Northbrook, IL 60062 -- (SBWIRE) -- 12/13/2023 -- According to a recent research report titled "Vitamins Market by Type, Application, Source, and Region - Global Forecast to 2028," published by MarketsandMarkets, the vitamins market is expected to witness significant growth. The market, estimated at USD 6.7 billion in 2023, is projected to reach USD 8.9 billion by 2028, with a Compound Annual Growth Rate (CAGR) of 6.0% during the forecast period.

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The rising demand for vitamins is attributed to factors such as shifting food habits, busy lifestyles, increased consumption of nutrition-deficient fast foods, and a global rise in geriatric and infant populations. The report highlights the crucial role of vitamins as supplements to address the growing prevalence of vitamin deficiencies, acting as preventive measures against various lifestyle diseases.

Key Findings and Insights:

Market Segmentation:

- The market is categorized by type into Vitamin A, B, C, D, E, and K.

- Applications include healthcare products, food and beverages, feed, and personal care products.

- Vitamins are sourced either synthetically or naturally.

Drivers of Market Growth:

- Consumer awareness regarding fortified healthcare products, such as dietary supplements and infant foods, is a significant driver.

- The dominance of healthcare products as an application is fueled by the need for vitamins and micronutrients to address lifestyle diseases like diabetes and obesity.

Vitamin C's Growing Popularity:

- Vitamin C is projected to experience the highest Compound Annual Growth Rate (CAGR) during the forecast period.

- Its increasing use in skincare and personal care products, attributed to its antioxidant properties, contributes to its growth.

- Vitamin C's oral consumption is also on the rise due to its immunity-boosting benefits.

Synthetic Vitamins Dominating the Market:

- Synthetically sourced vitamins are set to dominate the market, driven by cost-effectiveness and competitive end product prices.

- Despite debates on absorption differences, stability and versatile application make synthetic vitamins increasingly popular.

Regional Growth Prospects:

- Europe is identified as providing the highest growth prospects in 2023.

- Lifestyle diseases and vitamin deficiencies in the European population drive the demand for fortified food products.

- Key players such as Koninklijke DSM N.V., Glanbia PLC, BASF, and Lonza Group contribute to the market's growth in Europe.

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Key Players:

- Major players in the vitamins market include Koninklijke DSM, Glanbia PLC, ADM, BASF, Lonza Group, Adisseo, Vitablend Nederland B.V, Sternvitamin GmbH, and others.

In conclusion, the global vitamins market is witnessing robust growth, propelled by factors like increased consumer awareness, the popularity of fortified products, and the dynamic shift in lifestyles. The forecasted growth underscores the market's importance in addressing nutritional deficiencies and promoting overall health and wellness.

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