The global vitamin D market share is expected to grow 1.6 times during the forecast period, posing an absolute growth of 62%. The industry is highly characterized by the growing demand for immune health supplements and functional foods. The onset of the COVID-19 pandemic has further accelerated the global vitamin D market growth. The increase in nutrition requirements, upcoming government initiatives, and lucrative investments in end-user industries are expected to drive the momentum further. Multitudes of benefits offered by vitamin D supplements to humans and animals help prioritize the use of these sources. The market is also expected to generate substantial incremental revenue during the forecast period based on increased demand from nutricosmetics, premixes, functional beverages, and vegan sources.
- The vitamin D3 segment is expected to observe an incremental growth of over $670 million due to the rise in health awareness among people and the outbreak of pandemics.
- The dry vitamin D3 segment is likely to observe revenue of over $1.70 billion by 2026 on account of the high stability and extended shelf life of dry supplements.
- The pharmaceutical segment is projected to grow at the highest CAGR during 2020–2026 because of the growing vitamin D applications in therapies and beauty supplements.
- APAC is likely to witness an incremental growth of close to $270 million by 2026, owing to the aging population's growth, especially in Japan, South Korea, and China.
- The Vitamin D market size in India is expected to reach a revenue of close to $110 million by 2026 due to lucrative growth opportunities in the pharmaceutical and animal feed industries.
GLOBAL VITAMIN D MARKET SEGMENTATION
This research report includes a detailed segmentation by
INSIGHTS BY ANALOG
The high demand for concentrated and pure forms in dietary supplements is increasing the preference for D3 vitamins. The APAC region is estimated to be the fastest-growing region during the forecast period because of the high prevalence of vitamin D deficiency in the population. China, along with India, Malaysia, Thailand, and Singapore, is expected to play a vital role in supplementing the region's growth. The market landscape for these supplements is likely to be optimistic for the next five years as dietary supplements' preference is expected to surge following the outbreak of the pandemic across the globe.
Vitamin D2 (ergocalciferol) has a considerable presence in the dietary supplements industry, with infants and children whose 25 (OH)D is less than 20ng/mL are the major end-users. Vitamin D2 plays an important role in treating several bone disorders and complicated medical conditions. The rise in hypoparathyroidism, familial hypophosphatemia, and rickets conditions is expected to augment these supplements' growth. They are also proven to reduce the recurrence of milk fever in cows, thereby driving the feed industry's application.
INSIGHTS BY APPLICATION
While the boom in nutricosmetics is expected to support the pharma industry, proven scientific dividends of vitamin D in the skin and body care are enforcing the application in cosmetic creams, moisturizers, and oils. Animal feed and pet food industries have remained as other dominant end-users after the pharmaceutical industry as vitamin D has become a key ingredient for premixes. Mandatory fortification policies in major economies such as the United States, Canada, and the UK have accelerated the functional and fortified foods market's momentum. As government bodies and health associations are enforcing the consumption of supplements at adequate levels following the COVID-19 pandemic, it is expected to stimulate growth during the next five years. Pregnant women continue to drive vitamin D consumption through supplements as the lack of these substances could promote the onset of hypovitaminosis D.
INSIGHTS BY FORM
Dry vitamin D accounts for most market share as this form increases stability and offers extended shelf life. Vitamin D3, which is the largest selling segment, is highly manufactured in the dry powder form for feed manufacturing as a premix and dietary supplements. Innovations in manufacturing techniques, such as the spray dry technique and the preference for longer shelf life, have enabled the dry form's growth. Beadlet and crystalline forms, which are considered upcoming potential forms, are preferred in end-user industries such as pharmaceuticals, feed, and cosmetics. However, the liquid form is expected to increase in adoption, especially in the fortified food and animal feed segment during the forecast period. With a triggered demand for supplements from the feed industry, the segment is expected to pose an absolute growth of 56% during the forecast period.
INSIGHTS BY GEOGRAPHY
Driven by the growing number of the vegan population and flexitarians in the European region, the demand for vegan-based fortified foods and supplements, where the dependency on D2 can be elevated in the coming years, is increasing. Vitamin D3 is highly preferred for supplementation purposes in the region as they are more biostable with high shelf life. Supplementation is the dominant segment for the vitamin D market as Europe is considered the leader in pharmaceutical innovations and new formulations. Moreover, innovations in ready to drink products, including vitamin-fortified ones and juice shots, could be a major focus in the coming years in key markets such as the UK, Germany, and France.
INSIGHTS BY VENDORS
Innovations, research processes, competitive landscape, substitute threats, and stringent regulations from medical health bodies are expected to intensify competition among the market players. Brands offer a comprehensive portfolio of oily and dry vitamin D3 supplements that are applied in food, beverage, and other dietary applications. Clinically-proven formulas and scientific research are the major differentiating factors that can substantially increase investments in the market. The market can witness the rise in vendors specializing in vitamin supplements targeted by vitamin D manufacturers. Further, constant online engagements are necessary to gain leads, as e-commerce still plays a significant role.
The global vitamin D market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
- Animal Feed and Pet Food
- Functional Food and Beverages
- Personal Care
- North America
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa