Vitamin A plays an important role in vision, cell growth and development, bone and tooth formation and boosting the immune system. It is available in both preformed and provitamin A carotenoid forms. Preformed vitamin A is mainly obtained from foods of animal origin, while provitamin A carotenoids are found in colorful plant foods such as spinach, carrots and mangoes. Growing health awareness among people regarding vitamin deficiencies has encouraged them to adopt preventive health measures through dietary supplements. This has significantly boosted the demand for vitamin A supplements in recent years.
The Vitamin A Market Is Estimated To Be Valued At USD 596.5 Mn In 2024 And Is Expected To Reach USD 844.9 Mn By 2031, Exhibiting A Compound Annual Growth Rate (CAGR) Of 5.1% From 2024 To 2031.
Key Takeaways
Key players operating in the Vitamin A market are DSM N.V., BASF SE, Zhejiang NHU Company Ltd., Adisseo, Zhejiang Medicine Co. Ltd.
The Vitamin A Market Demand offers substantial growth opportunities mainly due to increasing urbanization, rising per capita income and expanding middle-class population in emerging economies. The growing aging population also presents lucrative prospects for vitamin A supplements manufacturers.
Significant investment in R&D by major players to develop innovative delivery formats such as gummies and capsules are further propelling the uptake of vitamin A supplements globally.
Market Drivers
Rising health consciousness among consumers globally is a key driver for the vitamin A market. These micronutrients are essential for maintaining overall health and enhancing immunity. Additionally, growing penetration of online retailers and e-commerce channels has made vitamin supplements easily accessible to customers, thereby bolstering market revenue. Increasing spending on preventive healthcare and nutritional supplements across developing nations will continue fostering market demand in the coming years.
PEST Analysis
Political: The government policies related to import duties, regulations around vitamin supplementation can impact the growth of the vitamin A market. Any changes made to supplement regulations may encourage or discourage consumption.
Economic: Global and regional economic performance, income levels of consumers, inflation rate influence consumer spending on health supplements including vitamin A supplements. Recessions can negatively impact disposable incomes.
Social: Rising health awareness, changing lifestyles and busy schedules leading to inadequate nutrition intake are major drivers for increased adoption of vitamin A supplements. Population growth also contributes to market expansion.
Technological: Advancements in microencapsulation, nanoencapsulation technologies help improving bioavailability, stability and delivery of vitamin A through various innovative delivery formats like gummies, chewables. This encourages higher product adoption.
North America retains the largest share of the vitamin A market globally in terms of value sales. The region has high consumer awareness about nutrition and health benefits of supplements. Availability of wide range products through retail channels and e-commerce boosts market growth.
The Asia Pacific region is expected to be the fastest growing market for vitamin A during the forecast period. Factors such as rising living standards, growing health conscious middle-class population and increasing spending on healthcare supplements contribute to market expansion. China, India and other Southeast Asian countries present lucrative opportunities due to large consumer bases and improving retail infrastructure.
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