For the Quarter Ending June 2025
North America
• The Price Index for Vitamin D3 100,000 IU/g in the USA continued to show a strong upward trajectory throughout July 2025, reflecting a bullish market sentiment across the pharmaceutical and nutraceutical sectors.
• The Spot Price of Vitamin D3 increased from USD 21,150/MT at the end of June to USD 22,400/MT by the last week of July, marking a cumulative gain of +4.19% for the month.
• The Price Forecast for August 2025 suggests continued firmness, supported by persistent seasonal demand, low inventories, and favorable government regulations on vitamin D inclusion in fortified food applications.
• The Production Cost Trend remained relatively flat in July due to stable prices of key raw materials like lanolin and cholesterol, and no major disruption in domestic production operations.
• The Demand Outlook was robust in July, driven by strong procurement from downstream personal care and health supplement industries, coupled with restocking efforts and high consumption rates across food fortification and pharma segments.
• Inventory levels remained tight across major US distribution hubs, keeping the supply-demand balance strained despite steady production from major players like DSM-Firmenich and BASF.
• Regional cues such as increased retail sales of dietary supplements and favorable regulatory support from the FDA contributed to stronger market fundamentals and supported higher prices.
• Export competitiveness remained neutral in July, as higher domestic prices were partially offset by strong overseas demand from South America and parts of the Asia-Pacific region.
• The supply chain operated at full throughput in July, yet the lean inventory positions and just-in-time procurement practices added upward pressure on prices.
• Why did the price change in July 2025? The price increased due to strong seasonal demand, high consumption in pharma and food industries, stable production but low stock availability, and supportive regulatory policies enhancing usage across multiple end-user sectors.
Europe
• The Price Index for Vitamin D3 100,000 IU/g in Germany continued its 13-week bullish trajectory through July 2025, reflecting strong upward momentum as market fundamentals remained tight across the region.
• The Spot Price rose consistently during the month, climbing from USD 13,705/MT in June to USD 14,020/MT by the week ending 27th July 2025, marking a monthly gain of approximately +2.3% amid strong import-led cost pressure.
• The Price Forecast for the coming weeks remains firm as overseas suppliers from Asia, especially China, have continued to elevate offer prices, contributing to sustained bullish sentiment and restricted pricing flexibility for buyers.
• The Production Cost Trend remained balanced during July, as day-ahead power and natural gas prices in Germany stayed flat. However, feedstock pressure was somewhat reduced due to confirmed lanolin-cholesterol arrivals on June 26, easing raw material input costs slightly.
• The Demand Outlook remained solid throughout July, with sustained offtake from key downstream sectors such as pharmaceuticals, nutraceuticals, cosmetics, and personal care industries, underpinned by consistent seasonal demand and formulation activity.
• Inventory levels across the German distribution network remained well-managed at 3–4 months of stock cover, but buyers continued to procure at higher prices amid rising export quotes and logistical costs.
• Supply-demand dynamics tilted bullish during the month due to strong overseas pricing pressure and resilient domestic consumption patterns, supporting the observed upward movement in Vitamin D3 prices.
• Regional cues including a stable EUR/USD and EUR/CNY currency environment, smooth port logistics at Hamburg and Rhine, and unchanged EU import duties for HS Code 293629 helped maintain import continuity without significant disruptions.
• Distributors showed limited resistance to price hikes due to firm end-user commitments and restocking cycles. Meanwhile, e-commerce channels and a 49% usage rate among the over-50 demographic added steady retail pull.
• Why did the price change in July 2025? Prices increased due to elevated Asian export offers raising import costs, stable to strong demand from healthcare-linked sectors, reduced impact of lower feedstock costs, and limited domestic price resistance amid ongoing bullish global cues and supply-side firmness.
APAC
• In July 2025, Vitamin D3 100,000 IU/g FOB Shanghai prices increased steadily, extending the firm trend observed in June. As of the week ending 27th June 2025, the price stood at USD 13,200/MT, up from USD 12,900/MT in June — registering a +2.33% rise during that week alone.
• The Price Index for Vitamin D3 in China displayed consistent upward momentum throughout July, driven by robust overseas buying interest and tight spot availability. The index reflected a sustained bullish tone across the market.
• Spot Prices continued to move upward on the back of strong international demand, especially from Western buyers, and exporters adjusted quotations in response to currency fluctuations and growing market inquiries.
