Rising Global Geriatric Population Is Anticipated To Drive The Vitamin A Market During The Forecast Period 2021-2027

Increasing global geriatric population is a key factor driving the Vitamin A Market during the forecast period 2022-2027. The global geriatric population in 2020 was estimated to be 727 million. According to the United Nations (UN), the population is projected to reach 998 million by 2030. This is anticipated to significantly increase the cases of Age-related macular degeneration (AM) and weakened skeletal and muscular systems. For instance, the prevalence of Age-related macular degeneration was estimated to be 196 million in 2020 and is estimated to teach 288 million by 2040. This is driving the consumption of vitamin A as they help significantly reduce the risk of developing such conditions by improving eyesight and strengthening muscles and bones. Furthermore, the vitamin also possesses antioxidant properties, which can help decrease risk of cardiovascular diseases and cancers. Vitamin A Market size is estimated to reach $1.1 billion by 2027 and is poised to grow at a CAGR of 4.3% over the forecast period of 2022-2027.

Vitamin A is the term used for a group of fat-soluble organic compounds, namely retinol, retinal, retinoic acid and numerous provitamin A carotenoids. Some of the key functions of vitamin A include improving the immune system to work efficiently during infections, enhancing vision by maintaining a clear cornea and maintaining healthy skin by slowing down the process of aging. Besides, vitamin A also supports cell differentiation, thereby playing a crucial part in the maintenance of cardiac, lung and kidney health. Some of the natural sources of vitamin A in diet include cheese, fish, milk and eggs. The Recommended Daily Allowance (RDA) of the vitamin A for adults over the age of 19 is 900 mcg for men and 700 mcg for women. Apart from their use in maintaining human health, Vitamin A is also crucial for improving productivity and enhancing overall health of animals. Adequate consumption of vitamin A is essential for ensuring vision, bone, muscle, immune and reproductive health. Furthermore, the vitamin also plays a vital role in maintenance of epithelial tissue in animals. 

North America held the largest share of the Vitamin A market owing to the rise in health consciousness among the population during to the COVID-19 pandemic. The increase in health consciousness caused a significant surge in the consumption of multivitamin supplements, which is generating product demand as vitamin A is a key component of such supplements. For instance, according to the Council for Responsible Nutrition (CRN), the usage of multivitamin supplements increased by nearly 74% in 2020. Furthermore, the proportion of households in the US that were buying multivitamin supplements increased from 85% to 90% during the COVID-19 pandemic. Besides, the region also mandates that certain food and beverage products need to be fortified with Vitamin A to reduce the risk of vitamin A deficiency in the population. This is another key factor contributing to the rapid growth in North America. For instance, the Canadian Food and Drugs Regulations (FDR) make it mandatory for food products such as margarine, infant formulas, meal replacements and nutritional supplements, instant breakfasts and evaporated skim milk to be fortified with vitamin A before being sold in the market. The Asia Pacific region is also projected to register significant growth during the forecast period owing to the rise in government initiatives for combating vitamin A deficiency in emerging economies such as India, China and Bangladesh.

The rising use of vitamin A in cosmetic products is driving the market during the forecast period. Vitamin A is typically used in products such as moisturizers, sunscreen, skincare oils and anti-aging creams. Besides, tropical retinoids are also applied directly on the skin to prevent acne development owing to their anti-inflammatory properties. 

The high prevalence of Vitamin A deficiency among the global population is a key factor that is driving the market during the forecast period. For instance, according to the Centers for Disease Control (CDC) and the US Department of Agriculture (USDA), around 50% of the population in the US suffer from vitamin A, vitamin C and magnesium deficiencies. Moreover, around 35.5% of children in Central and Western China are vitamin A deficient while 15.7% of the children below the age of 5 in India suffer from Vitamin A deficiency.

Rising healthcare costs is persuading more people to consume vitamin supplements to reduce risk of acquiring both communicable and non-communicable illnesses. This is driving the market for vitamin A as it reduces the risk of developing eye disorders and infectious diseases. For instance, it is estimated that the per capita healthcare expenditure of the US in 2020 was approximately $12,530. 

The major companies in the Vitamin A Market include BASF, Kingdomway Nutrition Inc, Adisseo, DSM, Kempex, Prinovaglobal, Amway, Zhejiang Medicine Co. Lt, Lonza and Glanbian Nutritionals.

In August 2021, Nykaa announced the launch of SKINRX 2% Advanced Retinol Serum. The product is designed to soothes the wrinkles and fine lines while promoting skin cell renewal in order to reduce signs of aging. 

In October 2020, L'Oréal Paris announced the launch of a new retinol serum called Revitalift Derm Intensives Night Serum. The serum is part of L'Oréal's Derm Intensives range, which aims to hone in on one prime ingredient per product to make it more effective. The retinol concentration in this product is 0.3%.