North America Phytosterols Market - Growth, Trends, and Forecast (2019 - 2024)
North America Phytosterols market forecasted to reach USD 312.02 million by 2024 growing at a CAGR of 8.1% during the forecast period (2019 - 2024).
In the North America region, the United States leads the phytosterol market, due to the high population and increase in heart diseases at an alarming rate. The US Food and Drug Administration has given the GRAS (generally recognized as safe) status to the addition of plant sterols in food products.
The government regulatory division in North America such as Health Canada and the Canadian Food Inspection Agency (CFIA) is actively promoting the use of phytosterols in the food products in the region by setting parameters for products having more than 1.0 g phytosterol in the product.
Scope of the Report
The type of phytosterols present in the North America market namely, beta-setosterol, campesterol, stigmasterol, and other types are drived from two primary sources which includes wood sterol and vegetable oil sterols. The sterols present in the market hold applications in differed food and beverage industries which includes, dairy products, sauces and condiments, beverages bakery and confectionery and other processed foods. The sterols also hold the application in pharmaceutical industries such as cosmetics, dietary supplements, and animal feed.
Key Market Trends
Prevalence of Obesity
In the North America region, the United States leads the phytosterol market, due to the high population and increase in obesity at an alarming rate. According to a recent survey, the obesity rate in the region increased by 5 percent accounting for about 31.3% in 2018. The obesity rate is highest among the middle-aged population. The American Society of Family Physicians (AAFP) and U.S Preventive Services Task Force (USPSTF) is also promoting the usage of Phytosterols because of its health benefits along with rising demand for phytosterol infused products is augmenting the growth phytosterols in the American market.
The Growing Demand for Phytosterol Infused Dietary Supplements
The dietary supplement segment is registering a high CAGR, because of the growing demand for phytosterols in the functional food segment. Moreover, growing health concerns have further elevated the demand for dietary supplement products over the past few years. The per capita consumption of phytosterols are considerably higher for the United States, which is facilitated by the booming dietary supplement and pharmaceutical industries. The US dietary supplements market is by far the most advanced, in terms of product offerings and market penetration.
The major players in the North America phytosterol market are BASF SE, Archer Daniels Midland, Arboris LLC, and Cargill Incorporated. In recent years, the companies have adopted new launches as the key strategy, along with expansions and partnerships. This, in turn, has helped to gain a competitive edge over the competitors. Also, the companies are enhancing their product portfolio, in order to cater to the consumers across various demographics and thus strengthen their presence in the market.
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