Vitamin Market Outlook – Q1 2026

In brief

• The vitamin market is entering Q1 showing early signs of stabilization, as several categories show firm or steady prices following last year’s volatility. Destocking is largely behind us, and pricing trends appear more constructive than last year’s softness.  However, broader risks - currency shifts, tariffs, and the high global production concentration (public sources estimate ~80% in China) continue to raise questions around long‑term supply security. With limited new capacity coming online and many producers prioritizing value over volume, resilience and trusted partnerships matter more than ever. 
• dsm-firmenich Animal Nutrition & Health provides access to vitamins produced in Europe to support supply risk mitigation and continuity.

The vitamin market is entering Q1 2026 with early signs of stabilization, as several categories show firmer or steadier pricing following last year’s volatility. While uncertainty persists—shaped by currency fluctuations in a year that will see the appointment of a new Chair of the US Federal Reserve, ongoing tariff impacts, and a growing global disease burden, market behavior has shifted. Market behavior suggests that Chinese producers are placing greater emphasis on value and margin discipline rather than volume-driven competition. At the same time, the declining number of new capacity announcements reflects a broader industry recognition that additional supply does not generate new demand, underscoring the need for more strategic, disciplined approaches. The tone remains cautious, but early signs of renormalization are emerging. For both buyers and producers, this is a period of recalibration where timing and strategy matter more than ever.

This quarter also highlights a persistent structural reality: global vitamin production remains heavily concentrated, with China responsible for nearly 80% of total output and even higher shares in key categories. According to statements from U.S. industry associations, there are concerns about national and food security risks tied to this dependence. With only about ten countries producing vitamins—and often just a handful per molecule—diversification options remain limited. As a result, pricing trends tell only part of the story; supply chain resilience has become a strategic priority.

A market searching for balance

Last year’s oversupply and aggressive discounting, especially from Chinese producers, are no longer the main story. Prices have stabilized and are trending upward in a steady, sustainable way. This signals a healthier market dynamic and growing confidence, setting the stage for a stronger, more resilient outlook ahead.

After a steep 70% drop, prices of vitamin E have stabilized, firming across all regions except North America. This trend appears driven by unsustainable producer margins, rising demand, and low inventories. No new entrants are expected before H2, 2026. A stronger Chinese currency against the USD may pressure Chinese exporters’ margins, supporting further price increases. Lower U.S. tariffs could redistribute Chinese exports more evenly across regions. Market signals suggest tight supply may persist through the first half of 2026.

Vitamin A remains under pressure. Offers are weak, and the return of a major European producer has done little to change market sentiment. Although high production costs limit the room for further price reductions, demand is soft, and competition remains strong. Reports indicate that the expected entry of a new Chinese producer into markets outside China is facing significant delays. Non‑Chinese supply is therefore tighter, but because most Q1 volumes are already contracted, this has not yet translated into firmer prices. Overall, prices remain low and largely stable, with limited buying interest and Q1 largely covered.

Vitamin D3 prices continue a slow decline. Buying remains cautious, with demand muted due to existing Q1 coverage and still‑elevated price levels, particularly in the US, where costs vary depending on the HTS import codes applied. A market participant appears to be offering more aggressively, pushing the market lower despite limited product availability. Meanwhile, the planned capacity expansion from another Chinese producer has been delayed until mid‑2026.

Vitamin K3 prices are stabilizing at a low level, with key producers generating profit from other outlets in the chain. Chinese supply continues to be high in the market, with modest supply from non-Chinese suppliers.

Vitamin C prices remain low and stable despite signals of potential increases from Chinese producers. Oversupply persists even after shutdowns, and government efforts to curb price wars have yet to show impact.

Vitamin B1 prices are increasing again after a brief dip, driven by Chinese hikes and tariff changes. With low-cost alternatives disappearing and supply tight, upward pressure is expected to continue. Spot prices are firming, and while buyers remain cautious on long-term commitments, further increases seem possible.

Other B-vitamins tell a mixed story. Vitamin B2 shows a widening gap between EU and non-EU materials, as new entrants compete aggressively outside Europe, pushing prices lower. Vitamin B3 (Niacin) availability is tight in almost all regions (not the case for niacinamide). Therefore, niacin prices are moving higher than niacinamide, which remains at the status quo. Furthermore, market fundamentals (linked to herbicide markets) suggest materially higher pricing in the medium-to-long term.

The Vitamin B5 market remains well supplied, keeping prices low. Q1 demand is fully covered—likely even further—so buyers are in no hurry to extend their positions. With a stable supply, prices have leveled off. In North America, tariffs are raising landed costs, while publicly observed pricing patterns indicate new producers are aggressively pursuing market share, putting additional pressure on smaller competitors.

Vitamin B6 price declines continue across regions, driven by low demand and aggressive sales. Low prices are curbing expansion plans, with one Chinese supplier scaling back its growth plans.

Biotin (B7) is stable for now, supported by tariffs and limited spot activity as most buyers are covered for the quarter. But new capacity expected later this year could weigh on an already oversupplied market. Folic Acid (B9) is experiencing a strong increase in prices amid industry reports of raw material shortages. Vitamin B12 prices remain stable in the EU (where they remain materially higher than in RoW due to regulatory constraints) & stabilized outside the EU. Pricing in the US increased due to the tariff effect.

Conclusion

The vitamin market in Q1 2026 presents a mix of stabilizing signals and lingering pressures. Tariffs are reshaping costs, and China’s dominance keeps supply risk high. With production concentrated in a few countries, any disruption could ripple across feed, food, and consumer markets, making resilience a priority.

Destocking is largely behind us, but risks such as currency volatility, trade actions, and rising disease burden continue to shape strategies. Chinese producers are shifting focus to value over volume, and fewer capacity announcements reflect recognition that supply growth doesn’t drive demand.

Pricing has turned a corner, with stabilization and gradual upward movement replacing last year’s aggressive discounting. Uncertainty remains, but market sentiment is notably more constructive than in recent quarters.

For buyers, balancing short-term price tactics with long-term security is critical. Building resilience through trusted partnerships can provide peace of mind in an uncertain market. dsm-firmenich Animal Nutrition & Health plays a role here by offering access to vitamins made in Europe, helping mitigate supply risk and support continuity.