Vitamin K2, also known as menaquinones, are a group of compounds known for preventing cardiovascular diseases and bone diseases. The vitamin is responsible for ensuring calcium is absorbed by the bone matrix and prevent its deposition in the arteries.
The global vitamin K2 market is estimated to touch a valuation of USD 228.27 million by 2023, as per the latest findings of Market Research Future (MRFR). It is predicted to register 31.08%% CAGR over the forecast period (2018-2025). It was previously valued at USD 45 million in 2017. It is primarily driven by the rise in vitamin deficiency cases. An increase in health consciousness coupled with the inclination of consumers towards nutritional supplements can drive the vitamin K2 market growth.
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Rising cases of osteoporosis which can accelerate the aging of tissues is another factor that can positively impact the market. But strict regulations by government federal agencies for approval of supplements can act as a growth deterrent.
Segmentation Analysis:
The global vitamin K2 market is segmented by product type, source, form, and application.
By product type, MK-7 accounted for 71.61% vitamin K2 market share in 2017, followed by MK-4 (21.87%) and others (6.52%). The MK-7 segment can touch a value of USD 165.91 million by 2023. On the other hand, MK-4 can accrue USD 48.93 million at a CAGR of 30.63% during the forecast period.
By source, natural accounted for 64.88% share and synthetic accounted for 35.12% share in 2017 respectively. The natural source is expected to exhibit 30.72% CAGR during the forecast period to touch a size of USD 145.73 million by 2023. On the other hand, the synthetic segment is projected to reach USD 82.54 million by 2023, growing at 31.73% CAGR over the assessment period.
By form, powder held 52.75% share in 2017, followed by oil (36.96%) and others (10.29%). The powder form can accrue revenue worth USD 117.89 million by 2023, exhibiting 30.62% CAGR during the review period. The oil segment can display the strongest CAGR of 32.61% over the assessment period to reach a size of USD 90.43 million by 2023. This can be credited to its effective dosage method for supplying K2 successfully.
Among applications, nutraceutical & food accounted for 85.46% share in 2017, while pharmaceutical held 14.54% share. The pharmaceutical segment can exhibit 32.05% CAGR during the forecast period to generate USD 34.69 million for the vitamin K2 market by 2023. On the other hand, the nutraceutical & food segment is projected to exhibit 30.91% CAGR to generate close to USD 193.57 million by 2023.
Regional Analysis:
Geographically, the vitamin K2 market is segmented into Europe, Asia Pacific (APAC), Americas, and the Middle East & Africa (MEA). Americas dominated the market with 42.93% market share in 2017, followed by Europe (38.87%), APAC (14.65%), and MEA (3.55%).
The APAC region can generate close to USD 31.11 million by 2023, growing at 29.51% CAGR over the forecast period. This can be attributed to its huge consumption by the population in China, India, and Australia.
On the other hand, the Europe vitamin K2 market can reach a valuation of USD 94.50 million by 2023. It can exhibit the fastest CAGR of 32.45% during the assessment period. The Americas region can generate 97.01 million by 2023 owing to youth and geriatric populace focused on safeguarding their health. The MEA region can experience a modest growth rate owing to government-backed campaigns which emphasize on citizen wellness.
Competitive Analysis:
Major players in the vitamin K2 market include Kyowa Hakko Bio Co. Ltd. (Japan), DSM (The Netherlands), Gnosis SpA (Italy), Frutarom (Israel), Kappa Bioscience (Norway), Danisco A/S (U.S.), Seebio Biotech (China), NattoPharma (Norway), Viridis BioPharma (India), and Geneferm Biotechnology Co. Ltd. (Taiwan). Collaborations, investments in R&D, and expansions are strategies incorporated by these players to increase their profit margins. In November 2018, Kappa Bioscience gained a license to import vitamin K2 based drugs, K2VITAL DELTA. The intake of these pills can reduce hardening in the arteries and reduce the probability of cardiovascular diseases.
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