Recently, driven by the situation in the Middle East, prices for various chemical raw materials have surged. Coupled with domestic manufacturers tightening supply, prices for vitamin and amino acid-related products have continued to climb, drawing significant market attention.

The vitamin market has entered a new round of strong growth, with prices for core products rapidly rebounding from historical lows. Many products have seen monthly increases exceeding 70%, while smaller-volume items such as calcium pantothenate have shown even more significant gains, and industry sentiment continues to improve. As of March 30, 2026, the mainstream price of Vitamin A (500,000 IU) reached 100–110 RMB/kg, with a cumulative increase of over 75% in the past month; Vitamin E (50% powder) was quoted at 96–102 RMB/kg, with a monthly increase of approximately 70%; calcium pantothenate was quoted at 58–70 RMB/kg, with a monthly increase exceeding 40%. B-complex vitamins followed suit, resulting in a broad-based market rally.

I. Overview of Price Increases: Core Varieties Lead the Rally, Tight Market Supply and Demand

This round of vitamin price increases began in early 2026 and entered an accelerated upward phase in March. A convergence of supply contraction, rising costs, and demand recovery has driven prices higher.

Vitamin A, as the leading price driver, has rapidly surged from approximately 60 RMB/kg at the beginning of the year to over RMB100, with a monthly increase exceeding 75%. Inventories in the trading channels remain tight, and demand for inquiries and purchases is robust. Vitamin E followed closely behind, with prices rising from 55 RMB/kg to around RMB100 , marking a monthly increase of over 70%. Delivery schedules from major domestic manufacturers are generally booked through April, and supply in the distribution channels remains scarce. Calcium pantothenate performed particularly strongly, with a monthly increase exceeding 40%. The impact of earlier price hikes continues to ripple through the market, driving transaction prices steadily higher. Smaller varieties such as vitamins B1 and B2 have also been steadily rising, with increases of 22.9% and 18.9% respectively over the past month, as manufacturers demonstrate a strong willingness to maintain prices.

From a market perspective, traders generally report difficulties in procuring goods. Industry inventories are at historic lows, and downstream feed companies are engaged in concentrated restocking. Combined with manufacturers suspending quotations and contracts, this has further exacerbated spot market tightness, creating a virtuous cycle where “the more prices rise, the more inventory is stockpiled; the more inventory is stockpiled, the more prices rise.”

II. Core Drivers of Price Increases: Supply Contraction Dominates, with Cost and Demand Resonating

(1) Supply Side: Global Capacity Contraction; Leading Firms Control Production and Support Prices

Supply contraction is the core driver of this round of price increases. The global vitamin industry exhibits a highly concentrated oligopolistic structure, with the top few companies controlling over 90% of production capacity for Vitamins A and E, and leading calcium pantothenate producers accounting for over 70% of capacity. These leading firms possess extremely strong pricing and production control capabilities.

Domestically, following prolonged losses in 2024–2025, capacity among small and medium-sized enterprises has continued to be phased out. Leading companies have uniformly adopted a “production control and price support” strategy, actively contracting supply and reducing market circulation through measures such as suspending order reporting and contract signing, as well as scheduled maintenance. Starting in late March, major manufacturers comprehensively halted order reporting and contract signing, directly tightening spot supply and exacerbating market tightness.

Overseas, Europe—a major global production hub for vitamins A and E, accounting for over 20% of global capacity—relies heavily on natural gas and other energy sources for production. As the conflict in the Middle East continues to escalate, European natural gas prices surged by over 67% in a single week. Soaring energy costs have led to insufficient operating rates among overseas manufacturers, with some production lines undergoing maintenance or reducing output, thereby widening the global supply gap. Meanwhile, the suspension of operations at certain overseas factories due to force majeure has further intensified expectations of tight global nutritional product supplies. Additionally, given that the construction cycle for vitamin production capacity spans two years, no new effective supply can be added in the short term, and supply-side constraints continue to tighten.

(2) Cost Side: Rising Energy and Raw Material Prices Drive Up Production Costs

Vitamin production is a highly energy-intensive and raw material-dependent industry. Rising prices for energy and chemical raw materials directly drive up production costs, providing strong support for price increases.

Regarding energy, the conflict in the Middle East has caused international oil prices to continue climbing and European natural gas prices to fluctuate sharply, resulting in a significant increase in energy costs for vitamin manufacturers. Regarding raw materials, supplies of key precursors such as citral (a core precursor for Vitamin A) and isobotanol (a key intermediate for Vitamin E) are tight, with prices rising sharply year-over-year; prices of basic chemical raw materials such as crude oil and p-cresol have also risen in tandem, further driving up production costs. At the same time, global shipping capacity constraints have led to higher logistics and packaging costs. With these multiple cost pressures converging, companies have a strong inclination to raise prices.

(3) Demand Side: Underpinned by Essential Demand, Robust Restocking Demand

Approximately 70% of vitamins are used as feed additives, accounting for only 1%–3% of production costs. The downstream livestock industry is highly price-insensitive, providing a solid foundation for demand. Since the beginning of 2026, profitability in the livestock sector has gradually recovered, with stable growth in hog and poultry inventories driving a rebound in feed demand. Downstream enterprises have engaged in concentrated restocking, further exacerbating market tightness.

Regarding exports, from January to February 2026, China’s vitamin A exports increased by 69% year-over-year, while vitamin E exports rose by 37%. Continued strong overseas demand provides additional support for the domestic market. Furthermore, industry inventories are at historic lows, and traders are strongly bullish. The reluctance to sell and hoarding behavior have exacerbated the supply-demand imbalance, driving prices upward rapidly.

III. Market Outlook: Price Hike Cycle Continues, Industry Sentiment Improves

In the short term, the vitamin market is expected to maintain a relatively strong trend. On the supply side, leading companies remain committed to their strategies of production cuts and price support; the tight energy supply situation in Europe is unlikely to ease in the near term, and global supply gaps persist. On the cost side, high energy and raw material prices provide strong cost support; On the demand side, stable demand for animal feed and ongoing restocking efforts are driving the market. With these factors converging, prices for Vitamin A (VA) and Vitamin E (VE) are expected to remain at elevated levels, while calcium pantothenate and B-complex vitamins are likely to follow suit.

In the medium to long term, if Europe’s energy supply remains tight and the global supply gap widens—combined with the completion of industry capacity rationalization and a solidified oligopoly structure—this price hike cycle may extend further. At the same time, China’s mature vitamin industry chain is well-positioned to secure more overseas orders amid disruptions in global supply. Leading companies in the sector will fully benefit from rising prices and increased market share, demonstrating significant earnings growth potential.

Overall, this round of vitamin price increases is not a short-term spike but rather the result of the combined effects of supply, cost, and demand. The industry has entered a clear price-hike cycle, with prices still having room to rise, and sector sentiment is expected to continue improving.

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