• The Price Forecast for Vitamin D3 in China suggests continued firmness in the coming weeks. Market participants anticipate a gradual yet persistent price increase due to replenishment needs, stable offtake from key end-use sectors, and expected restocking activities from foreign buyers.
• The Production Cost Trend remained manageable during July, with stable raw material costs (such as lanolin-derived cholesterol), although upstream inputs like power and logistics added marginal pressure. Manufacturers maintained consistent operating rates, ensuring reliable output.
• The Demand Outlook was strong, particularly from pharmaceuticals, personal care, cosmetics, and nutraceutical sectors. Seasonal health product demand and rising health awareness further supported offtake levels.
• Inventory levels in July remained below average, reflecting a drawdown from earlier restocking. Despite stable production, the rising pace of exports continued to drain available volumes, contributing to tighter domestic supply.
• Supply-demand dynamics remained skewed toward the seller side. Rising international inquiries coupled with limited new inventory injections prompted Chinese exporters to increase offers and secure higher margins.
• Regional cues such as the depreciation of the US dollar against the Chinese Yuan played a pivotal role. Exporters raised USD-based FOB prices to maintain profitability, further reinforcing the upward movement.
• Why did the price increase in July?
The July price surge in the Chinese Vitamin D3 market was primarily driven by stable production, strong global and local demand, tightening inventory levels, firm supply-demand dynamics, and supportive regional currency shifts. Together, these factors sustained bullish spot prices and reinforced the price index, validating the market’s price forecast for continued strength into Q3 2025.
For the Quarter Ending March 2025
North America
The U.S. Vitamin D3 market in Q1 2025 exhibited a consistent upward price trend, driven by robust demand, supply constraints, and rising production costs. Prices reached significant highs, moving from approximately $16,600 per MT in early January to $18,100 per MT by the end of March. The combination of logistical challenges, especially higher shipping costs, and trade uncertainties fueled this price increase. Throughout the quarter, the market maintained strong momentum as both domestic and international demand for Vitamin D3 remained resilient, particularly within the nutraceutical and pharmaceutical sectors.
The market started the year with notable price increases, as prices surged to $17,200 per MT by the end of January. Domestic manufacturers capitalized on strong local demand, especially as the Lunar New Year shutdown in China limited competition. Tight supply conditions combined with consistent winter demand contributed to the bullish price movement.
Prices continued to climb in February, reaching $17,500 per MT by mid-month. Despite the resumption of operations in China after the Lunar New Year, supply chain complexities, particularly higher freight rates and increased production costs, sustained upward pressure on prices. Domestic procurement activity remained strong, particularly in the nutraceutical and feed sectors.
In March, the price trend remained positive, with Vitamin D3 prices increasing to $18,100 per MT by month’s end. Ongoing demand from pharmaceutical and nutraceutical industries, along with continued supply constraints, kept the market in a bullish phase. Additionally, concerns about potential tariffs on imports from China spurred further procurement activity, reinforcing price increases.
Asia Pacific
The Asian Vitamin D market, particularly in China, exhibited a bullish trend throughout Q1 2025, driven by a combination of rising production costs, post-holiday manufacturing recovery, and vigorous export demand. Prices began the quarter at $10,750 per MT FOB Shanghai in early January and climbed steadily till the end of March, marking an approximate increase of 11.6% over the quarter.
Early January witnessed a 2.87% weekly gain as downstream sectors resumed operations post-New Year. Producers adjusted output to match rising global inquiries, notably from Europe and the U.S., while inventory restocking pushed prices upward. The Lunar New Year industrial slowdown in February briefly tempered manufacturing activity, but prices continued rising, supported by costlier raw materials and labor adjustments.
March sustained the upward trend, bolstered by increased export volumes, firm international interest, and higher energy and material costs. Tariff concerns from the U.S. led to preemptive bulk orders, straining supply and accelerating price growth. Despite moderate production output, intensified procurement and limited inventory levels contributed to consistent price gains.
Overall, Q1 2025 showcased strong demand, moderate supply recovery, and cost-driven bullish price dynamics across the Asian Vitamin D market.
Europe
In the first quarter of 2025, the Vitamin D market in Europe, particularly in Germany, followed a steady upward trajectory, supported by firm demand and rising procurement costs from key supplying regions. Prices climbed from $12,200 per MT CFR Hamburg in early January, marking an overall increase of approximately 7.5% over the quarter.
