It is mainly motivated by the increasing number of people with vitamin deficiencies. An increase in health awareness due to consumers' tendency to dietary supplements may stimulate growth in the vitamin K2 market.
Increasing cases of osteoporosis, which can accelerate tissue aging, is another factor that can have a positive impact on the market. However, stricter regulations imposed by federal government agencies regarding the approval of supplements may have a deterrent effect on growth. The growing number of clinical research activities related to the development of vitamin K2 market growth products in developed regions will positively stimulate industry growth over the forecast period. Researchers and scientists focus on the role of vitamins in babies and adults. Several institutions in these regions are studying the bioavailability and intestinal absorption of menadione and phytonadione, which help healthcare professionals understand the metabolism process. In addition, scientists have developed drugs that help treat babies with bleeding disorders. As a result, a growing number of research activities will increase demand for Vit-K, which will exceed commercial revenues in the coming years.
Lack of exercise, sedentary lifestyle, consumption of unhealthy food is some of the factors that trigger the risk of disease, which fosters the demand for vitamin k2.
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Market players
The vitamin K2 market is supported by various global manufacturers with their diverse product portfolios and an effective supply chain. Some of these key giants include Kyowa Hakko Bio Co. Ltd., Geneferm Biotechnology Co. Ltd, DSM, Gnosis SpA, Frutarom, Kappa Bioscience, NattoPharma, Danisco A/S, Seebio Biotech, and Viridis BioPharma.
Segmentation:
The global vitamin K2 market, as recorded in the report of the MRFR, can be segmented into product type, source, form, and application. This segmentation provides a better insight regarding factors that can trigger change in the market of the coming years.
- Based on the Product Type, the global vitamin K2 market can be segmented into MK-4, MK-7, and others. the ‘others’ segment includes MK-5, MK-8, MK-9, and MK-10. The MK-7 had a coverage of around 71.61% market share in 2017. The MK-7 segment has the potential to cross a valuation of USD 165.91 million by 2023. The MK-4 segment can surpass USD 48.93 million with a 30.63% CAGR during the forecast period.
- Based on the Source, the vitamin K2 market can be segmented into natural and synthetic. The natural segment had over 64.88% share in 2017. The natural source has the potential to garner a 30.72% CAGR during the forecast period and surpass a valuation of USD 145.73 million by 2023. On the other hand, the synthetic segment can cross the estimated valuation of USD 82.54 million by 2023 by taking a speed of around 31.73% CAGR over the review period.
- Based on the Form, the vitamin K2 market can be segmented into oil and powder. The powder had 52.75% of the global market share in 2017 and can be of worth USD 117.89 million by 2023 by registering a growth at 30.62% CAGR during the review period.
- Based on the Applications, the global vitamin K2 market can be segmented into nutraceutical & food and pharmaceutical. The nutraceutical & food had a market coverage of 85.46% in 2017 and is expected to showcase 30.91% CAGR to generate a valuation of USD 193.57 million by 2023.
Regional Analysis
North America leads the global vitamin K2 market due to the increasing demand for nutritional products. The rising prevalence of cardiovascular diseases and bone diseases is driving the vitamin K2 market, creating a huge market demand in the region. Moreover, increasing occurrences of low immunity disorders have been driving the regional market growth, leading to an increased focus on preventive health care. Besides, high healthcare expenses, skyrocketing healthcare treatment costs, and the increasing emphasis on health and wellness increase the size of the market.
The vitamin K2 market in the European region stands second, globally. The rising demand for vitamin supplements in Germany, France, and the UK is triggering regional market growth. Besides, the presence of advanced healthcare infrastructure, alongside the increasing healthcare expenditures are driving market growth in the region, predominantly.
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Also, the growing awareness about the importance of vitamin K2 influences the market growth in this region. Additionally, factors such as the rising growth in the various nutritional products such as supplements, functional food, and others increase the demand in the regional market.
The Asia Pacific vitamin K2 market is emerging as a profitable market globally. Rapid growth in healthcare sectors and the adoption of advanced technology offer enormous growth opportunities to market players. Substantially larger markets in New Zealand and China lead in the regional market. The region would witness higher growth due to the growing demand from the health supplements market, especially in the rapidly developing countries like India and China.
