Research firm Arizton has released a market report saying that demand for vitmain D will cause the market to be worth more than $2 billion by 2026, a CAGR growth of 8.4%.
According to the report, Europe was the largest market for vitamin D in 2020 and is expected to grow 59% during the forecast period. Germany, the UK, France, Spain and Italy were the major revenue drivers in 2020. Switzerland, The Netherlands, Denmark and Belgium are other significant markets for growth in the animal feed, cosmetics and supplement segments. The European region is expected to pose an absolute growth of 59% during the forecast period. In addition, more than 55% of the growth is expected to come from the markets in Germany, France and Italy.
Key drivers and trends fueling market growth include an increasing prevalence of vitamin D deficiency, as well as increasing demand for nutricosmetics and vitamin formulations. The report also highlights the following:
- The global vitamin D market is expected to pose an absolute growth of more than 62% during the forecast period driven by the demand for nutricosmetics, fortified foods and growing feed applications.
- The superior bioavailability of vitamin D3 is driving the segment, which is expected to generate incremental revenue of over $670 million during the forecast period.
- The personal care industry is considered the area for new opportunities, where the segment is expected to grow at a CAGR of more than 7% by 2026.
- The aging population, prevalence of vitamin D deficiency levels and growing health consciousness is expected to drive the market for vitamin D.