Worldwide vitamin E market size worth USD 2 billion in 2015, is expected to surpass USD 2.4 billion by 2024, owing to its extensive application in animal nutrition, cosmetics, dietary supplements, and functional food & beverages sectors along with growing health awareness among the consumers. Moreover, the rising demand of vitamin E for treating night cramps, cerebral palsy, diabetes, Alzheimer, Parkinson, and multiple sclerosis is projected to drive the industry growth over the next few years. As per NIH (National Institutes of Health), it helps in preventing coronary heart diseases, eye disorders, and cognitive decline in individuals. Furthermore, easy availability of vitamin E-based dietary supplements in various forms are expected to benefit vitamin E market in the near future.
Major vitamin E products comprise Natural Vitamin E and Synthetic Vitamin E. Natural Vitamin E market revenue worth USD 600 million in 2015, is expected to grow at a rate of 5% over 2016-2024. The growth can be credited to rise in purchasing capacity of consumers, helping them to consume nutritive diet for maintaining health & fitness. Synthetic vitamin E market is expected to witness a significant growth over the coming years, owing to its popular use as an ingredient in animal foods.
Vitamin E market share in animal nutrition sector worth USD 1 billion in 2015, is expected to grow significantly over the next few years, due to the growing preference for high meat quality. Its application in cosmetics sector is anticipated to grow at 7% over 2016-2024, owing to growing popularity of sunscreen lotions, creams, anti-aging creams, and lipsticks. Vitamin E market size in functional food & beverages sector is expected to record a CAGR of 5% over 2016-2024, due to favorable norms pertaining to inclusion of nutrients in consumer items.
Asia Pacific Vitamin E market revenue is expected to grow noticeably over the timeframe, owing to large-scale production of meat and growing awareness among the consumer about the health benefits as a result of product intake. Furthermore, rising aging population has also contributed significantly towards the regional growth. India, Japan, and China are the major regional revenue pockets.
North America Vitamin E market is expected to witness a considerable growth over the next eight years. The growth can be attributed to rising health concerns among its population along with high popularity of functional foods & beverages. Moreover, factors such as rise in old population, increase in per capita income, and economic development has enhanced the demand for dietary supplements. U.S. is projected to be the major regional revenue contributor.
Europe vitamin E industry is expected to grow substantially over the coming years, owing to growing animal feed sector and high consumption of protein diets. UK, Germany, and Russia are expected to contribute significantly towards the regional share.
Key vitamin E market players include ADM, COFCO Tech Bioengineering Co. Ltd, BASF, and Cargill Corporation.
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