The global Vitamin K2 market size is expected to reach USD 290.3 million by 2026 according to a new study by Polaris Market Research. The report “Vitamin K2 Market Share, Size, Trends, Industry Analysis Report By Product (MK-4, and MK-7), By Application (Pharmaceuticals, Nutraceuticals & Food, Others); By Source (Natural, Synthetic, Others); By Regions, Segment Forecast, 2020 – 2026” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The alarming cases of vitamin deficiency in humans are anticipated to be a primary trigger for demand in the global market. A study conducted by the Food & Agriculture Organization of United Nations (FAO) in the year 2018 revealed that vitamin K deficiency bleeding (VKDB) in infants has emerged to be a major concern for infant mortality. Such incidences are anticipated to be the primary demand generators over the forecast period.
Osteoporosis is another major ailment which constraints growth of new tissues in the human body. More than 38 million people globally suffered of osteoporosis between 2017-18, as per Osteoporosis Foundation statistics. Hence, compensation of calcium deficiency in the human body is expected to be the main area of vitamin K2 consumption. Multifunctional ingredients ensure extended shelf life of foods, and significantly improve the texture and taste of the end-products, hence these ingredients have become a rage in the pharmaceutical industry. The ageing as well as geriatric population creates a bigger room for manufacturers in terms of product innovation.
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As far as the production/derivation methods of vitamin K2 are concerned, natural source accounts for a higher share in the market followed by synthetic means. Production method of the ingredient is a crucial concern particularly in the pharmaceutical industry, as manufacturers have to keenly assess the drug testing criteria put forth by governing authorities. The pharmaceuticals and food application segment is expected to consume the highest amount of vitamin K2 as a result of changing lifestyles, health awareness, and rising disposable income of people. Powders and oils are the primary forms through which vitamin K2 would be integrated in foods.
As of 2019, North America holds the largest market share followed by Europe and Asia Pacific. A drastic increase in the consumption of functional foods by the citizens of Australia, China, and India are likely to speed up the demand of vitamin K2 in Asia Pacific over the next five years. Middle East and Africa is likely to pose a moderate demand for vitamin K2 because of the already existing health and wellness campaigns deployed by the government.
Mergers & acquisitions (M&A), collaborations, partnerships, capacity expansion plans, heavy amount of research & development, and signing long term distribution contracts with local sales giants are the key strategies adhered by market participants to maintain and strengthen their position in the global landscape.
The key players in the market include Danisco A/S (DuPont Health and Nutrition), Kappa Bioscience, DSM, BASF, Gnosis SpA, Frutarom, NattoPharma, Seebio Biotech, and Geneferm Biotechnology Co. Ltd. among others. Direct selling proves to be a cost-effective channel for SMEs to gain customer trust.