pervaded with micro & macronutrients, minerals, etc., and improved living standards of the people are urging demand for this product. The rise in economic standards reinforced by rapid development has led to a transferal in consumer focus towards a healthy diet, which is an additional factor that may boost progression. The rising geriatric population and lessening birth rate in the region are also spurring the Asia-Pacific’s vitamin A supplements demand.
Key Coverage of the Report
- Region and country-wise assessment from the period 2016-2030. For the study, 2016-2017 has been utilized as historical data, 2020 as the base year, and 2019-2030, has been derived as forecasts.
- Regional Competitors product pipeline analysis
- Demand and Supply Analysis
- Market share analysis of the key industry players
- Strategic recommendations for the new entrants
- Market forecasts for a minimum of six years of all the mentioned segments, and the regional markets
- Market trends (Drivers, Restraints, Opportunities, and Threats)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
Salient Trends of the Vitamin A Industry
- Personalized vitamin A packages are an emerging trend in this industry. Some companies are exploring custom-created daily packs. For instance, consumer may complete an online assessment, and the company creates the nutrition recommendation based on the results. Daily packs are customized and delivered at customer doorstep. Some companies are packing Vitamin A products on own preferences and create a custom pack in daily doses and ship them to the users.
- Gummy Vitamin formulations trend across the world is leading the market trajectory positively. Manufacturers use these ingredients and natural fruit flavors to produce gummies for weight management. For example, Hydroxycut manufactures and distributes these supplements for weight loss. This trend is expected to foster over the analysis period.
- Pharmaceutical grade supplements are manufactured in a manner to obtain the purest form of the nutrient and ensure maximum absorption. This fat-soluble ingredient is used for ophthalmic disorders such as myopia, cataract, presbyopia, night blindness, hypermetropia, and retinitis pigmentosa.
- Natural vitamins are extracted from natural sources like fish liver oil and fortified skim milk. Fish cod liver oil is one of the key raw materials used for its manufacturing process. Also, it can be synthesized from acetone. Inconsistent raw material costs may broaden the supply-demand gap and affect the price trend. In March 2020, The GHT Companies, Inc. introduced Vegan Life Nutrition for vegans and for those who consume plant-based nutrition. This product Vegan Life Nutrition provides plant-based nutritional supplements of the utmost quality. This product will help the company to grow as the vegan customers will reach out for vitamin A
- According to Safe Cosmetics Organization, retinoic acid is the most active biological form of vitamin A, and retinyl palmitate is the primary storage form. In cosmetics, synthetic and natural retinol and retinol derivatives are used as anti-acne agents and skin conditioners in a range of lotions and anti-aging creams. The American Academy of Dermatology (AAD) prescribes using topical retinoids to treat acne which is, in turn, creating a massive demand for these products. Thus, enabling the manufacturers to invest in this business at a higher rate.
- Research paper published in the European Journal of Pharmaceutics and Biopharmaceutics stated that a diet high in provitamin A can prevent cell damage, premature skin aging, and other skin diseases.
- The online channel is foreseen to be a convenient option to purchase these products. Consumer buying behavior has reshaped over the past years as the availability of products, increase in varieties, the convenience of shopping, selection of desired quantity and delivery period, and discount offers have instigated consumers to prefer online retail.
- North America is estimated to witness considerable growth over the forecast period. Continued investments from manufacturers and product launches in the food and beverages, cosmetics, and pharmaceutical industries are expected to contribute to the regional development.
- On a macro level, increasing awareness about nutritional enrichment predicted propelling the local demand in the upcoming years.
- The regional players are funding in R&D to come up with the innovative products to cater to the consumers of varied age groups and genders. Such factors are expected to accelerate the growth of the vitamin A industry over the forecast period. For instance, in September 2015, Pfizer Consumer Healthcare has launched the product CentrumVitaMints, which contains Vit. A 5000Units Also, American Academy of Dermatology recommends using topical retinoids to treat acne in both adolescents and adults which is in turn creating a huge demand for this products.
Companies considered and profiled in this market study
- BASF SE, Pfizer, Inc., Zhejiang Medicine Co. Ltd, Adisseo, Archer Daniels Midland Company, E.I. du Pont de Nemours and Company, Integrated Biopharma, Inc.., Bayer AG, Pharmavite LLC, and Nutraceutical Corporation, and Herbalife International, Inc. are a few of the major players in this business. In October 2016, BASF SE announced construction of a new world-scale plant for this in Ludwigshafen, Germany. The new facility will increase BASF’s total annual production capacity of Vitamin A product by 1,500 metric tons.
- By Source, naturally sourced products of vitamin A are predictable to grow at a CAGR 5.2% till 2030. Increasing awareness about the benefits of various organic products over synthetic products has resulted in a rush in their demand. It is foreseen to propel over the analysis period.
- By application, food and beverages are projected to have a notable share of 498.56 Million by 2030.
- The growth of F&B segment can be attributed to the increased use of nutrient-based antioxidants in dietary supplements as these micronutrients improve immunity, and slow down the aging process naturally
- The vitamin A industry in Europe is expected to have a significant share of 367.21 Million by 2030. Continued investments from the players in the pharmaceutical, food and beverage, animal, and cosmetic industries are expected to provide regional vitamin A growth.
- High-end technology is obliged to meet these needs by growing the processing capacity and maintaining the quality of the product.
- The local players are spending in R&D to develop new products to cater to the customers of different age groups and genders. Such determinants are projected to accelerate the growth over the forecast period.
- In December 2017, Nestle acquired Canadian nutritional health products maker Atrium Innovations for USD 2.3 billion, extending its presence in consumer healthcare as it seeks to offset weakness in packaged foods. The motive behind the expansion was to strengthen its presence in the market further.
Segments covered in the report:
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the vitamin A market trends in each of the sub-segments from 2016 to 2030. For the purpose of this study, Reports and Data have segmented the Vitamin A market on the basis of grade, source, distribution channel application, and region:
Grade (Volume, Metric Tons; 2019-2030 and Revenue, USD Million; 2019-2030)
- Feed Grade
- Food grade
- Pharmaceutical Grade
Source (Volume, Metric Tons; 2019-2030 and Revenue, USD Million; 2019-2030)
Application (Volume, Metric Tons; 2019-2030 and Revenue, USD Million; 2019-2030)
- Pro Animal Feed
- Food and Beverages
- Baby Food
- Fortified Food
- Bakery & Confectionery
- Human Nutrition
Distribution Channel (Volume, Metric Tons; 2019-2030 and Revenue, USD Million; 2019-2030)
Regional Outlook (Volume, Metric Tons; 2019-2030 and Revenue, USD Million; 2019-2030)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
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