Vitamin E Market Stunned to Reach CAGR of 4.3% by 2028
According to a new report published by Allied Market Research, titled “Vitamin E Market by Type, Application, and Region: Global Opportunity Analysis and Industry Forecast 2021-2028”, the global vitamin E market size was valued at $2,661.1 million in 2020, and is expected to reach $3,728.2 million by 2028, registering a CAGR of 4.3%. Asia-Pacific was the top revenue contributor, accounting for $1,016.8 million in 2020, and is expected to reach $1,528.9 million by 2028, at a CAGR of 5.3%. Asia-Pacific is estimated to reach $1,528.9 million by 2028, with a significant CAGR of 5.3%. Vitamin E is an essential fat-soluble vitamin that protects cell membranes from reactive oxygen species. It is a group of eight fat-soluble compounds including tocotrienols and tocopherols. Vitamin E deficiency is rare and usually occurs due to an occasional problem digesting dietary fat rather than a diet low in vitamin E, which can lead to nerve problems.
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The growth of the vitamin E market is attributed to widespread promotion and advertisements regarding the importance of vitamin E consumption and the disadvantages of its deficiency. Moreover, the ease of availability is the factor that sweetens the needs and sales of vitamin E in the market. . Also, there are many sales channels like Apollo Online Pharmacy and Internet Pharmacy that quickly fulfill the requirements with available discounts. Moreover, many supplements and cosmetics are also available on popular online retailers like Amazon, Grofers, ubuy, Walmart, and other websites. Hence, increasing number of distribution channels and easy availability of supplements is propelling the growth of vitamin E market. However, easy availability of the substitute acts as a drag for the market. Conversely, increasing demand for vitamin E in processed foods and pet nutrition is expected to give way to growth in the vitamin E market.
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The global vitamin E market is segmented on the basis of type, application and region. On the basis of type, the market is divided into natural and synthetic. Based on application, the market is categorized into supplements, cosmetics, and pet food. At the regional level, it is analyzed in North America (United States, Canada and Mexico), Europe (Germany, United Kingdom, France, Italy, Spain, Russia and rest of Europe), Asia-Pacific ( China, India, Japan, ASEAN, South Korea, Australia and Rest of Asia-Pacific) and LAMEA (Latin America, Middle East and Africa).
Based on the vitamin E market analysis by type, the synthetic segment accounted for the majority of the global vitamin E market share in 2020. The synthetic segment was also the fastest growing segment in the typical category. The growth of this segment can be attributed to the easy availability and cost effectiveness of this segment.
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Based on the vitamin E market forecast by application, the supplements segment was the largest and fastest growing segment in 2020. The growth of this segment can be attributed to the rising awareness about diet and nutrition among the general population. The cosmetics segment within the application category is expected to grow modestly in the coming years, growing at a CAGR of 4.1% from 2021 to 2028.
Based on region, Asia-Pacific was the dominant region in the vitamin E market, accounting for more than one-third of global revenue in 2020. Asia-Pacific was also the regional segment to fastest growing throughout the forecast period.
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Main results of the study
By type, the synthetic segment is expected to witness the highest CAGR of 4.5% in terms of revenue during the forecast period.
By type, synthetic segment is expected to dominate the market through 2021-2028.
By application, supplements segment occupied the largest market with maximum value share in 2020 and is expected to grow at significant CAGR during the forecast period.
The United States is the largest country in terms of vitamin E demand in 2019.
Asia-Pacific is expected to experience the highest growth rate, registering a CAGR of 5.3% from 2021 to 2028.
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Major players in the Vitamin E industry have relied on product launch as the key strategy to remain relevant in the Vitamin E market share. Key players operating in the Vitamin E market include Advanced Organic Materials , SA, Antares Health Products, Inc., Archer Daniels Midland Company, BASF Nutrition, BTSA Biotecnologías Aplicadas, SL, Koninklijke Dsm NV, Matrix Fine Sciences Pvt. Ltd., Merck KGAA, NS Chemicals and The Nature’s Bounty Co.
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Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area. We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. All data presented in the reports we publish are drawn from primary interviews with senior executives from leading companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.
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