According to a new report published by Allied Market Research, titled, “Vitamin E Market by Type, Application, and Region: Global Opportunity Analysis and Industry Forecast, 2021–2028,” The global vitamin E market size was valued at $2,661.1 million in 2020, and is projected to reach $3,728.2 million by 2028, registering a CAGR of 4.3%. Asia-Pacific was the highest revenue contributor, accounting for $1,016.8 million in 2020, and is estimated to reach $1,528.9 million by 2028, with a CAGR of 5.3%. Asia-Pacific is estimated to reach $1,528.9 million by 2028, at a significant CAGR of 5.3%. Vitamin E is an essential fat-soluble vitamin protecting cell membranes from reactive oxygen species. It is a cluster of eight fat soluble composites which include tocotrienols and tocopherols. The deficiency of vitamin E, is rare and occurs usually owing to a casual problem with digesting dietary fat rather than from a low in vitamin E diet, which can further cause nerve problems.
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The growth of the Vitamin E market is attributed to widespread promotion and advertisements regarding the importance of consuming vitamin E and the disadvantages of having its deficiency. Moreover, the easily availability is the factor which smoothens the requirement and sales of vitamin E in the market. . In addition, there are many sales channel like Apollo online pharmacy and internet pharmacy which are quick in delivering the requirements with available discounts. Moreover, many supplements and cosmetics are also available over the popular online retailers like Amazon, Grofers, ubuy, Walmart, and other websites. Therefore, surge in number of distribution channels and easy availability of the supplements propels the market growth of vitamin E. However, easy availability of substitute act as the restraint for the market. Conversely, increase in the demand of Vitamin E in the processed food and pet nutrition is expected to make way for Vitamin E market growth.
The global Vitamin E market is segmented on the basis of type, application, and region. On the basis of type, the market is bifurcated into natural and synthetic. On the basis of application, the market is categorized into supplements, cosmetic and animal feeds. Region-wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia and rest of Europe), Asia-Pacific (China, India, Japan, ASEAN, South Korea, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa).
Based on Vitamin E market analysis by type, the synthetic segment accounted for the majority of the share in the global vitamin E market in 2020. The synthetic segment was also the fastest growing segment in the type category. The growth in this segment can be attributed to easy availability and cost effectiveness of this segment.
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Based on Vitamin E market forecast by application, the supplement segment was the largest and fastest growing segment in 2020. The growth in this segment can be attributed to the growing awareness about diet and nutrition among the general populace. The cosmetic segment in the application category is expected to garner modest growth in the coming years, with a CAGR of 4.1% from 2021-2028.
Based on the region, Asia-Pacific was the dominant regional in the vitamin E market accounting for more than one-third of the global revenue in 2020. Asia-Pacific was also the fastest growing regional segment throughout the forecast period.
The key players in the Vitamin E industry have relied on product launch as their key strategy to stay relevant in the Vitamin E market share. The key players operating in the vitamin E market include- Advanced Organic Materials, SA, Antares Health Products, Inc., Archer Daniels Midland Company, BASF Nutrition, BTSA Biotecnologías Aplicadas, S.L., Koninklijke Dsm N.V., Matrix Fine Sciences Pvt. Ltd., Merck KGAA, N.S. Chemicals and The Nature’s Bounty Co.
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Key findings of the study
- By type, the synthetic segment is projected to witness the highest CAGR of 4.5% in revenue terms during the forecast period.
- By type, the synthetic segment is expected to dominate the market through 2021-2028.
- By application, the supplement segment occupied the largest market with maximum value share in 2020 and is expected to grow at the significant CAGR during the forecast period.
- U.S. is the largest country in terms of demand of Vitamin E in 2019.
- Asia-Pacific is anticipated to witness the highest growth rate, registering a CAGR of 5.3% from 2021 to 2028.
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