North America vitamins market expected to reach US$1.13bn by 2018, says new report
Natural sources-based vitamins are gaining market share
The vitamins market in North America is expected to grow from around US$765m in 2012 to $1.13m by 2018, at a CAGR of 6.8% from 2013 to 2018, according to a new report from MicroMarket Monitor.
The North America Vitamins Market report, to be published in August, says vitamins are major ingredients in foods, feed additives, pharmaceuticals and cosmetics, with natural sources-based vitamins gaining an expanding consumer base as concerns related to the toxicity of artificial and chemical additives in food and personal care products grow. This has caused a rapid increase in the demand for vitamins derived from natural sources, with consumers willing to spend more on them. This in turn has made North America a lucrative market for vitamin manufacturers.
DSM (Netherlands), BASF (Germany), DuPont (US), Archer Daniels Midland Company (US), and Cargill (US) are the main players in the North American vitamins market. DSM is the major player with a share of 12.5%, followed by BASF, which accounts for 9.7%.
The market is segmented and projected sales are on the basis of applications, which are functional food, functional beverages, dietary supplements, animal nutrition and personal care.
Functional food is the most preferred application, and as of 2013 had a major 18% share in the vitamins market.
The report also includes market share, supply chain and value chain analyses, in addition to market metrics such as drivers and restraints. In addition, it presents a country-level competitive landscape and company profiles of the key players.
