Redding, California, Jan. 17, 2023 (GLOBE NEWSWIRE) -- According to a new market 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’, in terms of value, the vitamin D market is projected to reach $2.43 billion by 2030, at a CAGR of 7.1% during the forecast period 2023–2030.
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Vitamin D is a fat-soluble vitamin that helps increase intestinal absorption of calcium, magnesium, phosphate, and many other biological effects. It is also produced endogenously when sunlight ultraviolet (UV) rays strike the skin and trigger vitamin D synthesis. Vitamin D obtained from sun exposure, foods, and supplements is biologically inert and must undergo two hydroxylations in the body for activation. Vitamin D is available in two forms, including D2 (ergocalciferol) and D3 (cholecalciferol). Vitamin D2 is derived from plants, fungi and yeast, and vitamin D3 is from animals, including humans. Specific foods like salmon, cod liver oil, egg yolks, and fortified dairy products contain vitamin D in insufficient amounts.
Vitamin D2 and D3 supplements can be taken to reduce deficiency, but vitamin D3 is more effective in sustaining vitamin D levels in the blood. Vitamin D sufficiency prevents rickets in children and osteomalacia in adults. Together with calcium, vitamin D also helps protect older adults from osteoporosis. Major driving factors behind the vitamin D industry include aging skin and limited sun exposure, which can reduce vitamin D absorption and lead to deficient levels in the blood. Vitamin D can be formulated for all applications.
The Impact of COVID-19 on the Vitamin D Market
The COVID-19 pandemic adversely hit many economies globally. Complete lockdowns and movement restrictions were imposed to curb the spread of COVID-19. Many industries have been impacted, including food & beverages, animal feed & pet food, personal care, and supplements.
The outbreak of the COVID-19 pandemic has positively impacted the growth of the vitamin D market. The emergence of the deadly virus resulted in increased consumer awareness of better health and high immunity. As a result, people started buying nutritional products, including vitamin D supplements, in bulk quantities. The demand for vitamin D3 soared due to customers' tendency to buy in quantity because of the lockdown-induced trend. This fueled the launch of numerous products to cater to the rising need, and the manufacturers were encouraging people to buy their products from online platforms to stay safe in their homes.
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The World Health Organization (WHO) studies found that vitamin D levels may help the immune system fight off COVID-19. Vitamin D supplements could help as a preventive or therapeutic agent for COVID-19. Thus, the consumption of vitamin D ingredients supplements has rapidly increased during the spread of COVID-19. Moreover, the online sales of vitamin D supplements were not impacted during the lockdown. The stakeholders operating in the vitamin industries experienced a rapid increase in demand for vitamin D in 2021 and 2022 due to its health benefits.
The vitamin D market is segmented based on analog (vitamin D2 and vitamin D3), source (plant-sourced and animal-sourced), form (liquid form and dry form), and application (pharmaceuticals, food & beverages, feed & pet food, and personal care). The study also evaluates industry competitors and analyzes the regional and country-level markets.
Based on analog, in 2023, the vitamin D3 segment is expected to account for the largest share of the global vitamin D market. However, the vitamin D2 segment is projected to register the highest CAGR during the forecast period of 2023–2030. The rapid growth of this segment is mainly attributed to the growing importance of treating various calcium disorders & parathyroid disorders. Moreover, due to the rising incidences of vitamin D deficiency, the demand for a balanced diet has increased, rising preference towards vitamin D supplements & foods. It plays a vital role in bone health and helps to absorb calcium and phosphorus.
Based on source, the plant-sourced segment is projected to register a faster growth rate during the forecast period of 2023–2030 owing to its increasing intolerance for animal-derived ingredients, rising consumer preferences for plant-based products, growing vegan population, easy availability of raw materials, and comparatively lower cost of production.
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Based on form, in 2023, the dry form segment is expected to account for the larger share of the global vitamin D market. The large market share of this segment is mainly attributed to the higher demand for dry form due to its benefits, such as stability & high shelf life and ease of handling, transportation, and storage. In addition, increasing demand for vitamin D in powder and capsule forms for its high solubility. However, the liquid form is projected to register the highest CAGR during the forecast period of 2023–2030.
Based on application, in 2023, the pharmaceuticals segment is expected to account for the largest share of the vitamin D market. However, the food & beverages segment is projected to register the highest CAGR during the forecast period of 2023–2030. 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.
Based on geography, in 2023, Asia-Pacific is expected to account for the largest share of the vitamin D market owing to the presence of key manufacturers, easy availability of raw materials, growing demand for functional food ingredients, rising patients of rickets and chronic disorders, and increase in disposable incomes. In addition, the high vitamin D deficiency among the people further supports this market's growth. For instance, Malaysia has a high deficiency of vitamin D compared to other regions worldwide, owing to the country's high prevalence of various non-communicable diseases. According to Malaysia’s National Health survey, the prevalence of diabetes mellitus is increasing rapidly in Malaysia.
Some of 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. (The Netherlands), Lycored Corp. (Israel), NewGen Pharma Inc. (U.S.), Synthesia a.s. (The 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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Scope of the Report:
Vitamin D Market, by Analog
- Vitamin D2
- Vitamin D3
Vitamin D Market, by Source
- Plant-sourced
- Animal-sourced
Vitamin D Market, by Form
- Liquid Form
- Dry Form
Vitamin D Market, by Application
- Pharmaceuticals
- Food & Beverages
- Feed & Pet Food
- Personal Care
- Others
Vitamin D Market, by Geography
- North America
- U.S.
- Canada
- Europe
- France
- Germany
- Italy
- U.K.
- Spain
- Rest of Europe
- Asia-Pacific (APAC)
- China
- India
- Japan
- Australia
- South Korea
- Rest of APAC (RoAPAC)
- Latin America
- Brazil
- Mexico
- Rest of Latin America (RoLATAM)
- Middle East & Africa
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