For the Quarter Ending December 2025
North America
• In the USA, the Vitamin D Price Index fell by 4.8% quarter-over-quarter, reflecting sustained bearish supply overhang.
• The average Vitamin D price for the quarter was approximately USD 23880.00/MT, reflecting reported FOB New Jersey averages.
• Vitamin D Spot Price pressured sellers as abundant imports increased inventories, compressing the Price Index and offers.
• Vitamin D Price Forecast models indicate limited upside short term, with restocking likely to modestly support offers.
• Vitamin D Production Cost Trend remained stable as lanolin feedstock and natural-gas costs held steady, cushioning margins.
• Vitamin D Demand Outlook shows steady pharmaceutical and nutraceutical offtake, but seasonal stockbuilding failed to absorb surplus volumes.
• Vitamin D Price Index reflected weakening as domestic plants ran normally while imports intensified seller competition at FOB gates.
• Ample warehouse stocks and seamless port operations reduced urgency, pressuring bids while buyers delayed forward bookings.
Why did the price of Vitamin D change in December 2025 in North America?
• Supply overhang from duty-free imports, steady lanolin availability, and uninterrupted factory runs increased seller volumes.
• Ample inventories and improved freight reduced landed costs, allowing distributors to undercut offers at FOB.
• Downstream routine demand and substitution to cheaper D2 limited purchasing urgency sustaining bearish pressure recently.
APAC
• In China, the Vitamin D Price Index fell by 11.12% quarter-over-quarter, reflecting elevated inventories globally.
• The average Vitamin D price for the quarter was approximately USD 11566.67/MT, supporting seller concessions.
• Vitamin D Spot Price softened as producers conceded offers to reduce warehoused stock, secure shipments.
• Vitamin D Price Forecast indicates modest stabilization ahead as restocking gradually lifts export inquiry volumes.
• Vitamin D Production Cost Trend remained supportive with lower coal and stable lanolin feedstock costs.
• Vitamin D Demand Outlook remained subdued with routine pharmaceutical and feed procurement restraining spot buying.
• Logistics stability and unchanged export rebate policies kept the Vitamin D Price Index effectively range-bound.
• Major Chinese plants ran near capacity while selective force majeure events delayed some supply recovery.
Why did the price of Vitamin D change in December 2025 in APAC?
• Elevated inventories from sustained operating rates created seller pressure, reducing negotiating leverage and limiting bids.
• Slightly lower coal and stable lanolin feedstock costs trimmed variable expenses, enabling modest exporter concessions.
• Efficient port operations but subdued overseas inquiries and EU restrictions muted export-driven price recovery momentum.
Europe
• In Germany, the Vitamin D Price Index fell by 10.71% quarter-over-quarter, driven by elevated inventories.
• The average Vitamin D price for the quarter was approximately USD 12338.00/MT, reflecting import-adjusted settled levels.
• Vitamin D Spot Price softened through December as Chinese offers eased and landed costs declined.
• Vitamin D Price Forecast indicates mild recovery next year driven by restocking and stronger enquiries.
• Vitamin D Production Cost Trend remained contained as lanolin feedstock stability constrained upward cost pressures.
• Vitamin D Demand Outlook stayed stable with pharmaceutical and nutraceutical procurement balancing seasonal winter stockbuilding.
• Vitamin D Price Index weakness reflected ample European inventories and moderated spot inquiries from importers.
• Logistics resilience at Hamburg and steady factory operating rates limited disruptions, supporting orderly market functioning.
Why did the price of Vitamin D change in December 2025 in Europe?
• Elevated inventories across Europe following Q3 restocking reduced urgency, pressuring spot offers and limiting movement.
• Softer Chinese export offers and eased freight costs lowered landed expenses, preventing cost-push inflation December.
• Stable pharmaceutical and nutraceutical demand offset by cautious procurement maintained neutral sentiment despite winter supplementation.
For the Quarter Ending September 2025
North America
• In USA, the Vitamin D Price Index rose by 28.3% quarter-over-quarter, driven by robust demand and tight inventories.
• The average Vitamin D price for the quarter was approximately USD 25083.33/MT, reflecting firm buyer restocking and export demand.
• US Vitamin D Spot Price strengthened on weekly gains amid reduced inventories and export inquiries.
• Persistent downstream buying lifted Vitamin D Price Forecast as imminent restocking supported firmer transaction levels.
• Rising lanolin and precursor costs influenced the Vitamin D Production Cost Trend, pressuring margins across manufacturers.
• Supply-side dynamics and container congestion affected import timing, constraining supplies and elevating the Vitamin D Price Index.
• Domestic plants operated at high utilisation yet could not fully offset tightened global availability and sustained buying.
• Vitamin D Demand Outlook remains upbeat driven by pharmaceuticals, nutraceuticals, personal care, and seasonal retail restocking behaviour.
Why did the price of Vitamin D change in September 2025 in North America?
• Tight inventories and strong export inquiries kept upward pressure on domestic prices during September, limiting spot availability.
• Elevated import costs from higher lanolin and precursor offers plus container delays increased landed costs, reducing supply elasticity.
• Stable high utilisation of US plants failed to replenish stocks quickly, while buyer restocking intensified competitive procurement.
APAC
• In China, the Vitamin D Price Index rose by 3.55% quarter-over-quarter, reflecting stronger export demand.
• The average Vitamin D price for the quarter was approximately USD 13013.33/MT per weekly assessments.
• Depleted stocks earlier elevated competition, pressuring the Vitamin D Spot Price amid constrained domestic shipments.
• Short-term Vitamin D Price Forecast indicates gradual recovery as restocking and seasonal export enquiries increase.
• Feedstock and freight increases affected the Vitamin D Production Cost Trend, offering limited upward support.
• Steady pharmaceutical and nutraceutical activity strengthens the Vitamin D Demand Outlook despite subdued export momentum.
• Weekly Vitamin D Price Index volatility reflected plant outages, distributor restocking and shifting buying patterns.
• Export enquiries fluctuated while abundant inventories and cautious procurement limited short-term Vitamin D price recovery.
Why did the price of Vitamin D change in September 2025 in APAC?
• High inventories and weak export enquiries curtailed buying, applying downward pressure on Vitamin D prices.
• Full-capacity production rebounds and resumed shipments increased availability, offsetting earlier tightness and depressing spot realizations.
• Stable logistics and currency conditions reduced cost volatility, while cautious procurement behavior limited significant upside.
Europe
• In Germany, the Vitamin D3 Price Index rose by 3.39% quarter-over-quarter, supported by stronger import offers.
• The average Vitamin D3 price for the quarter was approximately USD 13818.67/MT, reflecting import costs and downstream demand.
• Vitamin D3 Spot Price weakened as Chinese exporters cut offers, easing landed costs for German importers.
• Vitamin D3 Production Cost Trend remained flat with steady energy and feedstock prices limiting upward pressure.
• Vitamin D3 Demand Outlook shows cautious buying from pharmaceuticals and nutraceuticals amid elevated distributor inventories.
• Vitamin D3 Price Forecast suggests modest recovery as restocking may follow seasonal procurement and reduced import arrivals.
• Vitamin D3 Price Index volatility linked to export offer swings, port congestion, and shifting freight market conditions.
Why did the price of Vitamin D3 change in September 2025 in Europe?
• Sustained export offers from Asia increased landed costs, tightening domestic supply and elevating import-driven pricing pressure.
• Elevated distributor inventories and cautious downstream procurement restrained buying momentum, muting immediate upward price responses significantly.
• Freight rate variations and intermittent Hamburg congestion intermittently delayed arrivals, influencing inventory cycles and short-term volatility.
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.
