Vitamin D Ingredient Market Insights: Harnessing the Potential for Health and Wellness Products
The Vitamin D Ingredients Market is estimated to be valued at US$ 3.23 Bn in 2023 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Vitamin D ingredients provide various health benefits such as maintaining bone and teeth health, controlled blood pressure and diabetes. It is a fat-soluble vitamin found in various food items such as fish, cereals, dairy products etc. Increasing incidences of vitamin D deficiency owing to lack of exposure to sunlight has boosted the demand of vitamin D enriched foods and fortified products.
Market Key Trends:
Growing awareness regarding health benefits of vitamin D driven foods and supplements has been a major trend in the market. Changing lifestyle and hectic work schedules have led to indoor living with less exposure to sunlight resulting in increased prevalence of vitamin D deficiency. This has propelled demand of enriched food products containing vitamin D. Furthermore, growing elderly population prone to bone fractures and diseases also contribute to Vitamin D ingredients market growth. Regular intake of vitamin D through supplements aids in prevention of chronic conditions and maintains overall well-being.
Porter’s Analysis
- Threat of new entrants: New entrants face high capital requirements for manufacturing and distribution. Demand for Vitamin D ingredients is growing but the market is dominated by few large players.
- Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and presence of many suppliers. However, switching costs are low.
- Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of alternatives and presence of many buyers in the market.
- Threat of new substitutes: Threat from substitutes is low as Vitamin D plays an important role in bone and immune health which is difficult to replace.
- Competitive rivalry: Market is highly competitive due to presence of global players.
SWOT Analysis
- Strength: Growing health consciousness and awareness about benefits of vitamin D. Increasing applications in food and beverage sector.
- Weakness: Seasonal availability drives price volatility. Lower bioavailability and stability issues with some forms of vitamin D.
- Opportunity: Growth in demand from pharmaceutical and dietary supplements industry. Expanding Applications in functional foods and fortified products.
- Threats: Stringent regulations pertaining to usage levels. Fluctuations in raw material prices.
Key Takeaways
The global Vitamin D Ingredients Market is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing health awareness and growing demand from dietary supplement industry.
Regional analysis - Asia Pacific dominates the global market and is estimated to grow at a CAGR of around 12% during forecast period. Increasing health consciousness, rising geriatric population, and growing demand for dietary supplements are expected to drive the Asia Pacific vitamin D ingredients market.
Key players - Key players operating in the vitamin D ingredients market are BASF SE, Dishman Netherlands B.V., Royal DSM N.V., Barr Pharmaceutical, Lycored Limited, Zhejiang Garden Bio-chemical High-tech Company Limited, Fermenta Biotech Ltd, Schiff Nutrition International, Inc. (Reckitt Benckiser), Glaxo Smith Kline, J.R. Carlson Laboratories. Royal DSM NV is the market leader with over 20% share.
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