Vitamin Market

The global market for provitamins and vitamins is forecasted to continue its upward trend in both volume and value from 2022 to 2030. Consumption, production, imports, and exports of vitamins worldwide have been analyzed in detail, showing trends in key countries like India, China, the United States, and the Netherlands. The article provides insights into growth rates, market sizes, and trends in pricing for different types of vitamins, highlighting the key factors driving the market.

Market Forecast

Driven by increasing demand for provitamins and vitamins worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +1.8% for the period from 2022 to 2030, which is projected to bring the market volume to 2M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.4% for the period from 2022 to 2030, which is projected to bring the market value to $36.4B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Provitamins And Vitamins

In 2022, the amount of provitamins and vitamins consumed worldwide contracted to 1.8M tons, approximately mirroring the year before. Over the period under review, consumption, however, saw a relatively flat trend pattern. Over the period under review, global consumption hit record highs at 1.9M tons in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

The global vitamin market value totaled $30.2B in 2022, picking up by 2.4% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +3.2% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Global consumption peaked at $30.2B in 2019; afterwards, it flattened through to 2022.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were India (478K tons), China (308K tons) and the United States (114K tons), together accounting for 51% of global consumption. Canada, Germany, Japan, Turkey, the Netherlands, France and South Korea lagged somewhat behind, together accounting for a further 20%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by the Netherlands (with a CAGR of +9.4%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest vitamin markets worldwide were Japan ($8.2B), India ($5.5B) and China ($3.1B), with a combined 56% share of the global market. Canada, the United States, Germany, South Korea, Turkey, France and the Netherlands lagged somewhat behind, together comprising a further 20%.

Among the main consuming countries, the Netherlands, with a CAGR of +11.7%, recorded the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of vitamin per capita consumption in 2022 were Canada (2,362 kg per 1000 persons), the Netherlands (1,844 kg per 1000 persons) and Germany (744 kg per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +9.0%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Provitamins And Vitamins

In 2022, global vitamin production dropped modestly to 1.6M tons, waning by -2.3% against the previous year. Over the period under review, production, however, continues to indicate slight growth. The growth pace was the most rapid in 2013 when the production volume increased by 9.7% against the previous year. Global production peaked at 1.7M tons in 2017; however, from 2018 to 2022, production remained at a lower figure.

In value terms, vitamin production stood at $27.5B in 2022 estimated in export price. The total output value increased at an average annual rate of +3.2% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 with an increase of 11% against the previous year. Global production peaked at $28B in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (644K tons), India (486K tons) and Canada (76K tons), together accounting for 73% of global production. The United States, Turkey, Japan, Saudi Arabia and Germany lagged somewhat behind, together comprising a further 10%.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +12.4%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Provitamins And Vitamins

In 2022, the amount of provitamins and vitamins imported worldwide totaled 780K tons, approximately equating 2021 figures. In general, total imports indicated a moderate increase from 2012 to 2022: its volume increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +55.1% against 2012 indices. The pace of growth appeared the most rapid in 2020 with an increase of 23%. Global imports peaked in 2022 and are likely to continue growth in the near future.

In value terms, vitamin imports declined slightly to $9.9B in 2022. Over the period under review, total imports indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +25.5% against 2019 indices. The growth pace was the most rapid in 2020 when imports increased by 23% against the previous year. Over the period under review, global imports hit record highs at $10B in 2021, and then dropped slightly in the following year.

Imports By Country

In 2022, the United States (111K tons) and the Netherlands (108K tons) represented the largest importers of provitamins and vitaminsin the world, together committing 28% of total imports. Germany (65K tons) ranks next in terms of the total imports with an 8.4% share, followed by Belgium (5.5%). France (28K tons), Brazil (24K tons), Japan (23K tons), Spain (22K tons), Canada (17K tons), Singapore (16K tons), Italy (16K tons), South Korea (16K tons) and Poland (14K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +15.0%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest vitamin importing markets worldwide were the United States ($1.5B), the Netherlands ($1.2B) and Germany ($753M), together comprising 35% of global imports.

