Vitamin A Market size is forecast to reach $63.5 billion by 2025, growing at a CAGR of 5.31% during the forecast period 2020-2025. Vitamin A is a group of unsaturated nutritional organic compounds that includes retinol, retinal, retinoic acid and several provitamin A. Increasing low vision and maintenance of the heart, lungs, kidneys and other vital organs are the major factors driving the growth of the market. Increasing incidence of ophthalmic diseases and increasing healthcare awareness is set to further enhance the overall market demand of Vitamin A during the forecast period 2020-2025.
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Type – Segment Analysis
Feed Grade Vitamin A held major share in the Vitamin A Market in 2019. This is owing to several functions of vitamin A in animal bodies like growth and development of the body, vision, mucous membrane, reproduction and immune system. Deficiency of feed grade Vitamin A in animal results in disorders, increased susceptibility to infections, stone formation in unary tracts, night blindness and formation of ulcers. Increasing demand for meat and its related products results in the increase in the population of cattle and poultries and this increases the demand for feed grade vitamin A market.
Application- Segment Analysis
The functional food and beverage segment held the largest share in the Vitamin A Market in 2019 and is estimated to grow at a CAGR of 6.19% during the forecast period 2020-2025. The growth in this segment can be attributed to the high requirement of vitamin A in our body to function smoothly. Vitamin A perform different functions inside our bodies and the deficiencies of these is set to result in several ailments, both mild and serious. From immunity to eye and skin health and even mental health, the presence or absence of these essential vitamin A can control some of the most essential functions of the human body. These vitamins are mainly derived from food sources, both animal and plant-based and a diet is only considered healthy and balanced when it contains adequate amounts of all these vitamins, along with minerals as well as the macro-nutrients- fats, proteins and carbohydrates. Food and beverage are set to be the fastest growing segment and is estimated to register a highest CAGR during the forecast period 2020-2025.
Geography – Segment Analysis
North America dominates the Vitamin A market with a share of more than 39.2%, followed by Europe owing to awareness regarding health, high income, and rise in demand for high quality food and increase in the population. Growing inclination toward healthier lifestyle, coupled with rising consumer health concerns regarding chronic diseases is poised to boost the demand of Vitamin A market in North America region.
However, Europe is estimated to grow at a higher CAGR during the forecast period 2020-2025 owing to improved living standards and in-depth consumer education. Rise in economic standards supported by rapid urbanization has led to a shift in consumer focus toward healthy diet. The increasing aging population and declining birth rate in the region is also an opportunity for the dietary supplements market. The health benefits associated with Vitamin A as an ingredient helps address vision impairment and the immune system and is beneficial for the treatment of several skin disorders. This is boosting the demand of Vitamin A market in Europe.
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Drivers – Vitamin A Market
The increase in the nutritive food and knowledge among consumers has led to the increase in the Vitamin A market owing to the rising cost of healthcare services which is propelling the consumers concerns related to health, thus increasing the demand for nutritive food. The demand for vitamin A increased owing to the high rate of micronutrient deficiency disorders among the global population and lack of micronutrients in food which could lead to malnutrition. Urbanization and consumer awareness drove this shift and led to a rapid rise in the consumption of vitamin A, which in turn increases the incidence of lifestyle diseases. People are becoming aware of these diseases and are gradually moving toward Vitamin A containing products. Rise in the geriatric population, the prevalence of ophthalmic diseases, increasing healthcare expenditure and healthcare awareness are estimated to boost the demand of Vitamin A market.
Vitamin A is an essential nutrient as they perform hundreds of roles in the body as they shore up bones, heal wounds and bolster immune system. They also convert food into energy and repair cellular damage. Vitamin A is a group of unsaturated nutritional organic compounds that includes retinol, retinal, retinoic acid and several provitamin A carotenoids which is important for growth and development, for the maintenance of the immune system and for good vision. . Age-related macular degeneration is the most common cause of loss of vision in the older population and Retinol integral for good vision, especially night vision and overall eye health. Vitamin A palmitate also called retinyl palmitat is a specific type of retinyl ester from the pre-formed vitamin A category. In animals and humans, it serves as a natural storage form of vitamin A. Supplement and skincare manufacturers also produce a synthetic version for use in different products.
Challenges – Vitamin A Market
Some of the factors which can impede the growth of the Vitamin A market are deficiency of Vitamin A results into severe side effects and vulnerable to a number of diseases.
Vitamin A Industry Outlook
Product launches, mergers and acquisitions, joint ventures and R&D activities are key strategies adopted by players in the vitamin A market. In 2019, Vitamin A. Market share is consolidated by the top ten players present in the market. Vitamin A top 10 companies are Adisseo , Archer Daniel Midland Company , Bayer Ag , E.I. Du Pont De Numours And Company , Integrated Biopharma Inc ,GHT Companies, Nutraceutical Corporation, And Herbalife International Inc , Pfizer Inc and Zhejiang Medicine Co. Ltd among others.
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