CATEGORY
Synthetic Vitamins
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Synthetic Vitamins Industry Benchmarks
Savings Achieved
(in %)
The average annual savings achieved in Synthetic Vitamins category is 1.70%
Payment Terms
(in days)
The industry average payment terms in Synthetic Vitamins category for the current quarter is 60.0 days
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Category Strategy and Flexibility
Engagement Model
Supply Assurance
Sourcing Process
Supplier Type
Pricing Model
Contract Length
SLAs/KPIs
Lead Time
Supplier Diversity
Targeted Savings
Risk Mitigation
Financial Risk
Sanctions
AMEs
Geopolitical Risk
Cost Optimization
Price per Unit Competitiveness
Specification Leanness
Minimum Order Quality
Payment Terms
Inventory Control
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Synthetic Vitamins Suppliers

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Synthetic Vitamins market report transcript
Synthetic Vitamins Global Market Outlook
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Vitamin growth figures in 2020/2021 is forecasted to be higher compared to 2019/2020, due to the impact by COVID-19
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Majority of the vitamins are manufactured in synthetic form, as they are cost efficient and yield higher
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The global vitamin figures are estimated to be at 364.4 Thd MT in 2019/2020. China is the top producer, which has surplus export volume. The US, EU and India, even though they produce relative volume, they are not major exporters, due to internal demand
Impact of COVID-19 on Synthetic Vitamins Industry
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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
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Although major suppliers, like China and the US, have not announced any lockdowns, countries such as India and EU are expected to be ideal, supporting sourcing destinations, due to sustainability issues in the future.
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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.
Porter’s Five Forces Analysis on Synthetic Vitamins Industry
The suppliers have better negotiation power, as they are fragmented players for most of the vitamins and volumes are at risk due to increased demand. The intensity of rivalry is medium to high in the vitamin industry, based on the type of vitamin and their grades.
Supplier Power
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The suppliers have higher negotiation power than buyers, as the market supply is tight and demand is high
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The suppliers are fragmented and volumes are smaller from each buyer
Barriers to New Entrants
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Vitamin factories require technology, capital and equipment. History of presence is well noted here and hence, the barriers to new entrants are high
Intensity of Rivalry
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Vitamin is mainly used in human consumption and animal feed. The supply of vitamin is generally stable. However, trends and political terms might influence the prices
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The rivalry in the vitamin industry is low to medium, as there are no alternate substitutes
Threat of Substitutes
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Vitamins are essential to human and animal health and cannot be replaced by anything else
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There is no threat for vitamins in the near future
Buyer Power
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The buyers of vitamins are the food, pharmaceutical companies, and animal feed companies
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All these three categories have been hugely impacted by COVID-19 and has seen increased production
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This has led to increase in demand for vitamin based products