The global vitamin A market is likely to gain impetus from the rising consumption of unhealthy food items worldwide. It is resulting in micronutrient deficiency amongst the masses. This is further causing ophthalmic disorders, such as corneal ulcers and night blindness. Also, the demand for nutritionally enhanced processed food items is upsurging day by day owing to the adverse health effects caused by fast food. Fortune Business Insights™ provided this information in an upcoming report, titled, “Vitamin A Market Size, Share & Industry Analysis, By Type (Natural, Synthetic), By Application (Functional Foods & Beverages, Dietary Supplements, Animal Feed, Pharmaceuticals, Cosmetics & Personal Care) Others and Regional Forecast, 2019-2026.” The report further mentions that vitamin A is extensively used in the animal feed industry because of the increasing demand for dairy products and meat. Besides, it is utilized in the cosmetic industry on account of its positive effects on hair and skin.
What Does This Report Contain?
- In-depth information about the vitamin A market trends, growth drivers, barriers, opportunities, and challenges.
- List of all the segments present in the market.
- Elaborate details regarding the leading region in the market.
- Competitive landscape, including collaborations, investments, mergers and acquisitions, new product launches, contracts, and agreements.
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Drivers & Restraints-
Increasing Demand for Functional Food to Propel Growth
Nowadays, the number of awareness programs regarding the harmful effects of fast food is increasing across the world. Hence, the demand for nutritionally enhanced food and beverages is increasing. In addition to that, the demand for dietary supplements and functional foods is also surging. Vitamin A is very beneficial for the functioning of the eyes.
However, the governments of various countries are putting forward stringent norms regarding the labeling of functional foods and dietary supplements. The FDA’s new labeling rules were implemented from January 1, 2020. As per the regulations, vitamin A will be listed on product labels only in mcg retinol activity equivalents (RAE) and not international units (IUs). It may hinder the vitamin A market growth in the coming years.
Increasing Demand for Dietary Supplements to Favor Growth in North America
In terms of region, the market is fragmented into Asia Pacific, the Middle East and Africa, North America, Europe, and Latin America. Amongst these, North America is anticipated to dominate in terms of vitamin A market revenue owing to the rising demand for dietary supplements because of the health benefits provided by vitamins. Also, the rising number of awareness campaigns to educate the masses about the adverse effects of unhealthy food is causing a rapid shift of the masses towards micronutrient fortified foods and beverages.
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Europe would grow steadily backed by the surging demand for meat and dairy products. The Middle East and Asia Pacific are set to showcase considerable growth on account of the expansion of the cosmetic and personal care industry in both regions. Also, the rising incidence of micronutrient deficiency would augment market growth.
Vitamin Shoppe Launches Only Me; BASF Expands Vitamin A Plant in Germany
The market consists of several big, small, and medium companies that are persistently striving to gain the maximum vitamin A market share by launching novel products to keep up with the rising demand from their consumer bases. They are also investing huge sums in the expansion of their plants to increase production and sales. Below are two of the key industry developments:
- September 2019: The Vitamin Shoppe, a retailer of nutritional supplements based in New Jersey, announced the launch of its latest personalized online assessment called Only Me™. It helps in providing a custom assortment of supplements and vitamins to subscribers every month. The new subscription service delivers consumers with an innovative wellness regimen catered to their lifestyle and health needs while offering premium-quality, trusted products.
- September 2018: BASF, a renowned chemical company headquartered in Germany, declared the expansion of its vitamin A plant at the Ludwigshafen site. The plant first went into operation in 1970 and after the expansion, approximately 5,000 measuring points, 4,000 pipelines, and 600 machines and devices will be integrated into the process control system. It would also aid in upsurging the annual capacity of pure vitamin A by 1,500 metric tons.
Fortune Business Insights™ profiles some of the most prominent organizations present in the vitamin A market. They are as follows:
- Integrated Biopharma, Inc.
- BASF SE
- Adisseo France SAS
- Zhejiang Medicine Co. Ltd.
- Pfizer, Inc.
- Vitamin Shoppe, Inc.
- Koninklijke DSM NV
- Bayer AG
- The Archer Daniels Midland Company
- Other renowned companies
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