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The consumption of vitamin A containing functional foods is increasing across the globe. The number of people having micronutrient deficiency is increasing due to the consumption of unhealthy foods. Vitamin A deficiency leads to ophthalmic disorders such as night blindness and corneal ulcers. The awareness of adverse health effects due to the consumption of fast foods has resulted in the increased demand for nutritionally enhanced processed foods. The demand for dietary supplements is increasing on account of an increasing number of people suffering from micronutrient deficiency.
Vitamin A has a strong application in the animal feed industry. The growing demand for meat and dairy products across the globe is driving the development of nutritionally rich animal feed. Vitamin A is extensively used in the cosmetic industry owing to its positive effects on skin and hair. The demand for naturally sourced vitamin A has increased on account of a growing demand for natural products.
Key Market Driver -
The Increasing Demand for Nutritionally Enhanced Foods
Key Market Restraint -
Stringent Government Regulations for Labelling of Functional Foods and Dietary Supplements
The rising awareness of adverse health effects due to the consumption of fast foods is driving the demand for nutritionally enhanced foods and beverages. The increasing demand for functional foods and dietary supplements is expected to fuel the growth of the global vitamin A market. Vitamin A is vital for the normal functioning of eyes. The growth of the market is also expected to be driven by increasing demand of vitamin A in the cosmetic industry attributed to its positive effects on hair and skin.
The strict government regulations related to the labelling of functional foods and dietary supplements is expected to act as a key restraint for the growth of the market. FDA’s new labelling regulations for foods and dietary supplements, effective from January 1, 2020, states that the vitamin A will be listed on product labels only in mcg RAE (Retinol Activity Equivalents) and not IUs (International Units).
The key players operating in global vitamin A market are, Pfizer, Inc., BASF SE, Amway, Koninklijke DSM NV, The Archer Daniels Midland Company, Zhejiang Medicine Co. Ltd., Bayer AG, Vitamin Shoppe, Inc., Integrated Biopharma, Inc. and, Adisseo France SAS.
The global vitamin A market is segmented by type, by application and, by geography. By type, the market is divided into natural and synthetic vitamin A. The natural type of vitamin A is expected to witness the highest growth on account of the rising demand for natural and plant-based products. The naturally sourced products are believed to have no adverse health effects.
Based on the application, the market is segmented in functional foods & beverages, dietary supplements, animal feed, pharmaceuticals and, cosmetic & personal care. The Functional foods & beverage sector is expected to show the highest growth. The demand for functional foods & beverages is higher due to the growing awareness of adverse effects on health resulting from the consumption of fast foods.
North America is expected to show the highest growth of the market. The rising awareness of micronutrient deficiency due to the consumption of unhealthy foods is amplifying the demand for micronutrient fortified foods and beverages. The health benefits of the consumption of vitamins is increasing the demand for dietary supplements. The escalating demand for meat and dairy products in North America and Europe is expected to expand the market in these regions.
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The expansion of the cosmetic and personal care industry in Asia Pacific and Middle East regions is expected to drive the growth of vitamin A market in these regions. The Increasing number of people suffering from micronutrient deficiency is expected to fuel the growth of the dietary supplements industry.
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