Emergence of Covid-19 and Increasing Focus on Aesthetic Appeal to Augment Growth of Vitamins Market

 

Vitamins are very important as they are the building blocks of life. The human body consists mainly of water and it is vitally important that we get enough vitamins to keep us healthy. Vitamins are fat-soluble, which means that the substance inside them is unable to dissolve in the fluid of the blood (plasma) so these vitamins must be taken through food. Vitamins and minerals are found in abundance in fruits and vegetables but to receive all the benefits of these foods, it is best to eat a wide variety of them. Fresh fruits and vegetables have the highest concentration of vitamins and minerals than any other type of food.

Market Dynamics

Emergence of Covid-19 has led to high demand for vitamin C, thereby propelling growth of the global vitamins market. For instance, globally, as of 5:40pm CET, 12 January 2021, there have been 89,707,115 confirmed cases of COVID-19, including 1,940,352 deaths, as reported to the World Health Organization. Such scenario has also prompted several manufacturers to donate vitamins and other products. For instance, in March 2020, Bayer collaborated with Direct Relief and Feeding America to donate one million products that including over-the-counter medications and multivitamins to ease the burden COVID-19 on healthcare systems.

Increasing focus on aesthetic appeal is expected to offer lucrative growth opportunities for players in the global vitamins market. Moreover, launch of vitamin supplements is also expected to aid in growth of the market. For instance, in December 2020, Nature's Bounty launched Immune 24 Hour, a supplement that contains the Vitamin C.

Among regions, Europe is expected to witness significant growth in the vitamins market, owing to growing cosmetics and personal care market in the region. For instance, according to Cosmetics Europe, the personal care association, the European cosmetics and personal care market was valued at US$ 97.15 billion at retail sales price in 2019.

Competitive Analysis

Major players operating in the global vitamins market include, Bayer Corporation, Adisseo France S.A.S., Archer Daniels Midland Co., BASF SE, Bausch + Lomb, CSPC Pharmaceuticals Group Limited, Lonza Group Ltd., North China Pharmaceuticals Corporation, Pharmavite LLC, and Zhejiang Hangzhou Xinfu Pharmaceutical Co. Ltd.

Major players operating in the global vitamins market are focused on launching new products to expand their product portfolio. For instance, in October 2019, Bausch + Lomb launched PreserVision AREDS 2 Formula minigel eye vitamins in the U.S.