The Global Vitamin E Market Projected to Reach $3.7 Billion by 2028 with a CAGR of 7.5%
Vitamin E Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What's the Current Scenario of the Vitamin E Market?
The vitamin E market size has seen substantial growth in recent years. The market grew from $2.58 billion in 2023 to $2.77 billion in 2024, marking a compound annual growth rate CAGR of 7.3%. The growth during this historic period can be attributed to factors such as rising dietary supplement consumption, animal feed fortification, increased health awareness, cosmetic industry demand, and an aging population.
What Is the Anticipated Growth of the Vitamin E Market?
The vitamin E market size is forecasted to see an impressive growth in the coming years. It is expected to grow to $3.7 billion by 2028, exhibiting a compound annual growth rate CAGR of 7.5%. This growth in the forecast period can be due to increasing demand for functional foods, the expansion of aquaculture, rising prevalence of chronic diseases, and expanding applications in pharmaceuticals, among other factors. Major trends expected to make an impact during the forecast period include product launches, personalized nutrition, clean label products, plant-based alternatives, and more research and development investment.
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What's Driving the Growth of the Vitamin E Market?
One of the significant growth drivers of the vitamin E market is the increasing demand for skincare products. Skincare products—designed to maintain and enhance the health and appearance of the skin—have seen a surge in demand, partly due to more significant awareness of skin health, often fueled by social media influences. The growth of online shopping platforms and continuous innovation in skincare products have attracted consumers seeking effective solutions. Vitamin E, known for its moisturizing, protective, and healing properties, is a key ingredient in many skincare products, meeting the needs of various skin types and concerns.
For instance, in May 2023, The Cosmetic, Toiletry, and Perfumery Association, a UK-based organization, reported that sales of skincare products reached 479,569 units in 2022, up from 461,472 units in 2021. This increasing demand for skincare products is directly driving the growth of the vitamin E market.
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Which Key Players Are Contributing to the Vitamin E Market?
Some of the major companies operating in the vitamin E market are Archer Daniels Midland Company ADM, BASF SE, Brenntag AG, Evonik Industries AG, Kao Corporation, DSM Nutritional Products, Amway Corporation, Lonza Group AG, Glanbia Plc, Alfa Laval AB, Herbalife Nutrition Ltd., Sime Darby Plantation Berhad, Lubrizol Corporation, Kemin Industries Inc., Schwabe Group, Vitamin Shoppe Industries Inc., Naturex SA, Swanson Health Products Inc., Nature's Way Products LLC, AstaReal AB, Kensing LLC, NutriScience Innovations LLC, Vitae Naturals, Hawkins Watts Limited.
What Key Trends Are Dominating the Vitamin E Market?
Major companies in the vitamin E market are increasingly focusing on enhancing health products with advanced ingredient combinations and formulations, such as vitamin E creams. These products aim to provide comprehensive health benefits and cater to diverse consumer needs across various industries. For instance, vitamin E cream is a skincare product enriched with vitamin E, known for its antioxidant properties, which help to moisturize, protect, and repair the skin.
In April 2024, P&G Health's Evion, an India-based manufacturer of pharmaceutical products, launched a Vitamin E Cream that combines Vitamin E with Aloe Vera, aiming to enhance skin nourishment and promote a radiant appearance. This development is one of many in both synthetic and natural forms of Vitamin E, with novel applications across various industries such as cosmetics, dietary supplements, and functional foods. Given the potent health benefits of vitamin E, it is considered a vital ingredient in health and wellness products.
How Is the Global Vitamin E Market Segmented?
The vitamin E market is segmented by:
1 Type: Tocopherol Vitamin E Products, Tocotrienol Vitamin E Products
2 Source: Naturally-Sourced Vitamin E, Synthetically-Sourced Vitamin E
3 Application: Dietary Supplements, Animal Feed, Food And Beverages, Cosmetics, Other Applications
Which Regions Are Dominating the Vitamin E Market?
Europe was the largest region in the vitamin E market in 2023, with Asia-Pacific expected to be the fastest-growing region in the forecast period. The market report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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