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(Medical-NewsWire.com, September 23, 2021 ) The vitamin D market, in terms of value, is estimated to account for nearly USD 1.1 billion in 2020 and projected to grow at a CAGR of 7.0%, to reach nearly USD 1.6 billion by 2025. The vitamin D market has been growing in accordance with the rise in demand and consumption of feed around the world. The feed industry is witnessing an upward trend in the demand for enriched feed products, which supports the demand for nutritional additives such as vitamin D. Furthermore, developing economies such as China and India, where there is a growing focus on animal nutrition, different vitamins are expected to experience a strong rise in the demand from the feed industry.
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The key players in the vitamin D market include Zhejiang Garden Biochemical High-Tech Co.,Ltd (China), Koninklijke DSM N.V. (Netherlands), Zhejiang Xinhecheng Co., Ltd. (China), Taizhou Haisheng Pharmaceutical Co., Ltd. (China), Xiamen Jindawei Vitamin Co., Ltd. (China), Fermenta Biotech Ltd. (India), Zhejiang Medicine Co., Ltd.(China), BASF (Germany), and Dishman Group (India). The key market players, along with the other players, adopted various business strategies such as new product launches, expansions, and joint ventures & agreements, in the last few years, to meet the growing demand for vitamin D.
Major players in the market are mainly focusing on undertaking expansions for innovating and developing research centers to meet the growing requirements of the consumers. The core strengths of the key players identified in this market are growth strategies such as new product launches and acquisitions. The undertaking of new product launches and expansions has enabled the market players to enhance their presence in the vitamin D market.
The key players, such as Koninklijke DSM N.V. (Netherlands) undertook these strategies to improve their distribution network, gain a stronger foothold, and enhance market share. For example, DSM expanded its operations in the Indian market, with the opening of its second animal nutrition & health premix plant. The expansion would help the company to increase its reach in the Asia Pacific market.
Fermenta Biotech Ltd. (India), is focusing on expansion and new product developments to enhance its foothold in the market. For example, in January 2019, Fermenta Biotech Ltd executed a 99-year lease agreement to acquire a land of about 40,000-square-meter from the Gujarat Industrial Development Corporation (GIDC) authority, Ankleshwar, Sayakha, for future expansion. The company aims to commence manufacturing by the end of 2020.
Koninklijke DSM N.V. (Netherlands) is one of the leading companies involved in the manufacture of nutritional & pharmaceutical ingredients, biomedical materials, thermoplastics, resins, and industrial chemicals. The products find application in various sectors, such as food & beverage, personal care, medical, textiles, pharmaceutical, feed, dietary supplements, electrics, automotive, paint, and construction. The company operates through three business segments, namely, nutrition, performance materials, and innovation.
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Zhejiang Xinhecheng Co., Ltd. (China) is a chemical and ingredient manufacturing company. The company mainly deals with ingredients used in animal and human nutrition. Zhejiang Xinhecheng Co. Ltd. is involved in businesses such as nutrition, flavor & fragrance, APIs, and polymers, providing solutions to animal & human nutrition, medicine, health, environmental protection, and engineering plastics.
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