by The global Vitamin D Ingredients Market is estimated to be valued at US$ 3.23 Bn in 2023 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Vitamin D ingredients are nutritional elements that occur naturally in foods and also available as dietary supplements. Vitamin D plays an important role in regulation of calcium levels and phosphorus absorption in the body. It is essential for maintaining normal bone and teeth health. Some of the key vitamin D ingredients are vitamin D2 (ergocalciferol), vitamin D3 (cholecalciferol), and vitamin D oils. Growing awareness about health benefits of vitamin D ingredients coupled with recommendations by health organizations to increase vitamin D intake are major factor boosting growth of this market.
Market Key Trends:
Rising initiatives by governments and organizations to fortify food products with vitamin D is a major trend fueling growth of this market. For instance, in 2019, the U.S. Food and Drug Administration mandated food manufacturers to fortify all enriched grain products such as bread and cereals with vitamin D. Similarly, growing vegan and flexitarian population is increasing demand for vitamin D supplements derived from plant-based sources like mushrooms, which is creating new opportunities for key players operating in this market. Other key trends include increasing adoption of clean label ingredients and customization of vitamin D formulations according to deficiency levels.
Porter’s Analysis
- Threat of new entrants: Low barriers to entry as the market has existed for long. However, established players dominate production and distribution leading to economies of scale which deters new entrants.
- Bargaining power of buyers: Moderate as key raw materials are commoditized and buyers have substitutes. Buyers seek differentiated products and consolidated sourcing.
- Bargaining power of suppliers: Moderate as key raw materials are commoditized. Suppliers have increasing influence due to consolidation.
- Threat of new substitutes: Low as vitamin D has unique health benefits with no close substitutes. Innovation is around delivery formats.
- Competitive rivalry: High amongst major players for market share and differentiation. Pricing pressure exists due to commoditization.
Key Takeaways
The global Vitamin D Ingredients market is expected to witness high growth, exhibiting a CAGR of 11% over the forecast period, due to increasing health awareness and shifting consumer preference toward preventive healthcare.
The North American region dominates the Vitamin D Ingredients market currently and is expected to continue its dominance over the forecast period. This is attributed to rising health consciousness, increasing prevalence of vitamin D deficiency, and growing demand for convenience foods fortified with vitamin D in the region. Meanwhile, Asia Pacific is expected to be the fastest growing market for vitamin D ingredients led by developing nations like India and China.
Key players operating in the Vitamin D ingredients market are BASF SE, Dishman Netherlands B.V., Royal DSM N.V., Barr Pharmaceutical, Lycored Limited, Zhejiang Garden Bio-chemical High-tech Company Limited, Fermenta Biotech Ltd, Schiff Nutrition International, Inc. (Reckitt Benckiser), Glaxo Smith Kline, J.R. Carlson Laboratories. These key players are focusing on new product launches, partnerships, and expansions to stay ahead of the competition.
