The vitamins market is estimated to be valued at USD 5.18 billion in 2018 and is projected to reach USD 7.35 billion by 2023, at a CAGR of 7.3%. The market is driven by the growth in demand for functional and nutritionally enriched processed food products, the prevalence of vitamin deficiencies, and feed fortification due to the rise in global meat & dairy product consumption.
Key players in the vitamins market include Koninklijke DSM N.V. (Netherlands), Glanbia plc (Ireland), ADM (US), BASF (Germany), Lonza Group (Switzerland), Vitablend Nederland B.V. (Netherlands), SternVitamin GmbH & Co. KG (Germany), Farbest-Tallman Foods Corporation (US), Watson Inc. (US), Zagro (Singapore), The Wright Group (US), Rabar Pty Ltd. (Australia), Adisseo (France), Showa Denko K.K. (Japan), and BTSA BIOTECNOLOGíAS APLICADAS S.L (Spain).
Koninklijke DSM N.V. is one of the leading companies involved in the manufacture of nutritional and pharmaceutical ingredients, biomedical materials, thermoplastics, resins, and industrial chemicals. It has well-established R&D centers and laboratories, covering major regions in the Asia Pacific, North America, South America, and Europe. The company offers a broad category of vitamins, which includes fat- and water-soluble vitamins, which cater to the global feed, food, ingredients, and personal care markets. A strong market presence and broad product range are the major factors contributing to the high growth of this company in the vitamins market. The company adopted expansions & investments as a strategy to grow its business. For instance, in May 2018, Koninklijke DSM N.V. invested in further upgradation of its Vitamin C facility in Jiangshan, (China). This aimed to help the company conduct its business in a more sustainable way.
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BASF is a manufacturer of chemical products and has its operations in the market segments of chemicals, performance products, functional materials & solutions, agricultural solutions, and oil & gas. BASF has a strong presence in the European and North American regions. The company has strong financial records and focuses on research activities to help cater to the changing market demands. It has a wide range of vitamin products, which find application in the feed, healthcare, and food industries. The company is engaged in expansion activities to strengthen its production capabilities for vitamin A products to meet the increasing demand from the food and feed industries. In line with this strategy, the company is in the process of constructing a production plant in Ludwigshafen, Germany, which is expected to be fully operational by 2020.
Lonza Group is involved in supplying products to the pharmaceutical & biotech and specialty ingredient markets. Lonza Group’s product portfolio for the vitamins market finds applications in animal as well as human nutrition. The company has a strong focus on innovation and has around 35 R&D facilities in more than 10 countries. It is backed by strong manufacturing capabilities and has established around 62 production facilities worldwide, covering major regions such as North America, Asia Pacific, Europe, South America, and Africa. The company has engaged in organic growth strategies in recent years. For instance, in November 2014, Lonza Guangzhou Nansha Ltd. (China), a subsidiary of Lonza Group, strengthened its presence in the Asia Pacific region by setting up a manufacturing unit for the production of niacinamide (Vitamin B3). This expansion helped the company to increase its production capabilities for vitamin B3 products.
Vitamins Market by Type (Vitamin B, Vitamin E, Vitamin D, Vitamin C, Vitamin A, and Vitamin K), Application (Healthcare Products, Food & Beverages, Feed, and Personal Care Products), Source (Synthetic and Natural), and Region - Global Forecast to 2023
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