17, April 2023
Over 1 billion people globally are diagnosed with vitamin D (VD) deficiency, as per the National Institutes of Health. In acute cases, VD insufficiency even surges the risk of osteoporosis, fractures, obesity, and other chronic conditions. As per our estimates, the global vitamin D market is set to garner incremental revenue worth $2789.04 million by 2030, rising at a CAGR of 7.51% during the 2023-2030 forecast period.
Popularly known as the sunshine vitamin, VD plays a pivotal role in strengthening bone health among people, especially the geriatric population. However, around 30-50% of people are vitamin D deficient in the US and Canada due to lack of sunlight exposure, specifically during winters. These factors have thus accelerated the demand for vitamin D2 and D3 supplements, supporting the projected fast growth of the North America vitamin D market.
With the rising awareness about the health benefits of vitamin-rich consumables, the inclusion of vitamin D has increased significantly across multiple industries, including pharmaceutical, food and beverage (F&B), and animal feed. The application has widened immensely over the past few years, from fortified foods to tablets.
Let’s take a deeper look into the key application areas of vitamin D:
Vitamin D finds application in vitamin therapy, IVs, and laboratories to promote calcium absorption in the body. In recent years, the rise in deficiencies and medical complications has accelerated the vitamin’s inclusion in various medications for promoting bone and immunity growth. Hence, the pharmaceutical category dominated in terms of usage, with revenue worth $752.43 million in 2022.
The production of vitamin D consumables in capsules, tablets, and powder has increased, given the surge in various conditions. In this regard, the dry form of VD captured the highest market share at $1123.73 million in 2022. The elevated demand for condensed forms has prompted the demand for dry forms of VD supplements like spray-dried powder and hard-shelled capsules. For instance, in association with Royal DSM, MD Pharmaceuticals developed a vitamin D capsule product containing ampli-D, a vitamin D3 form. One of the major factors that spurred the demand for this form is the long shelf life and convenience during production.
Liquid formation of vitamin D, like soft gel capsules, has also gained prominence in reducing risks associated with digestion in the geriatric population. Hence, all these factors fuel the clinical use of vitamin D in the pharmaceutical sector.
Growing demand for convenience foods and mounting health consciousness have promoted the use of vitamin D in functional foods and beverage products. Food fortification is one such concept that has gained momentum, essentially in vegan products. Plant-based meats fortified with VD forms are widely consumed to boost nutrient levels. Products like smoothies, milk, cereals, sports drinks, and juices are also fortified. For instance, in January 2023, the US FDA accepted a petition by Kellogg Company to fortify vitamin D levels in the cereal category as well as grain-based bars.
Our estimates indicate that functional food and beverage is expected to witness the fastest growth in the usage segment at a CAGR of 7.91% during the forecast period 2023-2030.
Consumer focus on improving overall health has also elevated vitamin D3 and D2 in dietary supplements. D2 is the fastest growing category, anticipated to advance at 8.30% of CAGR over 2023-2030. This development is mainly owing to the cheaper production process and widespread availability of D2. Cereals and milk are commonly fortified with D2 to reduce tiredness and muscle weakness. Hence, expanding F&B industry opens multiple avenues for the studied market.
Vitamin D3, in the form of beadlets, oil, and powders, has gained immense prominence in animal feed products. In this regard, D3 is widely preferred over D2 as it offers better stability for feeds containing minerals, efficiently addressing deficiencies in poultry and livestock. In poultry, VD is also administered via water to maintain adequate nutrient levels. Another factor supporting the segment’s growth is the rising demand for meat and animal-based products. As per our estimates, vitamin D2 leads the market based on category.
Nutricosmetics include nutrient-rich dietary supplements to improve skin and hair conditions. The rise in demand for advanced beauty solutions has paved the way for manufacturers to develop novel cosmetics supplements. For instance, in January 2023, Neutrogena, in collaboration with Nourished, launched the Ageless Skinstack, 3D-printed skin health dietary supplements containing a core mix of nutrients, including vitamin D3. Therefore, consumer inclinations toward nutritional supplements to promote healthy skin from within are expected to create lucrative opportunities for the vitamin D market.
The global vitamin D market gained $1562.69 million in 2022 and is expected to reach $2789.04 million by 2030.Q2) What are the key categories and forms of vitamin D?
D2 and D3 are key categories, whereas dry and liquid are major forms of vitamin D.
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