Over the recent years, vitamin A deficiency has emerged as the leading cause of blindness, affecting over 140 million children at the global level. The findings have paved way to a series of product development opportunities for vitamin A market players.
Numerous organizations are coming up with superior quality products for securing a strong position in the industry. Several of them are also engaging in capacity expansion initiatives and strategic steps such as mergers and acquisitions for the consolidation of their market position.
DSM, BASF, Adisseo, Xiamen Kingdomway Group, Vitafor NV, Divi’s Nutraceuticals, Zhejiang NHU Co., Ltd., Nutrilo GmbH, and others are a few key players operating in the vitamin A market. As per the latest report published by Global Market Insights Inc., the overall industry size is anticipated to surpass USD 700 million until 2027.
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Here’s a brief overview of the major factors impelling the business landscape across various regions:
North America records an increase in regulatory approvals
North America vitamin A market size accounted for a valuation of around USD 135 million in 2020 and is set to depict substantial growth through 2027. This rise can be credited to an upsurge in product approvals by regulatory bodies in the region.
For example, in July 2021, the U.S. Food and Drug Administration awarded a ‘breakthrough’ status to ALK-001, a chemically-modified vitamin A. The approval was granted for the treatment and prevention of age-related macular degeneration (AMD) and Stargardt disease.
Asia Pacific registers a rise in favorable government policies
Several countries in the Asia Pacific region are formulating favorable government policies. Citing an instance, the Food Safety and Standards Authority of India (FSSAI) recently published new rules pertaining to the RDA (Recommended Dietary Allowance) of minerals and vitamins.
The rules will come into effect from 1st July 2023 with enhancements in the RDA of zinc, iron, calcium, and vitamins A, C, and D. The new policy will enable companies to enhance the daily dosage of essential minerals and vitamins in their nutraceutical products.
Furthermore, the increasing regulatory consciousness regarding multiple vitamin A benefits is likely to drive the regional product demand over the estimated period.
Europe to witness an upsurge in the reformulation of regulatory objectives
Europe vitamin A industry value is poised to register lucrative growth through 2027. This expansion can be attributed to an increase in the reformulation of regulatory policies for enhancing product penetration in the region.
To quote an instance, in March 2022, the European Commission resumed its work on setting MPLs (maximum permitted levels), intending to reach a conclusion by the end of its current mandate. The Regulation governing the addition of nutrients to foods and the Directive on Food Supplements require the setting of the MPLs of minerals and vitamins in the EU.
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Moreover, numerous dietary population surveys depict a strong requirement for supplementation. These studies demonstrate that some population groups do not consume enough micronutrients (minerals and vitamins) for the maintenance of a healthy lifestyle.
To sum up, the following years are expected to record an increase in global consumer awareness regarding the maintenance of a healthy diet. This aspect is likely to drive the demand for vitamin A supplements across various regions.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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