North America and Asia Pacific region together accounted more than 60% share of the pie in 2014 in terms of revenue. The U.S. is the largest market for vitamins Market worldwide. Canada and Mexico are projected to grow at a moderate rate. The natural vitamins and personal care products are driving the overall vitamins market in North America. The North America vitamins market is a competitive industry, with firms such as DuPont, Cargill Inc., BASF SE, Royal DSM and Archer Daniels Midland Co. (ADM). The North America market for vitamins is highly fragmented with players accounting the major share of the pie.
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But in future North America is expected to lose out some of its share to emerging countries. Whereas Asia Pacific is projected to increase its market share and will grow with the highest growth rate. Asia Pacific will witness growth due to rising demand for vitamins from countries such as Japan, China, and India. Japan is the largest market in the Asia Pacific region but India and China will be the fastest growing markets. Increasing elderly population, rising health concerns, rise in GDP will be the key drivers. Key competitors in the Asia Pacific regions are Royal DSM accounted for major share of the market followed by BASF SE. Australia is also one of the major markets for vitamins.
Europe is considered to be one of the largest markets for vitamins and it is projected to grow at a CAGR of 8.7% from 2015 to 2022. The vitamins market in Europe is witnessing growth due to the constantly increasing awareness about benefits of vitamin supplements in reducing risks of diseases, including coronary heart disease, osteoporosis and other infections. In the European region, Western Europe is one of the most developed markets for vitamins and also regarded as the largest market while Eastern Europe which is a developing market, is considered to have future growth potential. Germany is the largest market in Europe with a share of more than 24% in 2014 followed France and UK with 17.5% and 13.4% share of the market respectively. Some of the major players in the Europe market are DuPont, DSM N.V and BASF SE.
Row regions are expected to grow at a CAGR of 9.1% from 2015 to 2022. This region will witness growth mainly due to rise in economic conditions. In RoW region, Brazil is the largest market with a share of more than 40% in 2014 and it is projected to be the highest growing market.