(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Sept. 21, 2023 (GLOBE NEWSWIRE) -- The "Vitamin A Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The Global Vitamin A Market is on a robust growth path, with a projected Compound Annual Growth Rate (CAGR) of 4.3% during the forecast period.
The increasing consumption of vitamin A-containing functional foods worldwide is a key driver of this growth. Micronutrient deficiency is a growing concern due to unhealthy dietary habits, leading to ophthalmic disorders like night blindness and corneal ulcers. According to the World Health Organization, at least 2.2 billion people had near or distance vision impairment last year. As awareness of the adverse health effects of fast food consumption grows, so does the demand for nutritionally enhanced processed foods.
In response to a rising number of people suffering from micronutrient deficiency, the demand for dietary supplements, including vitamin A, is on the rise. Vitamin A's extensive use in the cosmetic industry, thanks to its positive effects on skin and hair, further bolsters its demand. Additionally, there's a surge in the demand for naturally sourced vitamin A, reflecting the growing preference for natural products.
Animal feed also plays a significant role in driving the demand for vitamin A. As global demand for meat and dairy products continues to grow, the need for nutritionally rich animal feed rises accordingly. Food fortification is another driving factor, given the prevalence of micronutrient deficiencies globally and the lack of these essential nutrients in food, which can lead to malnutrition.
Vitamin A Market Trends
Increase in Demand for Fortified Foods and Beverages
Over the past decade, a significant shift has occurred in people's lifestyles and dietary habits. Urbanization, coupled with increased consumer awareness, has led to a surge in the consumption of artificial food products, resulting in an uptick in lifestyle diseases.
This trend has fueled the demand for functional and nutritionally enriched processed food products, thereby increasing the incidence of vitamin deficiencies. Moreover, a growing geriatric population, increased healthcare expenditure, rising occurrences of ophthalmic diseases, and heightened healthcare awareness are all contributing factors to market growth.
Functional foods offer specific health benefits beyond regular nutrient intake, such as improved bone health, cholesterol management, enhanced heart health, and benefits related to eye health and vision.
The rising demand for nutritional and fortifying food additives is expected to drive market growth. Food manufacturers are increasingly incorporating nutritional additives, including vitamin A, into their products to enhance their nutritional content. Governments in developing countries like China, South Korea, and India are introducing initiatives to boost the consumption of fortified foods and beverages, further driving market expansion.
Asia-Pacific Remains the Fastest-growing Region
Asia-Pacific has been experiencing robust growth in recent years, driven by improved living standards and increased consumer education about health supplements infused with micronutrients like vitamins and minerals.
The vitamin A market in the region is growing significantly due to the rising prevalence of vitamin A deficiency diseases, such as rhodopsin, a photoreceptor pigment. The region offers a wide range of applications to meet consumer demands. Increased research and development (R&D) efforts by key market players in the vitamin A market have led to product launches that cater to diverse consumer needs.
The shift in consumer focus towards a healthy diet, driven by rising economic standards and rapid urbanization, is another contributing factor to market growth. While government initiatives to control vitamin A deficiency diseases and growing health consciousness among consumers fuel market expansion, challenges like side effects related to the interaction of vitamin supplements with drugs and vitamin A toxicity must be addressed. Partnerships and acquisitions by major market players present growth opportunities for the vitamin A market.
Vitamin A Industry Overview
The vitamin A market is characterized by consolidation, with a few key players holding a majority of the market share. Companies like Koninklijke DSM NV, BASF SE, Fenchem, Archer Daniels Midland Company, and Zhejiang NHU Co. Ltd dominate the market.
These companies are focusing on expansion and partnerships with other global vitamin producers to enhance their production capabilities and incorporate cost-efficient techniques, solidifying their market positions. Brand loyalty is a crucial factor, with ingredient quality playing a pivotal role in brand positioning in this B2B market. R&D investments aimed at providing differentiated product offerings are a key focus for these companies.
A selection of companies mentioned in this report includes
Koninklijke DSM NV BASF SE Fenchem Archer Daniels Midland Company Zhejiang NHU Co. Ltd Divi's Laboratories Limited Foodchem International Corporation Zhejiang Medicine Co. Ltd. Adisseo Nutrilo GmbH
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