India: Vitamin Market 2024

Vitamin Market Size in India

The Indian vitamin market was finally on the rise to reach $X in 2021, after four years of decline. Overall, consumption, however, saw a perceptible slump. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2021, consumption remained at a lower figure.

Vitamin Production in India

In value terms, vitamin production totaled $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a slight shrinkage. The most prominent rate of growth was recorded in 2015 with an increase of 6.3% against the previous year. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Vitamin Exports

Exports from India

In 2021, vitamin exports from India skyrocketed to X tons, jumping by 18% against the previous year's figure. In general, total exports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +9.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +31.2% against 2018 indices. The most prominent rate of growth was recorded in 2013 with an increase of 82% against the previous year. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in years to come.

In value terms, vitamin exports surged to $X in 2021. Overall, exports continue to indicate a resilient increase. The pace of growth appeared the most rapid in 2013 with an increase of 50%. The exports peaked in 2021 and are likely to see steady growth in the near future.

Exports by Country

The United States (X tons), Belgium (X tons) and China (X tons) were the main destinations of vitamin exports from India, with a combined 40% share of total exports. These countries were followed by the Netherlands, Germany, Russia, Indonesia, Brazil, Spain, South Korea, Turkey, Thailand and Bangladesh, which together accounted for a further 31%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Russia (with a CAGR of +49.6%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for provitamins and vitamins exports from India, comprising 21% of total exports. The second position in the ranking was taken by Belgium ($X), with a 7.7% share of total exports. It was followed by Germany, with a 3.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States totaled +10.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+17.9% per year) and Germany (+6.3% per year).

Export Prices by Country

The average vitamin export price stood at $X per ton in 2021, remaining relatively unchanged against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.9%. The growth pace was the most rapid in 2018 an increase of 17% against the previous year. The export price peaked at $X per ton in 2020, and then contracted modestly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to Belgium ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+11.5%), while the prices for the other major destinations experienced more modest paces of growth.

Vitamin Imports

Imports into India

In 2021, imports of provitamins and vitamins into India dropped to X tons, shrinking by -8.5% compared with the year before. Over the period under review, imports, however, enjoyed strong growth. The growth pace was the most rapid in 2020 with an increase of 109% against the previous year. As a result, imports reached the peak of X tons, and then shrank in the following year.

In value terms, vitamin imports surged to $X in 2021. In general, imports, however, enjoyed strong growth. The pace of growth appeared the most rapid in 2014 when imports increased by 46% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to see gradual growth in the near future.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of vitamin to India, accounting for a 68% share of total imports. Moreover, vitamin imports from China exceeded the figures recorded by the second-largest supplier, Singapore (X tons), fivefold. The third position in this ranking was taken by the Netherlands (X tons), with a 4.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +15.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+22.8% per year) and the Netherlands (+52.6% per year).

In value terms, China ($X) constituted the largest supplier of provitamins and vitamins to India, comprising 51% of total imports. The second position in the ranking was taken by Singapore ($X), with a 21% share of total imports. It was followed by Germany, with a 6.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +8.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+23.8% per year) and Germany (+1.6% per year).

Import Prices by Country

The average vitamin import price stood at $X per ton in 2021, with an increase of 34% against the previous year. In general, the import price, however, recorded a perceptible shrinkage. The import price peaked at $X per ton in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the UK (+46.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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