Vitamin A Market Segment Analysis-By Type Based on Type,
the Vitamin A Market is segmented into Feed Grade Vitamin A, Food Grade Vitamin A, and Pharmaceutical Grade Vitamin A. The Food Grade Vitamin A segment is anticipated to have the largest share of the market in 2021 and is poised to dominate the market during the forecast period 2022-2027. Food grade type has a lower concentration of vitamin A and higher concentration of other substances such as fillers, dyes and binders. This means that they can be consumed in relatively large qualities for a longer period of time. This makes them ideal for food fortification, confectionery vitamin A supplements and as an ingredient in functional food & beverage products. However, the pharmaceutical grade vitamin A segment is projected to grow the fastest at a CAGR of 6.7% owing to the rise in prevalence of severe vitamin A deficiencies. The high vitamin A concentration and absorption capability of pharmaceutical grade type makes them more effective in eliminating severe deficiencies in patients.
Vitamin A Market Segment Analysis-By Application
The Vitamin A Market based on Application can be segmented into Functional Food & Beverages, Pharmaceutical, Animal Feed, Cosmetics and Others. The Functional Food & Beverages segment accounted for the largest share of the market in 2021. They can be further segmented into dairy, baby food, bakery & confectionery, beverages and others. Vitamin A is a key component in numerous functional food and beverage products owing to their immunity boosting and muscle development properties. In addition, functional food and beverages with vitamin A also helps improve collagen production and slows down the aging of skin. Pharmaceutical segment is anticipated to witness the fastest growth during the forecast period at a CAGR of 6.8% owing to the rapidly rising prevalence of vitamin A deficiency among children between the ages of 6 months and 5 years.
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Vitamin A Market Segment Analysis-By Geography
The Vitamin A Market based on Geography can be segmented into North America, Europe, Asia-Pacific, South America, and Rest of World. The North American segment is projected to dominate the Vitamin A market during the forecast period 2022-2027 with a market share of 37.0% owing high customer awareness levels and rising demand for functional food and beverage products in the region. Moreover, various mandatory regulations regarding the need for fortifying food products with vitamin A in North America is contributing to market growth. For instance, the Canadian Food and Drug Regulations (FDR) mandates that products such as skim milk, margarine, Infant Formulas, meal replacements and nutritional supplements and instant breakfasts need to be fortified with vitamin A. The Asia Pacific region is predicted to register the fastest growth at a CAGR owing to the rise in government initiatives for combating vitamin A deficiency in the emerging economies such as India, China and Bangladesh.
Vitamin A Market Drivers
Rising Use of Vitamin A Products in Skincare is Projected to Drive Market Growth.
The growing use of vitamin A products for skincare applications is driving the market during the forecast period. Vitamin A is added to numerous skincare products such as moisturizers, sunscreen, vitamin-infused oils, and anti-aging creams. In addition, tropical retinoids are applied on the skin for controlling acne owing to their anti-inflammatory properties. Nearly 40% men and 54% of women older than 25 years of age have facial acne in the US alone. Apart from cosmetic products, there has also been a surge in demand for ingestible vitamin A beauty supplements to improve skin health by fighting free radicals.
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Vitamin A Market Challenges
The High Incidence of Vitamin A Toxicity is Anticipated to Hamper Market Growth.
Growing prevalence of vitamin A toxicity in developed regions is a major challenge to the market as it reduces the use of products containing the vitamin in the region. The toxicity can result in various symptoms such as headache, rash, hair loss and even liver damage. Moreover, vitamin A toxicity in pregnant women can result in severe birth defects and liver toxicity for the infant. There are nearly 60,000 cases of vitamin A toxicity in the US every year. According to the US National Library of Medicine, supplements are the most common cause of vitamin A toxicity.
COVID-19 Pandemic and Subsequent Restrictions is Projected to Limit Growth Opportunities.
The COVID-19 pandemic and subsequent restrictions have significantly affected the global distribution of vitamin A supplements and drugs. The effect was more severe in low-income regions of Africa where the prevalence of vitamin A deficiency is the highest. For instance, vitamin A deficiency is responsible for nearly 6% of child deaths under the age of 5 years in Africa. The pandemic caused major difficulties in procuring essential vitamin A products and caused challenges in ensuring effective distribution among the population. For instance, only 41% of the targeted African children were provided with vitamin A supplements in 2020. According to the UNICEF, the coverage in West and Central Africa decreased from 67% in 2019 to only 29% in 2020.
Vitamin A Market Industry Outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Vitamin A Market. Top 10 companies in of the industry are-
BASF
Kingdomway Nutrition Inc.
Adisseo
DSM
Kempex
Prinovaglobal
Amway
Zhejiang Medicine Co. Lt
Lonza
Glanbian Nutritionals
Recent Developments
In October 2020, LOréal Paris announced the launch of a new retinol serum called Revitalift Derm Intensives Night Serum. The serum is part of LOréals Derm Intensives range, which aims to hone in on one prime ingredient per product to make it more effective. The retinol concentration in this product is 0.3%
In August 2021, Nykaa announced the launch of SKINRX 2% Advanced Retinol Serum. The product is designed to soothes the wrinkles and fine lines while promoting skin cell renewal in order to reduce signs of aging.
In July 2019, Karnataka Milk Federation (KMF) on Tuesday launched Nandini milk fortified with Vitamin A in the state of Karnataka, India. KMF stated that the Food Safety and Standards Authority of India had earlier issued orders to fortify the milk, as it was a good strategy to address micro-nutrient malnutrition.
Key Takeaways
Geographically, the North American Vitamin A market accounted for the largest share in 2021 owing to the rise in health consciousness among the population during the COVID-19 pandemic.
Rise in the use of vitamin A fortified food products is driving the market during the forecast period. However, increasing prevalence of vitamin A toxicity owing to the excess intake of the substance is projected to challenge growth opportunities.
Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Vitamin A Market Report.
Relevant Link:
Vitamin and Nutrition Supplement Market
https://www.industryarc.com/Report/231/Vitamins-and-Nutrition-supplements-Market-report.html
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