Vitamin K2 Market Overview
The vitamin K2 market is projected to estimate a value of USD 703.82 million by 2027 and a CAGR of 31.08 % during the forecast period. Vitamin K2 is limited in the western diet, but it is important to have vitamin K2 in the supplementary diet to maintain proper health conditions. The growth factors contributing to the Vitamin K2 Market growth are raising the number of vitamin deficiencies patients, higher demand for nutraceutical products, and cases of osteoporosis and arthritis are boosting up the market. The multifunctional ingredients offer industrial players opportunities to make advanced products.
Vitamin deficiency disorders are highly increasing the demand for nutraceuticals which are acting as a key market driver. Vitamin K deficiency bleeding (VKDB) is a health disorder or condition in infants due to which the blood doesn’t stop blood; this has raised the demand of Vitamin K2 Market.
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During the initial stage of the pandemic, the Vitamin K2 Market noticed mild loss when the pharmaceutical and nutraceutical companies were affected due to the lockdown. Which disrupted the supply chain process. But the further days of COVID-19 have led to higher demand for vitamin K2, and several key players overtook the opportunities, which have led to the increased sales rate.
The Vitamin K2 Market is segmented into various segments such as product type, source, form, and application.
The product type segment is classified into MK-7, MK-4 and Combination Drugs. Based on the source, the market is segregated into natural and synthetic.
The form segment of the market is categorized into capsules and tablets, powder, oil and others. The others include vitamin K2 products in the form of gel, pastille, liquid, and chewing gum. The application segment is comprised of nutraceuticals & food, and pharmaceuticals. The pharmaceutical segment will notice a significant growth rate due to the rise in applications of vitamin K2 in the pharmaceutical industry.
According to the geographical data, the Vitamin K2 Market is distributed in major regions such as the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
Among the Americas, the North American region is covering the largest market due to the higher adoption of herbal medicines, increase in focus of consumers based on food and beverage companies, health and wellness, growing healthcare expenses, and demand from industry verticals like pharmaceutical industries, and cosmetic industries are driving the regional market.
The European region will observe significant growth in the forecast period due to emerging countries like the UK, Germany, France, Italy, Spain and the rest of Europe. The rise in concern and consumer awareness on vitamin K2 and the growing demand for vitamin K2 is propelling the regional market.
Asia-Pacific has technologically developed regions like China, Japan, India, South Korea, Australia, etc. Asia-Pacific is emerging due to the presence of lucrative opportunities like a huge senior population, raising concerns about health and the number of cases of vitamin deficiency.
The Middle East & Africa will observe moderate market growth due to increased health concerns, consumption of compound feed, and disposable income in regions like UAE, Saudi Arabia, and Bahrain. Consumers are choosing vitamin-fortified foods, and rising government health awareness campaigns for fighting against heart diseases and osteoporosis are accelerating the market.
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In May 2021, Lesaffre acquired NattoPharma, a specialist in Vitamin K2, by expanding the product portfolio in the human nutrition and health market. Additionally, it enhanced the company’s Vitamin K2 research and market segment.
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