The commercialization landscape of vitamin ingredients market for food & personal care is projected to depict a commendable upsurge, owing to the rising awareness about the benefits of vitamins for health. The burgeoning geriatric populace coupled with growing healthcare expenditure has led to the increasing prominence of multi-vitamin products in the food & personal care sector. In addition to this, the rising cases of malnutrition in emerging and underdeveloped economies has also been contributing toward the expansion of vitamin ingredients market for food & personal care applications, that was valued at USD 2 billion in the year 2017.
U.S. Vitamin C Market Size, By Application, 2017 & 2024, (Kilo Tons)
Vitamins ideally help boost body immunity, strengthen bones, heal wounds, boost eyesight and assist in obtaining energy from food, among multiple other functions. The lack of vitamin intake can render an individual helpless, with a feeling of lethargy, vulnerable to infections, and susceptible to other serious conditions. Attributed to these factors, lately, there has been an immense growth in the health food and energy drink segment, which largely relies on vitamin ingredients as the chief product. The surging demand for health drinks and the expansion of the sports nutrition industry are thus expected to majorly drive vitamin ingredients market for food & personal applications in the years to come.
Rising demand for healthy beverages to fuel vitamin ingredients market for food & personal care applications
Vitamin ingredients market for food & personal care applications is anticipated to gain commendable ROI from beverage sales, on account of the shifting health food consumption trends and increasing disposable incomes, that has raised the affordability factor. Most vitamins are incorporated in beverages depending on their health benefits – say for example, Vitamin B3 promotes proper functioning of nerves, aids in healing diabetes, reduces blood pressure, and relieves pellagra & skin irritation. Lonza, a chemicals and biotechnology company, has been the world’s leading supplier of vitamin B3, as Niacin and Niacinamide, for the last 40 years. The extensive deployment of Niacin in energy drinks will thus help propel vitamin ingredients market for food & personal care applications from beverage sales.
Many other vitamins are also upping their ante in the beverage sector, say for instance, lemonade, a common home-made beverage rich in Vitamin C, has lured many beverage manufacturers owing to its boundless global consumption. Vitamin C is a primary antioxidant that helps protect cells from damaging free radicals, reduces the risk of cardiovascular diseases & stroke, and lowers blood pressure. According to reliable estimates, in the United States alone, lemonade sales were valued approximately 451 million liters, in the year 2015. Indeed, Global Market Insights, Inc., projects vitamin C market from beverage applications to register a CAGR of 2.5% over 2018-2024.
Personal Care Applications
Vitamin ingredients market would be witnessing considerable momentum from personal care applications owing to the growing consumption of personal care products, budding desire for appearance enhancement, and the rising disposable incomes. Apart from this, the consistent launch of novel products equipped with myriad benefits would further advance the industry growth. For example, retinoic acid which is an active component of vitamin A is mostly present in anti-aging skin care products, given that it treats fine lines, wrinkles, dark spots, and rough skin prompted by sun exposure.
Vitamin ingredients market from personal care applications is bound to observe a highly appreciable growth map, owing to the contribution of prominent players worldwide. In a recent turn of events, Estée Lauder, a skincare, makeup, fragrance, and hair care products manufacturer, has shown commendable increase in profits and sales over the last quarter, attributed to rising demand from Asia-Pacific region. Estée Lauder’s skin-care business, which has brands like Aveda, Origins, and Clinique under its umbrella, hiked sales by 18% in the previous quarter. In this scenario, it is fairly evident that the growing use of personal care products, especially in the Asia Pacific region, would enable vitamin ingredients market to establish colossal gains in the region in the near future.
Vitamins are organic micronutrients which aid vital functions like metabolism, growth, and repair of the human body. But surprisingly, most of these vitamins need to be supplemented in the diet, due to the body’s inability to generate them, hence extending infinite growth prospects for core companies. In the coming years, vitamin ingredients market for food & personal care applications would leverage the health benefits of vitamins and mounting consumer preference for nutritious food & beverages, propelling the revenue share of this business vertical.