Dietary supplements is another key application, which is likely to offer significant growth prospects in the future,
on account of rising consciousness among consumers regarding healthy diet intake and for treating vitamin
deficiency related disorders.
Regional Insights
Asia Pacific is likely to witness tremendous growth, due to the increasing usage of the product in food,
pharmaceuticals and personal care sectors. This scenario is projected to reflect in countries such as India, Japan
and China owing to economic growth, technological advancements, low production costs and presence of a
broad industrial base.
The awareness regarding the health benefits of dietary supplements has notably increased in the Asia Pacific
region, as a consequence of various factors such as rising disposable incomes, increasing middle class population
and educational development. Furthermore, the existence of major pharmaceutical companies in the region
such as Sun Pharmaceutical, Dr. Reddy’s Laboratories, GSK, Cipla, Novo Nordisk and Roche are likely to
contribute towards the industry growth.
In terms of revenue, Europe held the largest share in 2015 and is likely to expand at a CAGR of 3.8% during the
forecast period. Product consumption in the region is anticipated to rise as a result of significant demand from
animal feed and health supplement sectors. Presence of a well-established cosmetics industry with key players
such as L’Oreal, Henkel, Unilever and Beiersdorf is another growth driving factor.
Competitive Insights
BASF SE, Brenntag, Kemin Industries, Allied Biotech, ExcelVite Sdn. Bhd., DSM Nutritional Products, Cyanotech
Corp., Divis Laboratories, Chr. Hansen, D.D. Williamson, Lycored, and Naturex SA are the major players in the
industry.
The manufacturers are implementing various strategies that include product innovation and collaborations with
other participants across the value chain, in order to increase their presence worldwide.
Market Segment:
Source Outlook (Volume, Tons; Revenue, USD Million; 2014 - 2025)
• Natural
• Synthetic