In terms of the main importing countries, the Netherlands, with a CAGR of +18.8%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

Vitamins; vitamin c and its derivatives, unmixed (270K tons), vitamins; vitamin e and its derivatives, unmixed (196K tons) and vitamins; n.e.s. in item no. 2936.2, and their derivatives, unmixed (131K tons) represented roughly 77% of total imports in 2022. It was distantly followed by vitamins; n.e.s. in heading no. 2936, including natural concentrates (70K tons) and vitamins; d- or DL-pantothenic acid (vitamin B3 or vitamin B5) and its derivatives, unmixed (44K tons), together comprising a 15% share of total imports. Vitamins; vitamins a and their derivatives, unmixed (20K tons) and vitamins; vitamin B1 and its derivatives, unmixed (14K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main imported products, was attained by vitamins; vitamin c and its derivatives, unmixed (with a CAGR of +5.9%), while imports for the other products experienced more modest paces of growth.

In value terms, the largest types of imported provitamins and vitamins were vitamins; vitamin e and its derivatives, unmixed ($2.4B), vitamins; n.e.s. in item no. 2936.2, and their derivatives, unmixed ($2B) and vitamins; vitamin c and its derivatives, unmixed ($1.5B), with a combined 59% share of global imports. Vitamins; n.e.s. in heading no. 2936, including natural concentrates, vitamins; vitamins a and their derivatives, unmixed, vitamins; d- or DL-pantothenic acid (vitamin B3 or vitamin B5) and its derivatives, unmixed, vitamins; vitamin B1 and its derivatives, unmixed, vitamins; vitamin B12 and its derivatives, unmixed, vitamins; vitamin B2 and its derivatives, unmixed and vitamins; vitamin B6 and its derivatives, unmixed lagged somewhat behind, together accounting for a further 41%.

Vitamins; d- or DL-pantothenic acid (vitamin B3 or vitamin B5) and its derivatives, unmixed, with a CAGR of +10.9%, recorded the highest growth rate of the value of imports, in terms of the main imported products over the period under review, while purchases for the other products experienced more modest paces of growth.

Import Prices By Type

The average vitamin import price stood at $12,705 per ton in 2022, falling by -2.1% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of 24%. As a result, import price attained the peak level of $16,712 per ton. From 2019 to 2022, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major imported products. In 2022, the product with the highest price was vitamins; vitamin B12 and its derivatives, unmixed ($80,022 per ton), while the price for vitamins; vitamin c and its derivatives, unmixed ($5,687 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by vitamins; d- or DL-pantothenic acid (vitamin B3 or vitamin B5) and its derivatives, unmixed (+5.3%), while the other products experienced more modest paces of growth.

Import Prices By Country

In 2022, the average vitamin import price amounted to $12,705 per ton, dropping by -2.1% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the average import price increased by 24%. As a result, import price reached the peak level of $16,712 per ton. From 2019 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Singapore ($17,248 per ton), while Belgium ($7,993 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+3.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Provitamins And Vitamins

After two years of growth, overseas shipments of provitamins and vitamins decreased by -1.3% to 656K tons in 2022. Overall, total exports indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +31.3% against 2019 indices. The pace of growth appeared the most rapid in 2017 with an increase of 42%. The global exports peaked at 664K tons in 2021, and then contracted in the following year.

In value terms, vitamin exports fell slightly to $9.2B in 2022. In general, exports, however, saw a buoyant expansion. The pace of growth was the most pronounced in 2020 when exports increased by 30%. The global exports peaked at $9.3B in 2021, and then shrank modestly in the following year.

Exports By Country

China represented the key exporting country with an export of about 342K tons, which reached 52% of total exports. The Netherlands (85K tons) took a 13% share (based on physical terms) of total exports, which put it in second place, followed by the United States (6.3%). Germany (28K tons), Australia (25K tons), Belgium (21K tons), India (19K tons), France (18K tons), Switzerland (15K tons) and Singapore (12K tons) held a minor share of total exports.

