Portugal: Vitamin Market 2024

Vitamin Market Size in Portugal

The Portuguese vitamin market was finally on the rise to reach $X in 2021, after two years of decline. Overall, consumption showed a relatively flat trend pattern. Vitamin consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Vitamin Production in Portugal

In value terms, vitamin production stood at $X in 2021 estimated in export price. Overall, production recorded a abrupt slump. The growth pace was the most rapid in 2013 when the production volume increased by 10%. As a result, production attained the peak level of $X. From 2014 to 2021, production growth failed to regain momentum.

Vitamin Exports

Exports from Portugal

In 2021, after four years of growth, there was significant decline in shipments abroad of provitamins and vitamins, when their volume decreased by -10.5% to X tons. Overall, exports, however, saw a strong increase. The growth pace was the most rapid in 2019 when exports increased by 142% against the previous year. The exports peaked at X tons in 2020, and then fell in the following year.

In value terms, vitamin exports declined to $X in 2021. Over the period under review, exports, however, saw a significant expansion. The pace of growth appeared the most rapid in 2019 with an increase of 209% against the previous year. Over the period under review, the exports hit record highs at $X in 2020, and then shrank in the following year.

Exports by Country

Spain (X tons), France (X tons) and Poland (X tons) were the main destinations of vitamin exports from Portugal, with a combined 60% share of total exports. These countries were followed by Italy, Hungary, Angola, Mozambique, Germany, the Czech Republic, Switzerland, Slovakia, Greece and Cabo Verde, which together accounted for a further 36%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Hungary (with a CAGR of +278.9%), while the other leaders experienced more modest paces of growth.

In value terms, Spain ($X) remains the key foreign market for provitamins and vitamins exports from Portugal, comprising 41% of total exports. The second position in the ranking was taken by Poland ($X), with a 13% share of total exports. It was followed by Italy, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Spain stood at +69.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (+100.2% per year) and Italy (+58.0% per year).

Export Prices by Country

In 2021, the average vitamin export price amounted to $X per ton, surging by 3.5% against the previous year. In general, export price indicated perceptible growth from 2012 to 2021: its price increased at an average annual rate of +4.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, vitamin export price decreased by -6.8% against 2019 indices. The most prominent rate of growth was recorded in 2014 when the average export price increased by 55%. The export price peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Greece ($X per ton), while the average price for exports to Mozambique ($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 Angola (+16.8%), while the prices for the other major destinations experienced more modest paces of growth.

Vitamin Imports

Imports into Portugal

In 2021, after nine years of growth, there was significant decline in supplies from abroad of provitamins and vitamins, when their volume decreased by -13.6% to X tons. Overall, imports, however, posted a strong increase. The most prominent rate of growth was recorded in 2016 with an increase of 31%. Over the period under review, imports hit record highs at X tons in 2020, and then dropped in the following year.

In value terms, vitamin imports surged to $X in 2021. Over the period under review, imports, however, posted a prominent increase. The most prominent rate of growth was recorded in 2016 with an increase of 44%. Imports peaked in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, Spain (X tons) constituted the largest vitamin supplier to Portugal, with a 43% share of total imports. Moreover, vitamin imports from Spain exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. The third position in this ranking was taken by Germany (X tons), with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Spain stood at +12.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+30.5% per year) and Germany (+14.8% per year).

In value terms, Spain ($X), China ($X) and the Netherlands ($X) appeared to be the largest vitamin suppliers to Portugal, together comprising 72% of total imports. Germany, France, Finland, Lithuania and the UK lagged somewhat behind, together comprising a further 16%.

In terms of the main suppliers, Lithuania, with a CAGR of +98.1%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average vitamin import price stood at $X per ton in 2021, rising by 33% against the previous year. Over the period under review, the import price, however, continues to indicate a pronounced descent. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Lithuania ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+15.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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