Meticulous Research®—a leading global market research company, published a research report titled ‘Vitamin D Market by Analog (Vitamin D3, Vitamin D2), Source (Plant-sourced, Animal-sourced), Form (Dry, Liquid), Application (Pharmaceuticals, Food & Beverages, Feed & Pet Food, Personal Care) — Global Forecast to 2030.’
According to this latest publication from Meticulous Research®, in terms of value, the vitamin D market is projected to reach $2.43 billion by 2030, at a CAGR of 7.1% from 2023 to 2030. Growing demand for vitamins for enrichment or fortification of food & beverages, feed & pet food, pharmaceuticals, and personal care products; rising prevalence of vitamin D deficiency; growing health & wellness trend; and growing demand for dietary supplements are the factors expected to drive this market. However, stringent regulations related to the fortification of food and feed products is expected to impede the growth of this market to a certain extent.
The vitamin D market is segmented based on analog (vitamin D2 and vitamin D3), source (plant-sourced and animal-sourced), form (liquid and dry form), and application (pharmaceuticals, food & beverages, feed & pet food, and personal care). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on analog, in 2023, the vitamin D3 segment is expected to account for the largest share of the vitamin D market owing to its growing awareness regarding its several applications and the continuously rising rheumatoid arthritis patients and other bone-related disorders.
Based on source, the plant-sourced segment is projected to register a faster growth rate during the forecast period of 2023–2030. The growth of this segment is attributed to the rising consumer preferences for plant-based products, the growing vegan population, increasing intolerance for animal-derived ingredients, easy availability of raw materials, and comparatively lower cost of production.
Based on form, in 2023, the dry form segment is expected to account for the largest share of the vitamin D market owing to its benefits, such as stability & high shelf life and ease of handling, transportation, & storage. In addition, there is an increasing demand for vitamin D in powder and capsule forms due to its high solubility.
Based on application, the food & beverages segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing demand for fortified foods, rising consumer awareness regarding the health benefits of vitamin D, and growing health and wellness trend.
This research report also analyzes major geographies and provides a comprehensive analysis of the market in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the vitamin D market. The large share of this market is mainly attributed to the presence of the key manufacturers, easy availability of raw materials, growing demand for functional food ingredients, rising patients of rickets and chronic disorders, and an increase in disposable incomes. In addition, the high vitamin D deficiency among people further supports the growth of this market. For instance, Malaysia has a high deficiency of vitamin D as compared to other regions all over the world, owing to the high prevalence of various non-communicable diseases in the country. According to Malaysia’s National Health survey, the prevalence of diabetes mellitus is increasing rapidly in Malaysia, with an overall exceeding of 18%, and the prevalence of blood glucose is even higher, with 43.3% among people aged 65–69 years in the year 2019.
The key players operating in the vitamin D market include BASF SE (Germany), Dishman Carbogen Amcis Ltd (India), Divi’s Laboratories Ltd. (India), Fermenta Biotech Limited (India), Koninklijke DSM N.V. (Netherlands), Lycored Corp. (Israel), NewGen Pharma Inc. (U.S.), Synthesia a.s. (Czech Republic), Taizhou Hisound Pharmaceutical Co., Ltd. (China), Zhejiang Garden Biochemical High-tech Co., LTD (China), and Zhejiang Medicine Co., Ltd. (China).
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