Press release
Vitamin E Market to Exceed US$ 3.7 Billion by 2033, with 5.3% CAGR
During the 2016-2020 historical period, vitamin E product sales expanded at a rate of 4%. As of 2021, the market is anticipated to clock US$ 2 billion, amid increased intake of naturally sourced vitamins as well as rising consumption of functional foods and beverages. Sales further inclined amidst the COVID-19 pandemic, given its antioxidant, immunomodulation and natural barriers enhancement characteristics.
The report establishes that palm-oil sourced vitamin E will likely gain immense traction, with countries such as India and Indonesia emerging at the forefront, attributed to high output of palm oil. As of 2019, domestic palm oil production in India surged by 45% to reach 278,922 tons in terms of output, while it surged to 45.5 million metric tons in Indonesia as of 2021.
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Key Takeaways from the Market Study
• Dietary supplements applications to surge at a CAGR of 6% through 2031
• By product, tocopherol vitamin E to account for 2 out of 5 sales
• Tocotrienol consumption to increase, accounting for 2/3rd of global demand
• Cosmetics industry to garner a revenue share worth 45% in the vitamin E landscape
• Sales in the U.S to reach 70 kilo tons by 2026, long-term prospects appear more promising
• South Asia expected to expand at a CAGR of 7.5%, adding 190 BPS until 2031
South Asia expected to expand at a CAGR of 7.5%, adding 190 BPS until 2031
"Increasing health consciousness amongst consumers is compelling them to strengthen their existing immune systems, which was accentuated amidst the coronavirus pandemic, leading to an incline in vitamin E consumption," remarks the Fact.MR analyst.
List of Key Companies Profiled in The Report
• Vance Group
• Prinova Group LLC
• Orah Nutrichem
• The Bountiful Company
• Orochem Technologies Inc.
• Wilmar International
• Davos Life Science
• Others
Will Tocopherol Vitamin E Products Remain in High Demand?
Tocopherols are in high demand in the food and beverage, cosmetics, and animal feed industries, according to the vitamin E landscape. Presence of rich antioxidant properties is stimulating demand, capturing a share of around 2/5th.
However, Tocotrienol consumption is anticipated to rise faster than tocopherol use. Tocopherol, on the other hand, accounted for more than 2/3rd of the vitamin E market in 2019. Furthermore, due to increasing demand from the cosmetics sector, global use of tocotrienols has grown significantly.
Is U.S a Hotspot for Vitamin E Products?
According to Fact.MR, vitamin E products sales in the U.S will amount to 70 kilo tones by 2026. Regional demand will be boosted by strong development in the animal feed industry and increasing meat consumption.
Increasing health issues, such as vitamin deficiencies and gastrointestinal illness occurrences in the region, are paving the way for vitamin E consumption. Furthermore, growing nutritional supplement demand, as well as rising healthcare spending per capita, are significant drivers driving regional market developments.
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Competitive landscape
Prominent manufacturers seek to capitalize on the untapped potential in emerging markets and are expanding their production capabilities to meet the rising demand for vitamin E in new regions. Market leaders retain a solid position as a result of significant internationalization of firms through export and trade throughout the world. Some recent developments are as follows:
• In June 2021, BASF concluded the sale of its manufacturing site in Kankakee, Illinois, to an affiliate of One Rock Capital Partners LLC, which includes the associated businesses of vegetable-oil based raw material sterols and natural vitamin E products.
• In January 2019, Koninklijke DSM NV announced a 75/25 joint venture with Nenter & Co Inc., which includes all of the latter's production and related assets for vitamin E.
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About Fact.MR:
Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range - from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories.
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