Vitamin D market is forecasted to grow at high rate due to increase in awareness regarding vitamin D deficiency diseases, growing concern regarding balanced diet and rise in food fortification
The Global Vitamin D Market was valued at US$ 1.2 Bn in 2020 is expected to reach US$ 1.8 Bn by 2027, with a growing CAGR of 6.7% during the forecast period (2021-2027).
Vitamin D belongs to the group of fat-soluble secosteriods, which is responsible to increase absorption of calcium, magnesium, and phosphate into intestine for producing biological effects. Vitamin D is synthesized in lower layer of skin called epidermis with the help of chemical reaction in presence of sunlight or uv-raditation. Very few food products produce vitamin D such as fleshy fish, which contains significant amount of vitamin D and mushrooms grown in uv light contribute to the presence of vitamin D in it. Vitamin D supplements are highly recommended to people who lack in deficiency, especially, to the children, which help in the growth of physiological functions. Rising incidences of diseases related to deficiency of vitamin D, tends to increase demand for vitamin D market.
Growing concerns related to balance diet, use of vitamin D in food & beverage industry and in healthcare products are some of the factors responsible for the growth of vitamin D market. Moreover, increasing diseases such as osteomalacia and osteoporosis in many countries across the world, awareness regarding joints and bones health among geriatric and athletic population, and high demand from pregnant ladies are the key factors that pulls the growth of vitamin D market during the forecast period. On other hand, stringent regulatory policies and availability of vitamin D supplements fake products tends to hinder the growth of market.
Vitamin D market is broadly segmented into different segments such as analogs, form of vitamin D, applications, end user and based on region. Based on analog, vitamin D3 is expected to account for highest market share in 2020, as it is widely used in food & beverage industry, healthcare, and personal care industry. Based on application, pharmaceutical segment is expected to grow at the highest CAGR during the forecast period due to increase in use of vitamin D in therapies and cosmetic products. Major players operating in the vitamin D market are DSM, Fermenta BASF, Biotech Ltd., Xiamen Jindawei Vitamin Co., Ltd., Zhejiang Garden, Glanbia, Biochemical High-Tech Co. Ltd, Nestle SA, Zhejiang Medicine Co., Ltd., and Pfizer, Inc.
Global Vitamin D Market by Region Outlook (Revenue, USD Million, 2021-2027)
On the basis of region, Asia-Pacific accounted for the largest share in the vitamin D market. This is due to increase in pharma companies and food industries. This region is projected to grow with significant rate due to rising income levels, increasing population and health awareness amongst the population. These factors impact the growth of vitamin D market in this region. China and India are the largest contributor of the Asia-Pacific region due to rapid urbanization, change in life style, demographic profile, favourable opportunities and industrial investment are expected to drive the growth of this region in vitamin D market.
North America accounted for about 25% of market share in 2020. This is due to high health concerns in millennial population, huge investment in pharmaceutical sector for development of innovative products, and growing consumption of vitamin D as a dietary supplements drives the growth of market.
The Global Vitamin D Industry Segmentation:
Company Profiles and Competitive Intelligence
The key players operating in the market are: