Recording the highest CAGR both in terms of value and volume, the Vitamin D3 segment is the undoubted leader in the product type segment
The Vitamin D3 product type segment was estimated to account for more than 70% value share in 2016, while the Vitamin D2 product type segment was estimated to hold close to 30% value share in 2016. This segment is expected to lose more than 600 BPS during 2016 – 2026 and is expected to account for more than 20% value share by 2026. The Vitamin D3 segment is forecast to be valued at more than US$ 2,000 Mn by the end of 2026, registering a CAGR of 12.0% between 2016 and 2026.
In 2015, the total demand for Vitamin D3 stood at more than 7,000 Tonnes in terms of volume, which is expected to increase to more than 23,000 Tonnes by 2026, recording a CAGR of 11.6% in terms of volume over the period of forecast. In terms of volume consumption, the Vitamin D3 segment accounted for the highest share in 2015 and is expected to remain dominant over the forecast period. In terms of volume growth, the Vitamin D3 product type segment is anticipated to grow 2.99X over the forecast period.
Increasing cases of diseases caused by Vitamin D deficiency likely to fuel the growth of the Vitamin D3 segment
Diseases such as rickets are growing globally, directing a sharp rise in Vitamin D3 and D2 consumption. Vitamin D3 and D2 is consumed through medicines owing to unavailability of a vaccine for the disease. Now-a-days, Vitamin D deficiency is becoming a common threat due to little exposure to sunlight coupled with poor eating habits. The working class population across the globe spends most of the daytime hours at the workplace, which reduces their vitamin D3 and D2 intake. People living in urban cities are more susceptible to vitamin D3 and D2 deficiency as compared to people living in rural areas. This factor is creating robust development in the Vitamin D3 product type segment.
Consumers prefer Vitamin D drinks due to their cultural preferences for beverages. Demand for Vitamin D3 and D2 based beverages such as the different types of fortified drinks, juices, and water is on the rise owing to the preference factor. Demand for energy drinks and sports drinks is also playing a significant role in boosting revenue growth of the Vitamin D3 segment. High demand for these drinks globally due to increased attention towards physical fitness and sports activities is likely to boost market growth of the Vitamin D3 and D2 product type segments of the global Vitamin D ingredients market. Recommendations of various regulatory agencies regarding the intake of Vitamin D have given a boost to the Vitamin D3 and D2 segments owing to a rising awareness of diseases and problems related to Vitamin D deficiency. Likewise, easy availability of raw materials is also expected to drive the growth of these segments, eventually fuelling the growth of the global Vitamin D ingredients market.
Vitamin D3 segment is expected to expand at 12.1% CAGR during the forecast period in the North America Vitamin D ingredients market
The Vitamin D3 segment was estimated to account for a market share of more than 70% in 2016 in the North America Vitamin D ingredients market and is expected to expand at a CAGR of 12.1% from 2016 to 2026, in terms of value. The Vitamin D2 segment is expected to register a CAGR of 6.1% in the North America Vitamin D ingredients market. Market share of the Vitamin D2 and D3 segments in the North America Vitamin D ingredients market is anticipated to increase significantly over the forecast period owing to increasing demand from the pharmaceuticals and food and beverages industries.
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