The global Vitamin D3 Market had a size of USD 180.0 Million in 2021 and is projected to experience a revenue CAGR of 3.0% during the forecast period. The market's growth is attributed to the increasing awareness of health-consciousness and changing nutritional needs among people. The COVID-19 pandemic has also emphasized the need for additional supplements, particularly in cases where adequate vitamin sources cannot be obtained.
Vitamin D is a vital compound that includes vitamins D1, D2, and D3. Major natural sources of vitamin D include fatty fish such as salmon, mackerel, and tuna, egg yolk, cheese, soy milk, and other fortified foods. Exposure to sunlight can activate the production of vitamin D from cholesterol in the skin. Insufficient intake of vitamin D can lead to deficiencies and bone-related complications such as osteoporosis and cardiovascular issues, affecting around 50% of the global population across different age groups and social strata.
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The increasing demand for vitamin D3 supplements to address deficiencies is driving market revenue growth. These supplements are preferred due to their relatively low cost and rising awareness of healthcare products. Medical referrals for these supplements are also on the rise, contributing to their steady adoption in medical settings. Additionally, the food industry is generating rapid gains in the vitamin D3 market, driven by the growing demand for animal and pet feed supplements, which account for a significant portion of the overall production.
Despite the destructive impact of the COVID-19 pandemic on the global economy and value chains, the vitamin D3 market continues to register significant growth due to changing lifestyles and an increase in upper respiratory tract infections. During the pandemic, the consumption of vitamin D3 supplements, both self-prescribed and medically prescribed, increased significantly.
Government agencies are playing a crucial role in promoting the products and issuing recommendations for adopting a healthier lifestyle, which contributes to the market's growth.
Market Dynamics: Driver: Increasing awareness of the benefits of a healthy society and the expansion of the pharmaceutical industry. The global vitamin D3 market is expected to grow significantly during the forecast period, driven by the rapid expansion of the pharmaceutical sector, which accounts for a large revenue share. The cosmetic industry also presents an opportunity for growth, with a high demand for vitamin D ingredients in skincare products. Vitamin D3-rich skincare products offer numerous benefits, including skin synthesis and regulation of skin functions. The increasing adoption of a healthier lifestyle and the rising number of vitamin deficiency cases further fuel the demand for vitamin D3 supplements. The animal and pet industry is also witnessing increased adoption of vitamin D3 supplements in feed to regulate calcium and phosphorus retention.
Restraint: Concerns regarding health complications from excessive consumption of vitamin D3 supplements. Regulatory constraints, particularly in some countries, limit the adoption of vitamin D3 products, posing a restraint on market revenue growth. Excessive use of supplements can lead to vitamin D toxicity, resulting in health complications like hypercalcemia and kidney disorders.
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Key Takeaways: The market is segmented based on product types, including vitamin D3 tablets and capsules, vitamin D3 powder, vitamin D3 crystallization, vitamin D3 creams, and vitamin D3 oils. Vitamin D3 tablets and capsules account for the largest revenue share in 2021 due to their increased usage and demand in promoting a healthier lifestyle.
The vitamin D3 powder segment is expected to grow steadily during the forecast period, driven by its oral ingestion for preventing vitamin D deficiency and other bone-related conditions. Vitamin D3 powder is cost-effective and offers faster absorption within the body.
The creams segment is also expected to register steady revenue growth, with rising demand for vitamin D3-infused creams to treat skin diseases like plaque and psoriasis.
Based on application, the healthcare supplement segment is expected to account for the largest revenue share, driven by the rising demand for health-oriented diets and disease-free lifestyles. The food and beverage segment is projected to grow steadily, with increasing demand for healthy foods and fortified health drinks.
The pharmaceuticals segment is anticipated to witness rapid revenue growth due to the rise in skin and cognitive disorders, leading to the production of over-the-counter drugs containing vitamin D3 supplements.
Regional Outlook: Asia Pacific is expected to account for the largest revenue share during the forecast period, driven by the rapid growth of the pharmaceutical and food industries. The region's large population and rising income levels also contribute to the increasing demand for vitamin D3 products.
Europe is projected to register steady revenue growth, with a robust presence of pharmaceutical manufacturers and a health-conscious population driving the market.
North America is expected to experience rapid revenue growth, driven by the strong presence of key players and the rising demand for vitamin D3 supplements for daily consumption.
Competitive Landscape: The global vitamin D3 market is fragmented, with key players operating at both global and regional levels. Companies are engaging in strategic alliances to expand their portfolios and gain a stronger foothold in the market. Major companies include BASF SE, GSK plc, American Way Cooperation, Pfizer Inc., Zhejiang NHU Company Ltd., Zhejiang Garden Bio-chemical High-tech Co., Ltd., Fermenta Biotech Limited, Kraft Foods Group, LycoRed Ltd., and Dishman Carbogen Amcis Limited.
Recent developments in the market include Lallemand's expansion of usage of Lalmin vitamin D yeast in consolidated food categories and Royal DSM's launch of ampli-D, a quick-reacting vitamin D form for health supplements.
Segments Covered in the Report: The report offers historical data and forecasts revenue growth at global, regional, and country levels, analyzing market trends in each sub-segment from 2019 to 2030. The global vitamin D3 market is segmented based on type, application, and region:
- Type Outlook: Vitamin D3 Tablets and Capsules, Vitamin D3 Powders, Vitamin D3 Crystallization, Vitamin D3 Creams, and Vitamin D3 Oils.
- Application Outlook: Healthcare Supplements, Food and Beverages, Pharmaceuticals, Animal and Pet Feed, and Others.
Regional Scope: North America, Europe, Asia Pacific, Latin America, Middle East Africa.
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