Exports from China increased at an average annual rate of +6.2% from 2012 to 2022. At the same time, Switzerland (+96.5%), Australia (+24.3%), the Netherlands (+20.0%), India (+6.0%) and the United States (+1.2%) displayed positive paces of growth. Moreover, Switzerland emerged as the fastest-growing exporter exported in the world, with a CAGR of +96.5% from 2012-2022. Belgium, Germany and France experienced a relatively flat trend pattern. By contrast, Singapore (-2.8%) illustrated a downward trend over the same period. While the share of the Netherlands (+9.3 p.p.), Australia (+3.1 p.p.), China (+2.5 p.p.) and Switzerland (+2.4 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Belgium (-2.2 p.p.), France (-2.4 p.p.), Singapore (-2.5 p.p.), Germany (-3.5 p.p.) and the United States (-3.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($3.4B) remains the largest vitamin supplier worldwide, comprising 36% of global exports. The second position in the ranking was taken by the Netherlands ($1.4B), with a 15% share of global exports. It was followed by the United States, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to +5.7%. In the other countries, the average annual rates were as follows: the Netherlands (+24.5% per year) and the United States (+4.3% per year).

Exports By Type

Vitamins; vitamin c and its derivatives, unmixed was the key exported product with an export of about 253K tons, which resulted at 38% of total exports. It was distantly followed by vitamins; n.e.s. in item no. 2936.2, and their derivatives, unmixed (127K tons), vitamins; vitamin e and its derivatives, unmixed (124K tons), vitamins; n.e.s. in heading no. 2936, including natural concentrates (60K tons) and vitamins; d- or DL-pantothenic acid (vitamin B3 or vitamin B5) and its derivatives, unmixed (37K tons), together creating a 53% share of total exports. Vitamins; vitamins a and their derivatives, unmixed (17K tons) and vitamins; vitamin B2 and its derivatives, unmixed (15K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exported products, was attained by vitamins; d- or DL-pantothenic acid (vitamin B3 or vitamin B5) and its derivatives, unmixed (with a CAGR of +8.8%), while the other products experienced more modest paces of growth.

In value terms, the largest types of exported provitamins and vitamins were vitamins; n.e.s. in item no. 2936.2, and their derivatives, unmixed ($2.5B), vitamins; vitamin e and its derivatives, unmixed ($1.6B) and vitamins; vitamin c and its derivatives, unmixed ($1.4B), together accounting for 59% of global exports. Vitamins; n.e.s. in heading no. 2936, including natural concentrates, vitamins; vitamins a and their derivatives, unmixed, vitamins; d- or DL-pantothenic acid (vitamin B3 or vitamin B5) and its derivatives, unmixed, vitamins; vitamin B1 and its derivatives, unmixed, vitamins; vitamin B2 and its derivatives, unmixed, vitamins; vitamin B12 and its derivatives, unmixed and vitamins; vitamin B6 and its derivatives, unmixed lagged somewhat behind, together accounting for a further 41%.

Vitamins; d- or DL-pantothenic acid (vitamin B3 or vitamin B5) and its derivatives, unmixed, with a CAGR of +12.5%, recorded the highest rates of growth with regard to the value of exports, among the main exported products over the period under review, while shipments for the other products experienced more modest paces of growth.

Export Prices By Type

The average vitamin export price stood at $14,097 per ton in 2022, approximately reflecting the previous year. Overall, the export price saw a relatively flat trend pattern. The growth pace was the most rapid in 2016 an increase of 38% against the previous year. As a result, the export price attained the peak level of $15,519 per ton. From 2017 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by the product type; the product with the highest price was vitamins; vitamin B12 and its derivatives, unmixed ($116,894 per ton), while the average price for exports of vitamins; vitamin c and its derivatives, unmixed ($5,371 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by vitamins; vitamins a and their derivatives, unmixed (+5.5%), while the other products experienced more modest paces of growth.

Export Prices By Country

In 2022, the average vitamin export price amounted to $14,097 per ton, remaining stable against the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 38%. As a result, the export price reached the peak level of $15,519 per ton. From 2017 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($27,460 per ton), while China ($9,844 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+3.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform