The increase in the global price of vitamins, including vitamin E
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Global market conditions have dramatically impacted the vitamin E market in the past year, mainly due to the COVID-19 pandemic.
Domestic and global demand for vitamins has increased recently, according to a Provimy market note. Vitamin E is very desirable in human and animal nutrition due to its antioxidant properties.
Most of the vitamin E in the world is produced in Europe and China. China’s Wuhan province, where Covid-19 was first identified, is home to numerous chemical factories that produce vitamins. It is also a transportation center for barge and rail traffic in and out of China.
Production disruptions due to labor shortages caused by COVID-19 reduced vitamin supplies early in the pandemic, and transportation disruptions complicated the situation. Provimi’s bulletin noted that a worldwide shortage of shipping containers is causing delays in product flow. For example, 18 months ago, two months was the average time to receive a container from China. Today, this time has doubled.
While production appears to be picking up, supply chain issues — and the price spikes associated with vitamin E — may persist through at least the rest of 2021. And the increased demand for vitamin E is not going away. According to a report by Global Market Insights, the total value of the global vitamin E market is expected to grow to $3 billion by 2026, up from $2 billion in 2019.
The report attributes this market growth to increased consumer focus on health and wellness, along with a growing global appetite for functional foods and beverages. The study also predicted an increase in demand for animal feed additives to maintain optimal health and well-being in livestock.
Given the importance of vitamin E, along with current price and supply issues, this is an important time to communicate with a nutritionist to develop a navigation strategy. Lowering vitamin E levels while still keeping them at safe concentrations may be an option. The use of alternative antioxidant supplements, either alongside vitamin E or as a substitute for vitamin E, may be another consideration.
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This post is written by rhinetejarat