Vitamin D Market - Global Outlook and Forecast 2021-2026

INDUSTRY INSIGHTS

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. The market for vitamin D3 is expected to generate incremental revenue of USD 668 million during the forecast period. Europe is the largest market for vitamin D due to the concentration of end-user industries. Rise in prevalence of vitamin deficiencies, growth in disposable income, aging population, and the diversification of fortified foods is driving the market in APAC at a CAGR of 10%.

SNIPPETS

• The Vitamin D market size in India is expected to reach a revenue of close to USD 110 million by 2026 due to lucrative growth opportunities in the pharmaceutical and animal feed industries.
• The vitamin D3 segment is expected to observe an incremental growth of over USD 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 USD 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 USD 270 million by 2026, owing to the aging population's growth, especially in Japan, South Korea, and China.

GLOBAL VITAMIN D MARKET SEGMENTATION

This research report includes a detailed segmentation by

• Analog
• Form
• Application
• Geography

INSIGHTS BY ANALOG

The D3 vitamin segment was valued at USD 1 billion in 2020 and is estimated to grow at a CAGR of approx. 9% during the forecast period.

The high demand for concentrated and pure forms in dietary supplements is increasing the preference for D3 vitamins. The market for vitamin D3 is expected to witness growth in the next 5 years due to the increased demand for dietary supplements after the outbreak of the COVID-19 pandemic in 2020. 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 D2 vitamin segment is estimated to grow with a CAGR of over 7% during the forecast period. Vendors are recommended to base their product formulations on natural sources owing to the increased demand for natural and herbal-based ingredients. This is a major strategy for growth in health-conscious nations. The D2 segment is expected to contribute 29% of the total revenue generated by 2026. Vitamin D2 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. The European region is expected to grow at a CAGR of 7% in the D2 segment. The APAC region is estimated to grow at the fastest CAGR of over 8% in the segment.

INSIGHTS BY APPLICATION

The pharmaceutical segment accounted for 47% of the market share in 2020.

While the boom in nutricosmetics is expected to support the pharma industry, proven scientific dividends of vitamin D in skin and body care are enforcing the application in cosmetic creams, moisturizers, and oils. The pharmaceutical segment accounted for the largest shares and is expected to pose an absolute growth of 72% by the end of 2026. North America is expected to generate an incremental growth of USD 129 million in the segment during the forecast period.

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. The segment is expected to reach USD 0.74 billion by 2026 with an estimated CAGR of 7% during the forecast period. North America is expected to generate incremental revenue of USD 34 million whereas Europe is expected to pose an absolute growth of 59%. The Latin America region is expected to pose an absolute growth of 39% in the segment due to the major feed-producing countries such as Mexico.

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. The functional food and beverage segment in the global vitamin D market was valued at USD 195 million in 2020 and is expected to reach USD 316 million by 2026, growing at a CAGR of 8% during the forecast period. The increasing disposable income of the middle class in the developing economies of APAC and Latin America has accelerated the demand for vitamin D supplements.

INSIGHTS BY FORM

The dry vitamin segment is expected to pose an absolute growth of 65% during the forecast period.

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 supplement. Innovations in manufacturing techniques, such as the spray dry technique and the preference for longer shelf life, have enabled the dry form's growth. The dry vitamin segment valued at USD 1 billion in 2020. Europe and North America are likely to grow at CAGRs of 8% and 9%, respectively.

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. APAC is the fastest-growing region for the segment and is expected to grow at a CAGR of over 8%. North America is expected to account for USD 180 million by the end of 2026.

INSIGHTS BY GEOGRAPHY

Around 42% of US consumers are vitamin D deficient.

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. The European region is expected to pose an absolute growth of 59% during the forecast period. More than 55% of the growth is expected to come from the markets in Germany, France, and Italy.

North America accounted for a 26% market share in 2020 with the US being the largest contributor. Around 42% of US consumers are vitamin D deficient. Increasing health among the millennial population, the high proportion of dietary supplements with vitamin D, the mandatory vitamin D fortification policies, and investments in the pharmaceutical sector are major growth enhancers for the market. COVID-19 has increased the demand for vitamin D supplements in the region owing to its significance in enhancing immunity.

China and India were the largest contributors of the APAC region and accounted for over 51% of the region’s revenue shares in 2020. Rapid urbanization, changes in lifestyle, western influence in food consumption, demographic profile, and favorable opportunities for industrial investments and expansions are expected to drive the market during the forecast period. The APAC region is expected to witness the fastest growth with a CAGR of 9.50% during the forecast period primarily driven by the feed and pharmaceutical industries. The increasing prevalence of osteoporosis among the Japanese population is also driving the demand for vitamin D products.

INSIGHTS BY VENDORS

BASF, Fermenta Biotech, DSM, Dishman Group, and Zhejiang Garden are the major companies occupying 75% of the vitamin D market share in 2020.

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:

By Analog

• Vitamin D2
• Vitamin D3

By Form

• Dry
• Liquid

By Application

• Pharmaceuticals
• Animal Feed and Pet Food
• Functional Food and Beverages
• Personal Care

By Geography

• North America
  • US
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
• APAC
  • China
  • Japan
  • South Korea
  • Australia
  • India
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • Saudi Arabia
  • South Africa
  • UAE