Global Vitamin Market 2024

Vitamin Market Size

The global vitamin market fell slightly to $X in 2023, which is down by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern remained consistent, with only minor fluctuations in certain years. Over the period under review, the global market attained the maximum level at $X in 2019; however, from 2020 to 2023, consumption remained at a lower figure.

Vitamin Production

In value terms, vitamin production reduced to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 when the production volume increased by X%. Over the period under review, global production reached the maximum level at $X in 2019; however, from 2020 to 2023, production failed to regain momentum.

Vitamin Exports

Exports

In 2023, shipments abroad of provitamins and vitamins decreased by X% to X tons, falling for the second year in a row after two years of growth. Over the period under review, total exports indicated a perceptible expansion from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports decreased by X% against 2021 indices. The most prominent rate of growth was recorded in 2017 when exports increased by X%. Over the period under review, the global exports reached the peak figure at X tons in 2021; however, from 2022 to 2023, the exports failed to regain momentum.

In value terms, vitamin exports dropped dramatically to $X in 2023. Overall, total exports indicated a perceptible increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports decreased by X% against 2021 indices. The pace of growth appeared the most rapid in 2020 when exports increased by X%. The global exports peaked at $X in 2021; however, from 2022 to 2023, the exports remained at a lower figure.

Exports by Country

In 2023, China (X tons) was the largest exporter of provitamins and vitamins, comprising X% of total exports. The Netherlands (X tons) took the second position in the ranking, followed by the United States (X tons). All these countries together held approx. X% share of total exports. The following exporters - Germany (X tons), India (X tons), Australia (X tons), France (X tons), Belgium (X tons), Switzerland (X tons) and Singapore (X tons) - together made up X% of total exports.

Exports from China increased at an average annual rate of X% from 2012 to 2023. At the same time, Switzerland (X%), Australia (X%), the Netherlands (X%) and India (X%) displayed positive paces of growth. Moreover, Switzerland emerged as the fastest-growing exporter exported in the world, with a CAGR of X% from 2012-2023. The United States and France experienced a relatively flat trend pattern. By contrast, Germany (X%), Belgium (X%) and Singapore (X%) illustrated a downward trend over the same period. The Netherlands (X p.p.), China (X p.p.), Australia (X p.p.) and Switzerland (X p.p.) significantly strengthened its position in terms of the global exports, while France, Belgium, Singapore, the United States and Germany saw its share reduced by X%, X%, X%, X% and X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2023, the average annual rate of growth in terms of value in China totaled X%. In the other countries, the average annual rates were as follows: the Netherlands (X% per year) and the United States (X% per year).

Export Prices by Country

In 2023, the average vitamin export price amounted to $X per ton, declining by X% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the average export price increased by X%. As a result, the export price attained the peak level of $X per ton. From 2017 to 2023, the average export prices remained at a lower figure.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the Netherlands (X%), while the other global leaders experienced more modest paces of growth.

Vitamin Imports

Imports

In 2023, supplies from abroad of provitamins and vitamins decreased by X% to X tons for the first time since 2018, thus ending a four-year rising trend. Over the period under review, total imports indicated a measured increase from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 with an increase of X%. Global imports peaked at X tons in 2022, and then declined in the following year.

In value terms, vitamin imports reduced notably to $X in 2023. Overall, total imports indicated a tangible increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports decreased by X% against 2021 indices. The most prominent rate of growth was recorded in 2020 when imports increased by X%. Over the period under review, global imports attained the peak figure at $X in 2021; however, from 2022 to 2023, imports remained at a lower figure.

Imports by Country

The countries with the highest levels of vitamin imports in 2023 were the United States (X tons), the Netherlands (X tons) and Germany (X tons), together resulting at X% of total import. It was distantly followed by Belgium (X tons), generating a X% share of total imports. France (X tons), Brazil (X tons), Spain (X tons), Japan (X tons), Italy (X tons), India (X tons), Canada (X tons), Indonesia (X tons) and South Korea (X tons) took a minor share of total imports.

From 2012 to 2023, the biggest increases were recorded for India (with a CAGR of X%), 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), with a combined X% share of global imports.

In terms of the main importing countries, the Netherlands, with a CAGR of X%, recorded the highest growth rate of 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

The average vitamin import price stood at $X per ton in 2023, falling by X% against the previous year. In general, the import price showed a slight reduction. The most prominent rate of growth was recorded in 2018 when the average import price increased by X%. As a result, import price attained the peak level of $X per ton. From 2019 to 2023, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the Netherlands (X%), while the other global leaders experienced a decline in the import price figures.

Source: IndexBox Platform