In the fourth quarter of 2023, the Vitamin E market in North America underwent a notable decline in prices, primarily attributed to reduced end-user demand from the nutraceutical and pharmaceutical industries, coupled with diminished consumer confidence. This market was characterized by instability and an oversupply of Vitamin E supplements on domestic retailers' shelves. Despite the declining trend, the US economy for 2023 was termed "remarkable," showing overall faster growth and avoiding a recession. Towards the latter weeks of December, the Vitamin E business experienced price hikes due to increased consumer demand in the United States and escalated freight charges potentially influenced by the Israel-Hamas conflict.
The global vitamin E market size reached US$ 2.5 Billion in 2023. By 2032, IMARC Group expects the market to reach US$ 3.8 Billion, at a projected CAGR of 4.60% during 2023-2032. The declining trend in Vitamin E prices in North America during the last quarter of 2023 was primarily influenced by reduced end-user demand from the nutraceutical and pharmaceutical industries. This decline led to an oversupply situation in the market, prompting retailers to maintain substantial inventories. Despite concerns of potential shortages ahead of the December holiday season, high supply levels persisted. Additionally, decreased consumer confidence further exacerbated the situation, contributing to the overall downward price trend.
In the Asia-Pacific region, the Vitamin E market exhibited mixed trend during the fourth quarter of 2023. While some items saw price rises, others experienced decreases. Overall, there was a minor fall in prices, with variations across different countries. Higher prices were observed towards the latter part of the quarter, particularly in China and India, due to improved offtakes and export pricing. However, this was offset by declining demand from the pharmaceutical and nutraceutical industries, particularly in November. In Europe, the Vitamin E market also experienced a downward trend, influenced by high supply levels, decreased end-user demand, and declining energy prices. These factors contributed to a reduction in prices, with Vitamin E 50% CWS prices falling significantly in markets like Germany by the end of the quarter. Additionally, the influence of China, a major exporter, played a significant role in lowering prices globally, further impacting local markets in Europe.
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