Market Overview The Global Vitamin A Market is projected to reach USD 900 million by 2024, registering a CAGR of 4.24% during the forecast period (2019-2024). The market is driven by the rise in demand for functional and nutritionally enriched processed food products and the growing incidence of vitamin deficiencies as well as the increasing use of feed fortification. The increased demand for feed fortification is driven by the rise in global meat and dairy product consumption. On the other hand, the demand for food fortification increased due to the high rate of micronutrient deficiency disorders among the global population and lack of micronutrients in food, which could lead to malnutrition. The increase in applications of vitamins in the supplement industry is among the major factors driving the growth of this market.
Scope of the Report The Global Vitamin A Market is segmented by type as Natural and Synthetic and by Application into Food and Beverages, Pharmaceutical/Dietary Supplements, Animal Feed and Cosmetics.
Key Market Trends Increase in Demand for Fortified Food and Beverages
There has been a marked shift in the lifestyle and dietary habits of people over the past decade. Urbanization and consumer awareness drove this shift and led to a rapid rise in the consumption of artificial and synthetic food products, which in turn increased the incidence of lifestyle diseases. People are becoming aware of these diseases and are gradually moving toward functional food and beverages. These fortified products provide optimal nutrition and reduce the risk of disease occurrence. Various government initiatives are being taken up in order to increase the consumption of fortified food and beverages, especially in developing countries like China and India.
Asia-Pacific Remains the Fastest Growing Region
Asia-Pacific has been witnessing a healthy growth in recent years. Factors such as improved living standards and in-depth consumer education concerning the consumption of health supplements infused with micro nutrients like vitamins, minerals, etc., are driving the market. Rise in economic standards supported by rapid urbanization has led to a shift in consumer focus toward healthy diet, which is another factor that could drive the market. The increasing aging population and declining birth rate in the region is also an opportunity for the dietary supplements market. The health benefits associated with Vitamin A as an ingredient helps address vision impairment and the immune system, and is beneficial for the treatment of several skin disorders. This factor can drive the market further.
Competitive Landscape The global vitamin A market is consolidated with a few players holding a majority of the market share. Companies are also increasing their focus on partnering with other global vitamin-producing companies so as to increase their production and to incorporate cost-efficient production techniques. Koninklijke DSM NV, BASF SE, Xiamen Kingdomway Group, Zhejiang Medicine Co. Ltd and Zhejiang NHU are some of the major players of the market.
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