Finland: Vitamin Market Overview 2021

Vitamin Market Size in Finland

After two years of decline, the Finnish vitamin market increased by X% to $X in 2020. Overall, consumption continues to indicate a buoyant increase. The most prominent rate of growth was recorded in 2015 when the market value increased by X% year-to-year. Vitamin consumption peaked at $X in 2017; however, from 2018 to 2020, consumption remained at a lower figure.

Vitamin Exports

Exports from Finland

In 2020, shipments abroad of provitamins and vitamins decreased by -X% to X tonnes for the first time since 2017, thus ending a two-year rising trend. In general, exports continue to indicate a deep contraction. The most prominent rate of growth was recorded in 2009 when exports increased by X% year-to-year. Exports peaked at X tonnes in 2019, and then reduced dramatically in the following year.

In value terms, vitamin exports reduced rapidly to $X in 2020. Over the period under review, exports saw a slight contraction. The pace of growth was the most pronounced in 2018 with an increase of X% year-to-year. Over the period under review, exports reached the maximum at $X in 2014; however, from 2015 to 2020, exports failed to regain the momentum.

Exports by Country

Russia (X tonnes) was the main destination for vitamin exports from Finland, accounting for a X% share of total exports. Moreover, vitamin exports to Russia exceeded the volume sent to the second major destination, Latvia (X tonnes), threefold. The third position in this ranking was occupied by Sweden (X tonnes), with a X% share.

From 2007 to 2020, the average annual rate of growth in terms of volume to Russia amounted to +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Latvia (-X% per year) and Sweden (-X% per year).

In value terms, Russia ($X) emerged as the key foreign market for vitamin exports from Finland, comprising X% of total exports. The second position in the ranking was occupied by Denmark ($X), with a X% share of total exports. It was followed by Sweden, with a X% share.

From 2007 to 2020, the average annual rate of growth in terms of value to Russia totaled +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Denmark (+X% per year) and Sweden (-X% per year).

Export Prices by Country

The average vitamin export price stood at $X per tonne in 2020, rising by X% against the previous year. In general, the export price enjoyed a strong expansion. The pace of growth was the most pronounced in 2010 when the average export price increased by X% year-to-year. As a result, export price reached the peak level of $X per tonne. From 2011 to 2020, the growth in terms of the average export prices remained at a somewhat lower figure.

Prices varied noticeably by the country of destination; the country with the highest price was Denmark ($X per tonne), while the average price for exports to Latvia ($X per tonne) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to Sweden, while the prices for the other major destinations experienced a decline.

Vitamin Imports

Imports into Finland

In 2020, purchases abroad of provitamins and vitamins was finally on the rise to reach X tonnes for the first time since 2017, thus ending a two-year declining trend. In general, imports enjoyed modest growth. The pace of growth was the most pronounced in 2015 with an increase of X% year-to-year. Imports peaked at X tonnes in 2017; however, from 2018 to 2020, imports failed to regain the momentum.

In value terms, vitamin imports soared to $X in 2020. Overall, total imports indicated a moderate increase from 2007 to 2020: its value increased at an average annual rate of +X% over the last thirteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2015 when imports increased by X% year-to-year. Imports peaked at $X in 2017; however, from 2018 to 2020, imports stood at a somewhat lower figure.

Imports by Country

China (X tonnes), the UK (X tonnes) and Denmark (X tonnes) were the main suppliers of vitamin imports to Finland, together comprising X% of total imports. These countries were followed by Sweden, Hungary, Germany, Belgium and the Netherlands, which together accounted for a further X 2007 to 2020, the biggest increases were in Hungary, while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest vitamin suppliers to Finland were the UK ($X), Denmark ($X) and China ($X), with a combined X% share of total imports. Germany, Sweden, Hungary, the Netherlands and Belgium lagged somewhat behind, together accounting for a further X saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2020, the average vitamin import price amounted to $X per tonne, with an increase of X% against the previous year. Overall, import price indicated a mild increase from 2007 to 2020: its price increased at an average annual rate of +X% over the last thirteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, vitamin import price increased by +X% against 2015 indices. The pace of growth appeared the most rapid in 2018 an increase of X% y-o-y. The import price peaked at $X per tonne in 2008; however, from 2009 to 2020, import prices failed to regain the momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2020, the country with the highest price was Germany ($X per tonne), while the price for China ($X per tonne) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by Germany, while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox AI Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for provitamins and vitamins in the world?

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The countries with the highest volumes of vitamin consumption in 2020 were India (537K tonnes), China (273K tonnes) and the U.S. (90K tonnes), together comprising 55% of global consumption. These countries were followed by Canada, Germany, Japan, the UK, Mexico and Italy, which together accounted for a further 20%.

What are the largest producers of provitamins and vitamins in the world?

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The countries with the highest volumes of vitamin production in 2020 were China (599K tonnes), India (546K tonnes) and Canada (57K tonnes), with a combined 76% share of global production. Mexico, Japan, Germany, the UK and Switzerland lagged somewhat behind, together comprising a further 12%.

What are the leading suppliers of provitamins and vitamins to Finland?

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In value terms, the largest vitamin suppliers to Finland were the UK ($3M), Denmark ($1.6M) and China ($1.5M), with a combined 48% share of total imports. These countries were followed by Germany, Sweden, Hungary, the Netherlands and Belgium, which together accounted for a further 31%.

What are the leading importers of provitamins and vitamins from Finland?

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In value terms, Russia ($611K) emerged as the key foreign market for vitamin exports from Finland, comprising 66% of total exports. The second position in the ranking was occupied by Denmark ($116K), with a 13% share of total exports. It was followed by Sweden, with a 5% share.

What is the average export price for provitamins and vitamins in Finland?

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The average vitamin export price stood at $14,442 per tonne in 2020, rising by 59% against the previous year.

What is the average import price for provitamins and vitamins in Finland?

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In 2020, the average vitamin import price amounted to $15,996 per tonne, surging by 24% against the previous year.