Growing geriatric population worldwide and increasing prevalence of vitamin deficiencies are among the major factors driving market revenue growth
New York, October 09, 2021 – Reports and Data has published its latest report titled “Vitamin A Market, By Grade (Feed Grade, Food Grade, Pharmaceutical Grade), By Source, (Natural, Synthetic) By Application (Pro Animal Feed, Pharmaceuticals, Food and Beverages, Human Nutrition, Personal Care & Cosmetics, and Others), By Distribution Channel (Online Channels, Offline Channels), And Region – Global Forecast To 2028”
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According to Reports and Data, the global vitamin A market size was USD 769.7 million in 2020 and is expected to reach USD 1,100.30 million in 2028 and register a revenue CAGR of 5.1% during the forecast period, 2021-2028.
Drivers, Restraints, and Opportunities:
Vitamin A, also known as retinol, is generally found in food and is widely used as a dietary supplement. It is a group of unsaturated organic compounds comprising retinol, retinoic acid, carotenoid and several provitamins. Vitamin A supplements are highly recommended for people with vitamin A deficiency, which leads to vision problems such as xerophthalmia. Proper intake of vitamin A aids in improving eyesight and helps strengthen the immune system. Moreover, it helps in the proper functioning of the heart, kidneys, lungs, and various other organs.
Revenue growth of the global vitamin A market is majorly attributed to growing prevalence of vitamin deficiencies, rising demand for highly functional foods and beverages, increasing demand for vitamin A supplements, and growing sales of health supplements including cosmeceuticals and nutraceuticals. Increasing geriatric population worldwide, rising cases of night blindness, xerophthalmia, and other eye-related diseases, growing consumer awareness of vitamin A-rich foods, and increasing use of the substance in personal care products are other key factors driving growth of the global market in the upcoming years. However, certain side effects associated with consumption of vitamin A such as diarrhea, bleeding gums, and dizziness are expected to impede the global vitamin A market growth to a significant extent.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
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Feed Grade Segment to Account for Largest Revenue Share:
Based on grade, the feed grade segment is projected to account for the largest revenue share in the global vitamin A market over the forecast period. Growing awareness of important role of vitamin A in animal health and bodily growth is a key factor driving growth of this segment. Increasing occurrence of vitamin A deficiency in animals, growing risks of stone formation, urinary tract infection, night blindness, and ulcer formations due to such deficiency, and growing usage in cattle and poultry feed further boost this segment’s growth.
Food and Beverages Application Segment Dominated Other Segments in 2020:
The food and beverages application segment accounted for the fastest revenue CAGR in the global vitamin A market in 2020. Significant revenue growth of this segment is attributed to increasing awareness of vitamin A deficiency and its adverse health effects including eye and skin problems, increasing consumption of functional foods and beverages including infant formulas, growing preference for plant-based fortified foods and beverages, and rising health awareness among consumers.
Asia Pacific to Lead in Terms of Revenue CAGR:
Among regional markets, the Asia Pacific vitamin A market is projected to register the fastest revenue growth rate over the forecast period. Key factors leading to revenue growth of the Asia Pacific market are rising health concerns among consumers, surging demand for foods and beverages rich in Vitamin A, increasing consumption of high-quality functional foods and beverages, and rapid adoption of healthier lifestyles. Improving living standards and rise in incomes levels – especially in developing countries including China and India – increased consumer spending on dietary supplements and nutraceuticals, and growing sales of premium-quality animal feed are other major factors accounting for the Asia Pacific market revenue growth.
Major Companies in the Market Include:
- Pfizer, Inc.
- Zhejiang Medicine Co. Ltd.
- Archer Daniels Midland Company
- I. du Pont de Nemours and Company
- Integrated Biopharma, Inc.
- Bayer AG
- Pharmavite LLC
- Nutraceutical Corporation
- Herbalife International, Inc.,
- BASF SE
- Xiamen Kingdomway Group
- Zhejiang Tianhecheng Bio-technology Shares Co., Ltd.
- Vitafor NV
- Nutrilo GmbH
- Divi’s Nutraceuticals
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For the purpose of this report, Reports and Data has segmented the global vitamin A market based on grade, source, application, distribution channel, and region:
Grade Outlook (Revenue, USD Billion; Volume, 2018-2028)
- Feed Grade
- Food Grade
- Pharmaceutical Grade
Source Outlook (Revenue, USD Billion; Volume, 2018-2028)
Application Outlook (Revenue, USD Billion; Volume, 2018-2028)
- Pro Animal Feed
- Food and Beverages
- Baby Food
- Fortified Food
- Bakery & Confectionery
- Human Nutrition
- Personal Care & Cosmetics
Distribution Channel Outlook (Revenue, USD Billion; Volume, 2018-2028)
- Online Channels
- Offline Channels
Regional Outlook (Revenue, USD Billion; Volume, 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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