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.
For the Quarter Ending June 2024
North America
The second quarter of 2024 has been marked by a consistent decline in Vitamin D prices within the North America region, driven predominantly by supply-demand imbalances and global market volatility. Significant factors contributing to this trend include disruptions in international trade flows, escalating freight costs, and the high inventory levels maintained by domestic suppliers. Additionally, geopolitical tensions and natural calamities have further exacerbated supply chain disruptions, leading to increased operational costs for importers and manufacturers.
Focusing exclusively on the USA, the country has experienced the most pronounced price changes in this period. The overall market trend has been characterized by a downward pricing trajectory, reflecting the broader economic challenges and sector-specific disruptions. Seasonally, the second quarter typically sees less demand, which has been compounded by the ample stock levels from previous periods. A further 1 basis point price drop was observed between the first and second half of the quarter, underscoring a persistently negative pricing environment.
By the end of Q2 2024, the price of Vitamin D3 100,000 IU/g FOB New Jersey settled at USD 14,990 per MT. This continuous decline indicates a negative pricing environment, influenced by sufficient supply and moderate demand, creating a challenging market landscape for suppliers and producers. The consistent downward pressure reflects a market struggling with excess supply amid stable, but not necessarily robust, demand levels.
Asia Pacific
The second quarter of 2024 has witnessed a marked downturn in Vitamin D prices across the Asia-Pacific (APAC) region, driven by several significant factors. The ample supply juxtaposed with dwindling demand has been the primary catalyst for the declining prices. Overproduction in response to earlier market optimism led to increased inventories, while a softening in consumer demand, particularly in the nutraceutical and pharmaceutical sectors, compounded the pricing pressure. Additionally, logistical challenges and high freight rates further exacerbated the situation, compelling suppliers to reduce profit margins to maintain competitiveness. The economic slowdown in key markets also played a pivotal role, diminishing purchasing power and reducing overall consumption of Vitamin D products.
Focusing exclusively on China, the country experienced the most substantial price fluctuation, reflecting the overall regional trend. Seasonal effects, typically influencing a spike in demand during certain periods, failed to counteract the downward momentum. The correlation between excessive supply and reduced market activity was stark, leading to a significant year-over-year decline of 24%. Compared to the preceding quarter, prices contracted by 3%, indicating a steady yet persistent decrease.
The quarter-ending price for Vitamin D3 100,000IU/g FOB Qingdao in China was USD 9150 per metric ton, reflecting an unequivocally negative pricing environment throughout the quarter. The persistent decrease in prices suggests that the market conditions remained challenging, with a clear imbalance between supply and demand dynamics shaping the market landscape.
Europe
The second quarter of 2024 has been characterized by a persistent decline in Vitamin D prices across the Europe Region, driven by a confluence of factors. Foremost among these is the ample stockpiling of Vitamin D by suppliers anticipating potential supply chain disruptions and geopolitical uncertainties, leading to an oversupply situation. Moreover, decreased demand from end-user sectors such as pharmaceuticals and nutraceuticals, coupled with reduced procurement activities, further exacerbated the downward price trend. The stabilization of shipping routes post-Red Sea conflict and reduced freight costs also contributed to the lowering of prices, as did the diminishing prices of Vitamin D in key manufacturing hubs like China, which facilitated cheaper imports.
Germany, experiencing the most significant price fluctuations, saw an overall -7% decline in Vitamin D pricing compared to the same quarter last year, reflecting a stark shift in market dynamics. The quarter-on-quarter comparison within 2024 also showed a -1% decrease, indicating sustained negative pricing sentiment. These trends highlight a market grappling with excess supply and tepid demand, despite efforts to stabilize inventory levels and pricing structures.
By the end of Q2 2024, the price of Vitamin D3 100,000IU/g CFR Hamburg in Germany had settled at USD 9,920 per metric ton, affirming the negative pricing environment. The consistent decline in prices throughout the quarter suggests a market correction phase, influenced heavily by macroeconomic factors and supply chain adjustments.