At the start of January, prices firmed amid constrained inventories and post-holiday restocking activities. German importers reported active procurement interest as downstream pharmaceutical and nutraceutical sectors resumed operations. The market experienced a gradual appreciation in January, driven by elevated sourcing costs from China and moderate port congestion at key hubs such as Hamburg and Bremerhaven.
February saw continued bullish sentiment. The Lunar New Year holiday in China led to temporary manufacturing slowdowns; however, German importers maintained stable inventories to buffer any potential disruptions. Despite the holiday lull in Asia, international suppliers raised offer levels in response to firm European demand, while logistical challenges and elevated freight rates sustained cost pressures.
The upward trend persisted into March, with Vitamin D prices incrementally increasing each week. This sustained strength was primarily attributed to rising production costs in China, stable demand from end-user sectors, and continued inventory replenishment in Germany. The strengthening of Germany’s Manufacturing PMI from 45.0 in January to 46.5 in February also indicated a modest recovery in industrial activity, reinforcing consumption in the pharmaceutical and nutraceutical sectors.
Overall, the European Vitamin D market in Q1 2025 reflected resilient demand fundamentals, cost-driven supply-side pressures, and measured inventory management, resulting in firm pricing throughout the quarter.
For the Quarter Ending December 2024
North America
During the quarter 4 of 2024, Vitamin D prices in North America displayed a notable price increase of 3.61% across the entire quarter. Values rose from $15,780 per MT in October to $16,350 per MT FOB New Jersey in December 2024, exhibiting a positive momentum during the quarter. The price dynamics emerged from several market factors. Enhanced and sustained demand from end-user pharmaceutical and nutraceutical industries supported higher prices throughout the quarter.
Port infrastructure improvements and reduced logistics constraints supported price appreciation and heavy procurement. Market participants maintained high TEU volumes, with December bringing further market momentum as domestic suppliers implemented strategic pricing initiatives amid inventory handling before the Christmas holiday period. Export prices firmed up in the US market.
The market followed robust seasonal trends as 2024 concluded. Sustained end-user demand persisted throughout the quarter, especially in pharmaceutical and nutraceutical applications. This combination created a complex environment where supply chain stabilization and increasing demand drove prices higher.
APAC
In Q4 2024, Vitamin D prices in China demonstrated remarkable market dynamics, experiencing a substantial price increase of more than 16% from $9,110 per MT in October to $10,600 per MT FOB Shanghai in December 2024. The quarter was characterized by complex market interactions, beginning with the Chinese Golden Week holiday, which initially paused market activities but subsequently triggered strategic procurement approaches.
Manufacturers capitalized on limited inventories, improving freight rates and escalating demand from Western markets. The region witnessed sophisticated supply chain strategies, with companies implementing nuanced inventory management techniques. International buyers displayed proactive procurement behaviours, compelling Chinese manufacturers and suppliers to strategically ramp up production and adjust pricing strategies in response to escalating global demand.
December marked a pivotal transformation, with systematic inventory expansion and suppliers strategically positioning themselves for emerging market opportunities. Demand fundamentals remained exceptionally robust, characterized by sustained and diversified procurement patterns across domestic and international channels. The price trajectory reflected the APAC region's adaptive and responsive market ecosystem, creating unique market engagement opportunities for stakeholders.
Europe
In Q4 2024, Vitamin D import prices in Germany demonstrated a significant upward trajectory, rising by more than 14% from $10,490 per MT in October to $12,000 per MT CFR Hamburg in December. The quarter was distinguished by complex market dynamics, driven by surging demand, extended delivery timelines from Asian suppliers, and increasingly favourable market conditions.
November witnessed continued price appreciation, propelled by robust global end-user demand that compelled German buyers to procure at progressively higher costs. The constrained market environment empowered merchants to implement strategic price increases, maintaining substantially stronger profit margins compared to previous periods.
December brought further price escalation, characterized by European distributors' aggressive pursuit of additional supplies and international exporters maintaining competitive pricing strategies. The market environment demonstrated remarkable resilience, with sophisticated supply chain interactions creating a dynamic, growth-oriented landscape that balanced complex procurement challenges with strategic market opportunities.
For the Quarter Ending September 2024
North America
The Vitamin D market in North America experienced significant upward pressure during Q3 2024, with the United States emerging as the focal point of substantial market volatility. Price negotiations witnessed a notable surge from July to September 2024, reflecting unprecedented market dynamics. This dramatic market evolution stems from an intricate interplay of challenging industry variables and broader economic pressures.
