Market Insights
It is mainly motivated by the increasing number of people with vitamin deficiencies. An increase in health awareness due to consumers' tendency to dietary supplements may stimulate growth in the vitamin K2 market.
Increasing cases of osteoporosis, which can accelerate tissue aging, is another factor that can have a positive impact on the market. However, stricter regulations imposed by federal government agencies regarding the approval of supplements may have a deterrent effect on growth. The growing number of clinical research activities related to the development of vitamin K2 products in developed regions will positively stimulate industry growth over the forecast period. Researchers and scientists focus on the role of vitamins in babies and adults. Several institutions in these regions are studying the bioavailability and intestinal absorption of menadione and phytonadione, which help healthcare professionals understand the metabolism process. In addition, scientists have developed drugs that help treat babies with bleeding disorders. As a result, a growing number of research activities will increase demand for Vit-K, which will exceed commercial revenues in the coming years.
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Lack of exercise, sedentary lifestyle, consumption of unhealthy food is some of the factors that trigger the risk of disease, which fosters the demand for vitamin k2.
Market Segmentation
The global vitamin K2 market is classified by product type, source, form, and application.
On the basis of product type, the global vitamin K2 market is diversified into MK-7, MK-4, and others. MK-7 held 71.61% of the market share in 2017, followed by MK-4 holding 21.87%, and other products acquiring 6.52%. The MK-7 segment is predicted to reach USD 165.91 million by 2023. In addition, the MK-4 could generate USD 48.93 million for a 30.63% CAGR over the forecast period.
The global vitamin K2 market is also bifurcated into natural and synthetic based on the source. The natural resources represented, respectively, 64.88% of market shares and synthetic resources, 35.12% of shares in 2017. The natural source is anticipated to register a CAGR of 30.72% over the forecast period. The synthetic segment, on the other hand, is expected to reach USD 82.54 million by 2023, with a 31.73% growth in CAGR.
Moreover, the form segment is characterized into powder, oil, and other. Powder segment held 52.75% of the market share in 2017, followed by oil 36.96% and other products 10.29%. The powdered form is projected to reach USD 117.89 million, with a CAGR of 30.62 at the end of the forecast period. The oil segment could reach the highest CAGR of 32.61% during the evaluation period, reaching USD 90.43 million by 2023. This can be attributed to the effective measurement technique to deliver vitamin K2.
The global vitamin K2 market is also segmented on the basis of application into pharmaceuticals and nutraceuticals & food. The nutraceuticals and food segment dominated the market with maximum market shares in 2017.
Regional Outlook
The APAC region can generate about USD 31.11 million in 3123, with a CAGR of 29.51% over the forecast period. This can be attributed to the huge consumption of the population in India, China, and Australia.
On the other hand, the European vitamin K2 market is estimated to reach USD 94.50 million by 2023, with a 32.45% CAGR during the evaluation period. The United States could generate USD 97.01 million by 2023 as young people, and the geriatric population is more inclined towards preventive medication. The MEA region can experience modest growth rates, thanks to government-backed campaigns aimed at the well-being of citizens.
Market players
The vitamin K2 market is supported by various global manufacturers with their diverse product portfolios and an effective supply chain. Some of these key giants include Kyowa Hakko Bio Co. Ltd., Geneferm Biotechnology Co. Ltd, DSM, Gnosis SpA, Frutarom, Kappa Bioscience, NattoPharma, Danisco A/S, Seebio Biotech, and Viridis BioPharma.
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