Global Vitamin K2 Market size to touch USD 228.27 million by 2023. It can expand at 31.08% CAGR from 2018 to 2023 (forecast period).
Vitamin K2 Market Outlook:
The alarming cases of vitamin deficiency is expected to be the primary driver of the market. According to the Food and Agriculture Organization of the United Nations (FAO), vitamin K deficiency bleeding (VKDB) in infants has become a serious concern. This can create opportunities for the market.
Increasing rate of vitamin deficiency disorders has created the need for nutraceuticals or supplements inclusive of vitamin K2. In addition, benefits of the vitamin which can reduce the possibility of bone and cardiovascular disorders is likely to spur market growth. High incidence of osteoporosis which prevents formation of new tissues can be treated with regular supply of vitamins. According to the Osteoporosis Foundation, more than 40 million above the age of 50+ suffered from the disease in 2017. The vitamin K2 market can capitalize on the trend by aiding in its treatment by strengthening bones.
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Vitamin K2 Market Segmentation Analysis:
The global vitamin K2 market is segmented by Product Type, Source, Form, and Application.
By product type, MK-7 accounted for 71.61% market share in 2017, followed by MK-4 (21.87%) and others (6.52%). The MK-7 segment can touch a value of USD 165.91 million by 2023. On the other hand, MK-4 can accrue USD 48.93 million at a CAGR of 30.63% during the forecast period.
By source, natural accounted for 64.88% share and synthetic accounted for 35.12% share in 2017 respectively. The natural source is expected to exhibit 30.72% CAGR during the forecast period to touch a size of USD 145.73 million by 2023. On the other hand, the synthetic segment is projected to reach USD 82.54 million by 2023, growing at 31.73% CAGR over the assessment period.
By form, powder held 52.75% share in 2017, followed by oil (36.96%) and others (10.29%). The powder form can accrue revenue worth USD 117.89 million by 2023, exhibiting 30.62% CAGR during the review period. The oil segment can display the strongest CAGR of 32.61% over the assessment period to reach a size of USD 90.43 million by 2023. This can be credited to its effective dosage method for supplying K2 successfully.
Among applications, nutraceutical & food accounted for 85.46% share in 2017, while pharmaceutical held 14.54% share. The pharmaceutical segment can exhibit 32.05% CAGR during the forecast period to generate USD 34.69 million for the vitamin K2 market by 2023. On the other hand, the nutraceutical & food segment is projected to exhibit 30.91% CAGR to generate close to USD 193.57 million by 2023.
Vitamin K2 Market Competitive Analysis:
Major players in the vitamin K2 market include,
- Danisco A/S
- Kyowa Hakko Bio Co. Ltd.
- Gnosis SpA
- Kappa Bioscience
- Seebio Biotech
- Viridis BioPharma
- and Geneferm Biotechnology Co. Ltd.
Collaborations, investments in R&D, and expansions are strategies incorporated by these players to increase their profit margins. In November 2018, Kappa Bioscience gained a license to import vitamin K2 based drugs, K2VITAL DELTA. The intake of these pills can reduce hardening in the arteries and reduce the probability of cardiovascular diseases.
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Vitamin K2 Market Regional Analysis:
Geographically, the vitamin K2 market is segmented into Europe, Asia Pacific (APAC), Americas, and the Middle East & Africa (MEA). Americas dominated the market with 42.93% market share in 2017, followed by Europe (38.87%), APAC (14.65%), and MEA (3.55%).
The APAC region can generate close to USD 31.11 million by 2023, growing at 29.51% CAGR over the forecast period. This can be attributed to its huge consumption by the population in China, India, and Australia.
On the other hand, the Europe vitamin K2 market can reach a valuation of USD 94.50 million by 2023. It can exhibit the fastest CAGR of 32.45% during the assessment period. The Americas region can generate 97.01 million by 2023 owing to youth and geriatric populace focused on safeguarding their health. The MEA region can experience a modest growth rate owing to government-backed campaigns which emphasize on citizen wellness.
Multifunctional ingredients have become the rage in the pharmaceutical industry due to their ability to maintain taste, texture, and extend shelf life of foods. In addition, its potential to increase the dosage of nutraceutical and pharmaceutical formulations is likely to bode well for the vitamin K2 market. The aging populace offers a bright opportunity for manufacturers to innovate and produce beverages and foods which can enhance bone health.
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