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European Market for Vitamin E
Frost & Sullivan, May 2005
European Manufacturers Face Increased Competition from Asian Participants
As Europeans become more health conscious, the applications for Vitamins A, C and E are continuously expanding. However, while manufacturers look to raise consumer awareness through media campaigns, they face severe price competition from Asian producers. The most visible example of this competition is in the vitamin C market. European companies are reassessing their vitamin portfolio and focusing R&D efforts on the development of new technology that may help cut production costs, while other companies are working on innovative product differentiation strategies.
This Frost & Sullivan research service analyses the European vitamin A, C and E markets. It further identifies key market trends and discusses the major applications for each of the vitamins.
Growing Consumer Interest Fuels Demand
With considerable medical evidence linking diet to physical health and an attempt to facilitate a non-drug approach to combat common ailments, vitamins A, C and E are increasingly being incorporated into functional foods. With the elevation of many vitamin products to over-the-counter (OTC) status has further raised the profile of the industry and ensured wider product visibility in the mass market.
However, legislation remains a key determinant of new product developments and launches. The proposed new EU directive on vitamins will come into place in August 2005, notes the analyst of this research. Since the directive is not yet clear, there have been fewer product launches and the directive has fostered an atmosphere that has discouraged product innovation.
Ageing Demographics Boosts Growth Potential
Europeans in the higher age group are becoming more conscious of their well-being and appearance. This trend has promoted the growth of cosmetic formulations rich in vitamins A, C and E, which have been associated with anti-wrinkling and skin firming benefits.
Although controversies have had an impact on the demand for vitamin A, there is continued interest in its usage as an anti-oxidant. The predominant market for vitamin A remains the animal feed sector. In the vitamin C market, falling prices are a contributing factor to declining revenues, says the analyst. Competitors endeavour to differentiate their products by offering novel formulas and premixes to target particular niche markets.
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