The global vitamin K2 market is estimated to garner a revenue of USD 700 million by the end of 2031 by growing at a CAGR of ~26% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of USD 450 million in the year 2021. The growth of the market can be attributed to the increasing patient population suffering from vitamin deficiency, and the rising demand for nutraceuticals with vitamin K2 during the forecast period. It is found that 60% relative risk reduction can be achieved in Vitamin K Deficiency Bleeding (VKDB) by intramuscular vitamin K. Vitamin K helps to prevent haemorrhage or clotting of blood. Lack of vitamin K2 leads to osteoporosis and vascular calcification. As per the International Osteoporosis Foundation, osteoporosis leads to 8.9 million fractures, i.e., 3 fractures per second across the globe. Also, Vitamin K2 reduces inflammation in rheumatoid arthritis synovial cells. Vitamin K2 is essential for the body to utilize calcium and build healthy strong bones.
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The growth of the global vitamin K2 market forecast is on the back of increasing cases of osteoporosis and arthritis, an increase in health consciousness, and consumer demand for nutritional supplements during the forecast period. A rise in aesthetic standards and an increase in consumption of vitamin K2 to prevent calcium deficiency contribute to the growth of the global vitamin K2 market trends during the forecast period. In infants, the national incidence of VKDB who have not received prophylaxis at birth was 1 per 100,000 live births per year.
The global vitamin K2 market is segmented and analyzed for demand and supply by application into nutraceuticals, food, and pharmaceuticals, out of which, the nutraceuticals segment is anticipated to hold the largest market size by the end of 2031 in the global vitamin K2 market size on account of an increasing number of cases of vitamin deficiency. In 2021, around the world undernutrition was linked to 45% of deaths occurring in children under 5 years of age. Usage of vitamin K2 supplements for anticoagulation therapy and arthritis disease is estimated to attribute to the market growth during the forecast period. Studies suggest that the lifetime risk of fracture can be reduced by 25% with the daily use of vitamin K supplements.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5,355.79, which grew from USD 3,515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global vitamin K2 market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America region is projected to hold the largest market share over the forecast period on the back of rising use of herbal medicines, increasing focus of consumers on health, and rising concern for wellness. About 80% of the population uses traditional herbal medicines such as acupuncture, indigenous therapies, and others. In February 2010, the US announced a new Global Health Initiative that will invest USD 63 billion over 6 years to assist partner countries enhance their healthcare outcomes. The surge in healthcare costs and boosting demand from pharmaceutical industries, food and beverage companies, and cosmetic industries attribute to the growth of the market in this region. The hospital expenditure of the U.S in the year 2020 increased to 6.4%, USD 1,270.1 billion higher than the 6.3% growth in 2019.
The global vitamin K2 market is further classified on the basis of region as follows:
Our in-depth analysis of the global vitamin K2 market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing vitamin k deficiency, and rising awareness regarding health amongst people are the major factors driving the growth of the vitamin K2 market.
The market is anticipated to attain a CAGR of ~26% over the forecast period, i.e., 2022 – 2031.
Regulations for nutraceuticals and issues related to expiry dates are estimated to hamper the market growth.
The market in North America region is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are Kappa Bioscience Group, Gnosis by Lesaffre, Koninklijke DSM N.V., Viridis BioPharma Pvt. Ltd., DuPont, Seebio Biotech (Shanghai) Co., Ltd, Geneferm Biotechnology Co., Ltd., Kyowa Hakko Bio Co., Ltd, International Flavors & Fragrances Inc.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, source, application, and by region.
The nutraceuticals segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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