Global Vitamin in Human Nutrition Market Report to 2028: Rising Number of Health-conscious Consumers Drives Growth - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Global Vitamin In Human Nutrition Market Size, Share, Growth Analysis, By Type , By Application , By End use , By distribution channel - Industry Forecast 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Vitamin in Human Nutrition Market was valued at USD 33.3 Billion in 2021, and it is expected to reach a value of USD 60.6 Billion by 2028, at a CAGR of 9.6% over the forecast period (2022 - 2028).
- BASF SE
- Glanbia PLC.
- Matsun Nutrition
- Corbion N.V.
- Chaitanya Group of Industries
Vitamins are substances that are taken in very small, concentrated doses to support the physiological functions of the body, maintain health, improve physical and mental well-being, or reduce the risk of disease. The Personal Care and Healthcare (Nutrition and Pharmaceutical) industries have grown recently, expanding their commercial focus to new regions and meeting common consumer demands.
The company's expansion, coupled with the most recent market trends, has led to the emergence of innovative, cross-industry market sectors that are dedicated to promoting health and wellness benefits through the use of natural resources and products (e.g., vitamins). 10% of all human nutrition worldwide consists of vitamin supplements. For a variety of needs, from athletic to disease-related, they are used as a food supplement.
The market for vitamins in human nutrition is expected to be driven by a rise in the number of health-conscious consumers and a preference for vitamins in daily diets. The COVID-19 pandemic highlighted the importance of vitamin consumption. Vitamin D is essential for bone and muscle health as well as enhancing the body's immune response to respiratory infections, according to the National Institute for Health and Care Excellence (NICE) in the United Kingdom.
Additionally, it is suggested that everyone over the age of four, including adults (including expectant and nursing mothers), children, and teenagers, consume 10 micrograms of vitamin D daily.
Segments covered in this report
The Global Vitamin in Human Nutrition Market is segmented based on Type, Application, end use, distribution channel, and Region. Based on the Type, the Global Vitamin in Human Nutrition Market is segmented as Multivitamin, Vitamin A, Vitamin B, Vitamin C, Vitamin E, Vitamin D, Vitamin K.
Based on the Application, the Global Vitamin in Human Nutrition Market is segmented as Dietary Supplements, Functional Nutrition, Sports Nutrition, Infant Nutrition. By end use, the market is segmented into adults, geriatric, pregnant women, children, and infants. By distribution channel, the market is segmented into OTC and prescription. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
The global market for human nutrition is predicted to grow as a result of the emergence of a middle class with high incomes in the emerging vitamin market. In emerging economies, there were 679 million middle-class households as of the end of 2018, and by 2030, that number is projected to rise by 2.7%.
The number of middle-class households in developed countries, by contrast, was 176 million in 2018 and is projected to rise by 6.3% by 2030.
The number of households in emerging nations between 2019 and 2030 having an annual disposable income between $45,000 and $100,000 In comparison to the 1.2% annual growth anticipated for the total number of households, purchasing power parity (PPP) is predicted to increase by an average of 5.6% annually. By 2030, their spending is projected to increase by 6.9% annually in real terms, outpacing the 1.9% annual real spending growth anticipated for households earning USD15,000-45,000 (PPP).
The origin (natural or synthetic) and time of year of a supplement's ingredients can have a significant impact on its cost. Managing natural sources from which the functional principles are to be extracted is not necessary with synthetic ingredients, which also have lower production costs.
Natural raw materials have a higher quality than synthetic raw materials, though. The bioavailability or seasonality of the raw materials used to make dietary supplements is another variable that may have an impact on their final cost.
The cost of producing a supplement is impacted by the fact that most natural ingredients are not always available or that their costs may increase during specific months. Ingredients developed after years of study and financial investment to provide substances of higher calibre, efficacy, and rate of absorption than those currently on the market will probably cost more.
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