64.4 Thd MT
Category Intelligence on Natural Vitamins covers the following
Vitamin growth figures in 2020/21 is forecasted to be higher compared to 2019/20 due to the impact by COVID-19
Majority of the vitamins are manufactured in synthetic form as they are cost efficient and yield higher
The global vitamin figures are estimated to be at 364.4 Thd MT in 2019/20. China is the top producer which has surplus export volume. The US, EU and India, even though they produce relative volumes, they are not major exporters due to internal demand
The global demand for vitamins has been increasing ever since COVID-19 pandemic with US having a large infected population.
The need for improving the immune system against the virus was the major driving factor•North America has the largest wellness and nutraceutical market in the world•This has led to more demand for vitamins
The US is a minor supplier, however, their formulations in vitamin premix blend is procured by Canada, China and Korea•Vitamin E is mostly made in the US along with few other vitamins which have raw materials available locally
Predominately, most of the US consumes vitamins coming from China due to price and availability
Prices of vitamins traded higher due to COVID-19. Production of these derivatives was also hampered as many manufacturing units faced raw material supply disruptions and shipment delays. However, prices are expected to witness a slight increase owing to slow demand rise.
Major suppliers in the US and Europe are facing challenges owing to supply chain disruption and labor shortage. Suppliers in Asia are comparatively better placed due to relaxed lockdown restrictions.
The global production of vitamins is witnessing a rapid increase and dwindling stocks from the suppliers. COVID-19 has forced the population to focus on their immune system by taking supplements such as multivitamins and stand alone vitamins such as Vitamin C etc.
China is the largest exporter of vitamins in the world. They occupy a market share of 41 percent (Vit D, C and B complex) by exports, however the export volume dropped by 23.5 percent in the last year due to political instabilities with the US.
The upcoming countries for procuring vitamins is Australia and India•As of 2019, both these countries have a growth rate of 105 percent and 22 percent respectively
Although it is believed that China ties up with companies in Australia, exports take place and are then re-exported to US with a different country of origin label and company
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