Vitamin K2 Market Trends

Growth Drivers

• Rising Awareness Regarding Health Amongst People – In modernization, people are being highly conscious of their food consumption. As a result, the consumption of vitamin K2 is expected to considerably rise in the forecast period. The awareness of healthy eating, nutrition, and weight loss raised the sector from USD 900 billion in 2019 to USD 950 billion in 2020.
• Increasing Vitamin K Deficiency – Every 34 seconds one person dies from heart disease in the United States. The cost of cardiovascular disease is about USD 229 billion each year in the U.S.
• Rise of Nutraceuticals and Ayurvedic Medicines - The government of India Enterprises Under the Ministry of Ayush has made a sale of about USD 1.54 billion during the year 2020-2021 in the sector of Ayurvedic and Unani Medicines. The rise in acceptance of ayurvedic medicines is estimated to propel people to consume supplements. About 57.6% of adults-20 years of age reported have used dietary supplements between 2017-2018. This is expected to boost the market growth.
• Growth of Pharmaceutical Companies – In 2020, federal government spending on health care has grown to 36% from 59% in 2019.
• High Demand for Osteoporosis Treatment – About 10 million Americans suffer from osteoporosis and 44 million suffer from low bone density as of 2021.

Challenges

• Regulations for Nutraceuticals
• Issues Related to Expiry Dates – Medicines and supplements has a shelf life of almost 2 years. If the supplement is not being consumed in the certain period, then it becomes hazardous for health which can cause serious health problems in the future. This factor is expected to prompt the consumer buy less of vitamin K2 for consumption.
• Lack of Basic Needs and Nutritional Diet