Consistent consumption patterns from domestic pharmaceutical, and nutraceutical industries, coupled with excessive supply volumes, created significant market imbalances. The market faced considerable strain amidst multiple operational challenges, including maritime congestion, heightened shipping expenses, and ongoing distribution network disruptions. The situation was further aggravated by oversupply conditions in the domestic market, creating downward pressure across the American consumer goods sector.
The substantial price appreciation across the quarter reflects the market's complex dynamics and challenging supply-demand imbalance. This upward trajectory diverges from typical regional patterns, highlighting the North American Vitamin D market's current volatility amid ongoing supply chain complexities. The combination of suppressed regional demand, excessive supply volumes, and logistical hurdles has created a particularly challenging pricing landscape.
APAC
The Vitamin D landscape in Asia-Pacific maintained steady pricing dynamics in Q3 2024, marked by balanced market conditions. China's market demonstrated remarkable stability, maintaining its position as a regional price benchmark. The market showed consistent price levels FOB Shanghai between July and September 2024, reflecting well-balanced market fundamentals.
This market stability was supported by harmonized operational factors and steady market dynamics. Demand patterns showed regular procurement from food fortification and nutritional sectors, while supply elements remained well-controlled, with stable production costs and operational overheads. The balance between production capacity and logistical frameworks helped maintain market equilibrium.
Market consistency was evidenced through reliable buyer engagement and predictable order patterns. These steady demand indicators, combined with well-managed operational factors, enabled industry participants to maintain stable margins. China's domestic market continued to provide steady regional price trends, influenced by balanced international procurement patterns and domestic consumption dynamics.
Europe
The European Vitamin D landscape exhibited stable price movements during Q3 2024, with Germany functioning as the primary indicator of market equilibrium. The quarter concluded with steady prices CFR Hamburg, reflecting consistent market conditions. Market stability in the German Vitamin D market resulted from balanced supply capabilities and demand patterns. Manufacturing processes, particularly in Asian production centers, maintained regular output levels influencing price consistency.
The stable pricing environment was supported by predictable demand from food processing, beverage manufacturers, and nutritional sectors maintaining steady procurement activities. Germany's market trends provided a reliable benchmark for European pricing patterns, exhibiting consistent seasonal performance. The market maintained its stability despite ongoing operational challenges, underlining the European Vitamin D market's fundamental resilience. The balance between supply availability, sectoral demand patterns, and regional market forces fostered a stable pricing environment across Europe.
FAQ’s
1. Why did the Spot Price of Vitamin D3 100,000 IU/g increase in China during July 2025?
The Spot Price in China rose due to strong overseas demand and tightening inventories. Exporters in Shanghai responded to increased international inquiries by adjusting FOB quotations upward, pushing the Price Index higher. Stable production levels and a firm Production Cost Trend supported the price gains, while favorable Demand Outlook from pharma and nutraceutical sectors reinforced bullish sentiment.
2. What led to the upward Price Index trend for Vitamin D3 in the USA market in July 2025?
The Price Index in the US strengthened as limited import volumes from China, coupled with logistical challenges, strained supply chains. Though local consumption remained moderate, restocking efforts and higher landed costs lifted the Spot Price. The Price Forecast suggests continued tightness if global supply disruptions persist, particularly from key Asian exporters.
3. Why did Vitamin D3 prices in Germany increase in July 2025 despite steady demand?
In Germany, the Spot Price of Vitamin D3 100,000 IU/g rose modestly due to currency-driven import cost pressures and reduced intra-EU supply flow. While Demand Outlook remained steady, the Production Cost Trend was impacted by elevated energy costs and compliance with stricter environmental norms, keeping price sentiment firm. The Price Forecast indicates mild upward pressure if sourcing alternatives remain limited.
4. What are the key drivers of the global Price Forecast for Vitamin D3 heading into August 2025?
The Price Forecast across regions reflects continued firmness, especially in APAC. Tight inventory levels in China, resilient demand in the US pharmaceutical sector, and slower intra-European movement all contribute to a bullish projection. If the Production Cost Trend remains steady and no significant supply relief emerges, prices are expected to hold or climb slightly.
5. How does regional Demand Outlook differ and impact Vitamin D3 pricing trends globally?
The Demand Outlook varies by region: China faces high overseas demand, pushing Spot Prices up; the US is experiencing restocking-driven demand amid import dependence; and Germany’s demand is stable but exposed to upstream cost fluctuations. These variations in supply-demand dynamics, combined with regional cues, drive distinct yet firm Price Index trends across the three markets.
