The Global Vitamin API Market is driven by growing demand for...

The Global Vitamin API Market is driven by growing demand for generic medicines

Postado 2024-03-22 12:40:48

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The Global Vitamin API Market consists of vitamin API products such as Vitamin B, Vitamin C, Vitamin E, Vitamin A, Vitamin D, Vitamin K and other types of vitamin APIs which are used in food & beverages, pharmaceutical and animal feed applications. Vitamin API provides necessary nutrients to the human body and helps in prevention or treatment of various diseases and deficiency disorders. Vitamin API products are crucial ingredients for manufacturing pharmaceutical drugs, dietary supplements and nutrition products. Growing demand for generic drugs and rising health awareness have fueled the sales of vitamin API based drugs and supplements.

The Global Vitamin API Market Demand is estimated to be valued at US$ 451.1 MN in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Global Vitamin API Market are DSM, BASF, BOC Sciences, CSPC Pharmaceutical Group Limited, Lonza, Zhejiang Medicine, Jubilant Life Sciences, Glanbia Nutritionals, Aurorium, Northeast Pharmaceutical Group Co., Ltd, Abbott Laboratories and Fermenta Biotech Ltd.

The growing demand for generic drugs and dietary supplements has augmented the sales of vitamin API products. Various vitamin deficiency disorders have prompted usage of vitamin supplements thereby driving vitamin API demand.

Globally, manufacturers are expanding their production capacities and distribution networks to cater to rising demand from developing nations of Asia Pacific and Latin America. Regional regulations regarding usage of vitamins in pharmaceuticals and supplements are also expanding vitamin API applications.

Market drivers

The key driver for the Global Vitamin API Market is growing demand for generic medicines. The patent cliff of many blockbuster drugs enabled generic manufacturers to enter the market with their cost effective generic versions. As generic drugs are manufactured using active pharmaceutical ingredients like vitamins, the demand for vitamin API has increased significantly. Also, rising health concerns and increasing disposable income have augmented the sales of dietary supplements which use vitamin API as key ingredients. This rising consumption of generics and supplements is estimated to propel the Global Vitamin API Market during the forecast period.

Global Vitamin API Market - Impact of Geopolitical Situation

The geopolitical tensions across several regions are negatively impacting the growth of the global vitamin API market. The ongoing Russia-Ukraine war has disrupted trade and logistics channels in Eastern Europe. Many vitamin API manufacturers have production facilities in these regions and now face difficulties in seamless procurement of raw materials and distribution of finished products globally. Furthermore, the rising political instability and economic uncertainty in several developing nations have reduced consumer spending power, dampening the overall demand for vitamin supplements.

To endure the short term challenges and achieve long term goals, companies in the global vitamin API market must diversify their manufacturing footprint and establish facilities in politically stable countries. Signing long term supply contracts and forging strategic alliances can help mitigate raw material supply risks. Adopting alternative modes of transportation and pursuing multi-modal logistics can ensure uninterrupted movement of goods. Finally, manufacturers should invest in innovative formulations, convenience packaging and aggressive promotion to revive consumer demand amid difficult macroeconomic conditions.

Geographical Regions with high market concentration

The global vitamin API market is currently concentrated highly in North America and Western Europe regions in terms of value. This is owing to presence of numerous pharmaceutical giants and nutritional supplement makers in countries like the US, Canada, Germany, UK and France. These regions account for over 60% share of the total market revenue. They have well-established distribution channels and witness huge demand for vitamin supplements from health conscious consumers.

Fastest growing region

The Asia Pacific region, especially China and India, is poised to witness the fastest growth in the global vitamin API market during the forecast period. This is attributable to escalating health awareness, increasing per capita income, expanding middle class and continuous introduction of new local and international brands. Rising expenditure on preventive healthcare and growth of pharmaceutical industries will augment the adoption of vitamin APIs in nutritional and medicinal products across Asia Pacific in the coming years.