Market Overview
- Serious sickness can result from excessive vitamin intake or a vitamin shortage. Fruits were the only source of vitamins until 1935. After then, vitamins based on yeast extract were produced in tablet form, and gradually, a variety of vitamin supplements that assist treat vitamin deficiencies entered the market. Vitamins can either be fat- or water-soluble. Vitamins A, D, E, and K are four of the 13 vitamins that are fat-soluble; the other nine vitamins, including eight B vitamins and vitamin C, are water-soluble. The wellness sector has a high demand for the vitamin market. In the supplement market, there is an increase in the demand for vitamins.
- The vitamin market is being driven by all of these factors. Children are also given vitamin prescriptions by doctors since vitamins are crucial for foetal development. Vitamin D is becoming more and more well-known and is crucial for women who are nursing and pregnant to ensure the health of their unborn children. Vitamins and multivitamins have been used in a wide variety of market categories. Additionally, vitamins are being employed as premixes and additives. Due to the wide range of uses for vitamins and vitamin supplements, their creators invested in research and development to better understand the additional nutritional needs of various people.
- The market will be driven by this during the projected period. Numerous dairy products, including milk, wheat, and many others, include different types of vitamin B, which improves the nutritional value of the items. Sports drinks also include several types of B vitamins. The most popular uses of vitamins are as premixes and additions. The market for vitamins is driven by several elements.
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Market Synopsis
According to Data Bridge Market Research, for the vitamins market was valued at USD 6.55 billion in 2021 and is projected to increase to USD 11.94 billion by 2029, with a CAGR of 7.8% predicted for the forecast period of 2022 to 2029.The global vitamin market is anticipated to experience revenue growth as a result of factors such as increasing demand for vitamins due to changing lifestyles and to prevent chronic diseases, increasing demand for vitamins in energy drinks to maintain daily vitamin intake and boost immunity, and rising incorporation of vitamin C in various serums, cosmetics, and personal care products. Due to unhealthy lifestyles, inadequate nutrition and exercise, and bad eating habits, vitamins are also in great demand. Additionally, the market’s revenue growth is fueled by the rising use of various vitamins in foods and drinks as well as the rising usage of technology for the creation of cutting-edge goods. By using this technique, tiny capsules that shield vitamins from UV breakdown are created.
COVID-19 Impact on Vitamin Market
The market for vitamins has been significantly impacted by the COVID-19 epidemic. Due to disruptions in distribution networks, the COVID-19-related economic crisis is having an impact on the Vitamin Market
Since the COVID-19 pandemic, individuals have adopted remote working and learning practices, which has altered their way of life and increased their reliance on screens, resulting in many eye and health issues. The significance of vitamins to sustain a healthy lifestyle has also grown due to poor food quality and inadequate physical exercise. People had more time for self-care and beauty routines during the epidemic, and vitamin C has become the most popular substance for achieving a healthier-looking complexion, improving immunity, and treating skin issues. Additionally, since individuals spent more time indoors due to the COVID-19 epidemic, their exposure to sunlight was reduced, which increased the need of vitamin D3. The body can be strengthened by vitamin D3 against viral and bacterial illnesses.
A breakdown in any part of the supply chain for supplements, from farmers to dealers, transporters and distributors to manufacturers, may bring the entire network to a halt. However, as vitamin deficits become more commonplace in the post-COVID world, there is an increasing demand for the vitamins market.
Additionally, failure to consume adequate vitamins over an extended period of time results in vitamin deficiency, which can cause a number of health issues, including iron and protein-energy malnutrition, scurvy, rickets, beriberi, and bleeding gums. These elements have increased the significance of consuming vitamins every day through supplements, which is further anticipated to support the market’s expansion in terms of revenue.
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