U.S.: Vitamin Market 2023

Vitamin Market Size in the U.S.

After two years of decline, the U.S. vitamin market increased by 16% to $X in 2021. Over the period under review, the total consumption indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +5.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market failed to regain momentum.

Vitamin Production in the U.S.

In value terms, vitamin production soared to $X in 2021. In general, production showed resilient growth. The growth pace was the most rapid in 2015 when the production volume increased by 78% against the previous year. Vitamin production peaked at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Vitamin Exports

Exports from the U.S.

In 2021, the amount of provitamins and vitamins exported from the United States amounted to X tons, increasing by 14% compared with 2020. Over the period under review, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by 29% against the previous year. The exports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, vitamin exports expanded significantly to $X in 2021. The total export value increased at an average annual rate of +3.5% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when exports increased by 18% against the previous year. The exports peaked in 2021 and are expected to retain growth in the near future.

Exports by Country

Canada (X tons) was the main destination for vitamin exports from the United States, with a 27% share of total exports. Moreover, vitamin exports to Canada exceeded the volume sent to the second major destination, South Korea (X tons), fivefold. China (X tons) ranked third in terms of total exports with a 5.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Canada amounted to +5.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+9.9% per year) and China (-1.3% per year).

In value terms, Canada ($X), China ($X) and South Korea ($X) were the largest markets for vitamin exported from the United States worldwide, with a combined 33% share of total exports. Vietnam, the Netherlands, Hong Kong SAR, the UK, Mexico, Singapore, Taiwan (Chinese), the United Arab Emirates, Colombia and Australia lagged somewhat behind, together accounting for a further 31%.

Vietnam, with a CAGR of +19.5%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average vitamin export price stood at $X per ton in 2021, remaining stable against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.5%. The pace of growth was the most pronounced in 2016 an increase of 16% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2017 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Australia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (+10.0%), while the prices for the other major destinations experienced more modest paces of growth.

Vitamin Imports

Imports into the U.S.

In 2021, vitamin imports into the United States contracted modestly to X tons, waning by -3.7% on 2020 figures. In general, total imports indicated pronounced growth from 2012 to 2021: its volume increased at an average annual rate of +4.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +33.1% against 2019 indices. The growth pace was the most rapid in 2020 when imports increased by 38%. As a result, imports attained the peak of X tons, and then dropped slightly in the following year.

In value terms, vitamin imports rose rapidly to $X in 2021. Overall, total imports indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +3.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +29.2% against 2019 indices. The pace of growth appeared the most rapid in 2018 with an increase of 29%. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest vitamin supplier to the United States, accounting for a 77% share of total imports. Moreover, vitamin imports from China exceeded the figures recorded by the second-largest supplier, Switzerland (X tons), more than tenfold. Germany (X tons) ranked third in terms of total imports with a 4.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +7.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (-5.3% per year) and Germany (+0.2% per year).

In value terms, China ($X) constituted the largest supplier of provitamins and vitamins to the United States, comprising 65% of total imports. The second position in the ranking was held by Switzerland ($X), with a 10% share of total imports. It was followed by France, with a 5.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +7.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (-4.3% per year) and France (+4.9% per year).

Import Prices by Country

In 2021, the average vitamin import price amounted to $X per ton, surging by 11% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 an increase of 27%. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was France ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+6.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

Frequently Asked Questions (FAQ) :