Global Vitamin Market 2024

Vitamin Market Size

In 2021, the global vitamin market increased by 2.6% to $X, rising for the second consecutive year after two years of decline. The market value increased at an average annual rate of +3.2% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when the market value increased by 8.4%. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the global market failed to regain momentum.

Vitamin Production

In value terms, vitamin production declined to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.3% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 9.4%. Global production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Vitamin Exports

Exports

In 2021, the amount of provitamins and vitamins exported worldwide expanded notably to X tons, picking up by 7.2% on the previous year. In general, total exports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +5.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +29.0% against 2019 indices. The most prominent rate of growth was recorded in 2017 when exports increased by 24% against the previous year. Over the period under review, the global exports reached the maximum in 2021 and are expected to retain growth in years to come.

In value terms, vitamin exports expanded sharply to $X in 2021. Overall, total exports indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +5.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +34.3% against 2019 indices. The most prominent rate of growth was recorded in 2017 with an increase of 21%. The global exports peaked in 2021 and are likely to see gradual growth in the near future.

Exports by Country

In 2021, China (X tons) was the key exporter of provitamins and vitamins, making up 49% of total exports. The Netherlands (X tons) ranks second in terms of the total exports with an 11% share, followed by Switzerland (11%), the United States (5.3%) and the UK (4.6%). Germany (X tons), India (X tons), France (X tons) and Belgium (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to vitamin exports from China stood at +8.0%. At the same time, the Netherlands (+22.2%), Switzerland (+12.3%), India (+9.6%) and the UK (+5.5%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing exporter exported in the world, with a CAGR of +22.2% from 2012-2021. The United States and France experienced a relatively flat trend pattern. By contrast, Belgium (-2.1%) and Germany (-9.8%) illustrated a downward trend over the same period. The Netherlands (+7.8 p.p.), China (+7.8 p.p.) and Switzerland (+4.4 p.p.) significantly strengthened its position in terms of the global exports, while France, Belgium, the United States and Germany saw its share reduced by -1.7%, -2.2%, -2.9% and -10.6% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest vitamin supplier worldwide, comprising 34% of global exports. The second position in the ranking was held by the Netherlands ($X), with a 12% share of global exports. It was followed by Switzerland, with a 12% share.

In China, vitamin exports increased at an average annual rate of +7.5% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: the Netherlands (+26.7% per year) and Switzerland (+7.2% per year).

Export Prices by Country

In 2021, the average vitamin export price amounted to $X per ton, picking up by 4.6% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 21% against the previous year. The global export price peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while Belgium ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+4.2%), while the other global leaders experienced more modest paces of growth.

Vitamin Imports

Imports

Global vitamin imports stood at X tons in 2021, increasing by 1.9% compared with the previous year's figure. Over the period under review, total imports indicated a prominent expansion from 2012 to 2021: its volume increased at an average annual rate of +5.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +29.9% against 2019 indices. The growth pace was the most rapid in 2020 when imports increased by 27% against the previous year. Over the period under review, global imports reached the maximum in 2021 and are expected to retain growth in the near future.

In value terms, vitamin imports expanded modestly to $X in 2021. In general, total imports indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +4.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +28.9% against 2019 indices. The most prominent rate of growth was recorded in 2020 when imports increased by 24% against the previous year. Global imports peaked in 2021 and are likely to see steady growth in the near future.

Imports by Country

In 2021, the United States (X tons) and the Netherlands (X tons) represented the main importers of provitamins and vitaminsacross the globe, together reaching near 27% of total imports. It was distantly followed by Germany (X tons), creating a 7.1% share of total imports. Belgium (X tons), France (X tons), Brazil (X tons), Spain (X tons), Japan (X tons), Italy (X tons), Canada (X tons), the UK (X tons), Indonesia (X tons) and Poland (X tons) took a little share of total imports.

From 2012 to 2021, the biggest increases were recorded for the Netherlands (with a CAGR of +16.8%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest vitamin importing markets worldwide were the United States ($X), the Netherlands ($X) and Germany ($X), together comprising 33% of global imports.

Among the main importing countries, the Netherlands, with a CAGR of +19.4%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average vitamin import price amounted to $X per ton, picking up by 2.2% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average import price increased by 19% against the previous year. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Canada ($X per ton), while Belgium ($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 Netherlands (+2.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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