Vitamin K2 Market Overview
The vitamin K2 market is expected to cross USD 703.82 million by 2027 at a CAGR of 31.08%. Vitamin K2 deficiency is becoming more prevalent as a result of changing lifestyles and eating habits. The increasing prevalence of vitamin deficient illnesses is driving the market for vitamin-containing nutraceuticals. Vitamin K2 is produced spontaneously in the human intestines by bacteria. Vitamin K2 is deficient in the western diet, and supplementation with dietary and pharmaceutical items is recommended.
The vitamin K2 market expansion is being driven by an increasing patient population suffering from vitamin insufficiency, an increase in demand for nutraceutical products containing vitamin K2, and an increase in osteoporosis and rheumatoid arthritis cases. Recent industry breakthroughs have resulted in the creation of multifunctional nutritional components that, when combined, enhance the functional performance of a variety of complex nutraceutical and pharmaceutical formulations.
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However, strict regulatory requirements for nutraceuticals may restrain market growth throughout the projection period. On the contrary, multifunctional substances provide market participants with opportunity to build innovative products.
COVID-19’s increasing prevalence is expected to have an effect on vitamin K2 market growth over the projection period. The COVID-19 dilemma has had a direct and devastating effect on the healthcare industry. During the earliest stages of the coronavirus outbreak, the majority of pharmaceutical and nutraceutical companies suffered a minor loss in the first few quarters, owing to the outbreak’s abrupt impact on the supply chain and the resulting constraints on manufacturing and supply operations. COVID-19, on the other hand, has raised demand for nutraceuticals, especially vitamin K2, and some important players have seen favourable revenue growth as a result of the increased demand.
Vitamin K2 Market Segmental Analysis
The global vitamin K2 market is segmented by source into natural and synthetic.
The market is segmented by form into capsules & tablets, powder, and oil, as well as others such as tablets, capsules, and soft gels.
The market is segmented by application into nutraceuticals & food and pharmaceutical.
Vitamin K2 Market Regional Overview
The global vitamin K2 market is segmented into the Americas, Europe, Asia-Pacific, and the Middle East & Africa, based on region.
The Americas market is divided into two distinct regions: North America and South America. North America has been further subdivided into the United States of America and Canada. North America is expected to be the largest regional market, owing to growing consumer interest in health and wellness, rising healthcare expenses, and increased demand from pharmaceutical, food and beverage, and cosmetic sectors.
Eastern Europe and Western Europe are both part of the European vitamin K2 market. It is expected to expand significantly over the projection period. Western Europe is comprised of the United Kingdom, Germany, France, Italy, and Spain, as well as the rest of Europe. Consumer awareness of vitamin K2 and rising demand for vitamin K2 in the United Kingdom, France, and Germany are expected to drive market growth over the forecast period.
China, Japan, India, South Korea, Australia, and the rest of Asia-Pacific are included in Asia-Pacific. Asia-Pacific is predicted to develop at a modest rate over the forecast period, owing to the market’s vast prospects, which include an ageing population, growing health concerns, and an increasing patient pool suffering from vitamin deficiency.
Middle East & Africa is estimated to have moderate vitamin K2 market growth over the forecast period, owing to growing health concerns, rising consumption of compound feed, and rising urbanisation in the UAE, Saudi Arabia, and Bahrain, along with rising disposable income. Consumers are increasingly choosing vitamin-fortified meals and supplements, which is fueling market expansion.
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Vitamin K2 Market Competitive Dynamics
The notable players of the vitamin K2 market are Kappa Bioscience (Norway), Lesaffre (France), Viridis BioPharma (India), Seebio Biotech (Shanghai) Co.,Ltd (China), DSM (Netherlands), International Flavors & Fragrances Inc. (US), Kyowa Hakko Bio Co. Ltd (Japan), Purayati (India), Vox Nutrition (US), Anderson Global Group, LLC. (US)
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