The Vitamin E Market is projected to grow at a CAGR of 4.21% during the forecast period (2022-2028)
The vitamin E market has seen an increase in demand due to COVID-19's benefits, as well as those of other vitamins on the market. Supplements such as vitamins and omega 3 fatty acids have been in high demand. As a result, new inventive items were introduced to meet the need. Vitamin A, B, C, D, and E supplementation improves the inflammatory response and reduces the severity of Covid 19 patients in the ICU stage, according to research. As a result, the market experienced tremendous expansion.
The natural product type sector of the worldwide vitamin E market is expected to develop at the fastest rate, owing to constrained supply of synthetic vitamin E, which has resulted in a gradual increase in pricing over the last few years.
Furthermore, increased demand for functional foods and drinks, as well as dietary supplements made from natural ingredients, is likely to boost natural vitamin E demand in the near future.
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Four tocopherols and four tocotrienols make up Vitammin E, a collection of fat-soluble chemicals. The global vitamin E market is divided into natural and synthetic product types. Functional foods and drinks, medicines and dietary supplements, newborn nutrition, pet food and animal feed, and cosmetics are the application segments of the worldwide vitamin E market. The market is divided into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa by geography. North America, Europe, Asia-Pacific, South America, and the Middle East and Africa are the continents represented. For all of the above segments, the research provides market size and predictions in US dollars.
Increasing Vitamin E Demand in Application Areas
Natural elements such as vitamins and minerals are included in an expanding number of skin care products now on the market to preserve healthy and beautiful skin. As a result, there is a huge need for vitamin E in cosmetics. This comprises skin care products that contain vitamin E and provide UVA and UVB protection, such as sun protection SPF formulations. Avon, for example, launched a facial care line in Turkey that uses SPF and vitamin E to provide sun protection and anti-aging benefits. The use of vitamin E in nutritional supplements and animal feed has grown in popularity. During the COVID 19 pandemic, the nutritional supplement segment, in particular, experienced rapid expansion, as these products aid in the body's immune balance. In order to provide healthy skin, the range also includes various essential minerals and vitamins.
Asia Pacific has seen the most rapid growth.
The vitamin market in Asia Pacific countries is rapidly changing, with consumers becoming more aware of the health benefits of various vitamin types. China is the largest producer of vitamin E in the Asia Pacific region, and the country's domestic market has grown in recent years, thanks to the country's booming pharmaceutical and dietary supplement industries. Furthermore, despite increased awareness of the relevance of various vitamins in nations such as India, just 9% of Indian customers are aware of the health advantages of Vitamin E. While most people use Vitamin E to treat common ailments, there is still a widespread lack of knowledge about its actual potential.
KEY MARKET SEGMENTS
By Product Type
● Natural
● Synthetic
By Application
● Functional Food and Beverages
● Pharmaceuticals and Dietary Supplements
● Infant Nutrition
● Pet Food & Animal Feed
● Cosmetics
Competitive Environment
With a number of domestic and foreign firms, the vitamin E industry is a fiercely competitive one. To maintain their market position, the industry's top leaders have developed competitive strategies. The big players largely focused on expansions and product improvements to please various segments of customers, such as introducing dietary supplements with entertaining aspects such as gummie, jelly, and candies. The major players include Koninklijke DSM NV, BASF SE, ADM, Merck KGaA and Prinova Group LLC are the major players in the global vitamin E market.
Recent Happenings
• Kensing established a cooperation with Azelis in December 2021 for a more efficient and cost-effective distribution of vegetable oils, vitamins, and personal care goods in Europe, the Middle East, and Africa. In the B2B market, Azelis has a robust distribution network spanning various regions. The company's major goal is to distribute Covi-ox, Covitol, Copherol, and Generol, which are their most popular goods.
• Prinova will develop an E-Commerce website in June 2021 to facilitate ingredient purchasing in the United States. The website sells food-grade vitamins and amino acids of the highest quality. The company aspires to provide global B2B vitamin distribution solutions.
• One Rock Capital purchased the specialty chemical facility and other business units from BASF in Kankakee, Illinois, in June 2021. The company plans to renovate the factory and use it to produce vegetable oils, natural vitamin E, and other specialty chemicals.
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