SAN JOSE, Calif.—A new report by Global Industry Analysts Inc. (GIA) said the global market for vitamins will reach US $3.2 billion by 2017, which said this growth will be driven by many industries, including the cosmetic industry.
Currently, Europe represents the largest regional market, according to GIA; although the United States constitutes the single largest market globally. Asia-Pacific is likely to emerge as the fastest growing market, with a compound annual growth rate (CAGR) of about 4 percent during the analysis period.
A decade ago, production of vitamins was confined to the West, and only a few chemical-based companies dominated the market. But presently, a significant quantity is produced in China and India. Increasing competition has brought a change in the product and marketing concepts, paving way for increased customer focus, manufacture of value-added products and improved services.
Vitamin E represents the largest segment, due to the extensive use in cosmetics, as well as other applications. With wide ranging applications in the cosmetics industry, such as key ingredient in skin care lotions, sunscreens and anti-aging creams, vitamin E is in wide use due to its varied functionality related to the skin. As such, its use in the cosmetics industry is potentially beneficial, and there are comparatively fewer regulatory hurdles for cosmetic manufacturers in comparison to the food manufacturers.
The cosmetics industry, though relatively small in terms of the percentage share, is emerging as a key end-user of vitamins with a CAGR of 4.6 percent over the analysis period.