Vitamin B Market Trends, Share, Size, Influential Trends, Growth Factors, Global Analysis by Leading Companies with Market Sizing & Forecasts to 2023
Market Overview and Growth Factors:
B Vitamins are group of nutrients that play a vital role in human body. Vitamin B is used to prevent infections, increase metabolism, and also to help in proper nerve function. Thus, Vitamin B market is expected witness high growth in forecast period.
The global vitamin B market has been segregated, by form, into chewables, tablets & capsules, liquids and others. The tablets & capsules segment is expected to garner major share in the global vitamin B market owing to the easy availability and are convenient for consumption. The same segment is anticipated to project a higher CAGR during the forecast period due to the rising inclination of consumers towards vitamin B supplements as it helps in production of red blood cells and also increases energy level in the body.
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Market Potential and Pitfalls:
The global vitamin B market is been classified, by end-user, into pharmaceutical, dietary supplements & nutraceuticals, and others. The pharmaceutical segment is expected to gain largest share, owing to the factor that as vitamin B is used as curative medicines, for diseases such as inflammatory bowel disease, celiac disease and rheumatoid arthritis.
The global vitamin B market has been segregated, by distribution channel into store-based and non-store based. The store-based segment has been further segregated into supermarkets and hypermarkets, specialty store, and others. The store-based segment is expected to generate higher revenue, with the specialty store sub-segment being the largest. These supplements are prescribed by doctors and nutritionists and are generally available in selected retail stores. The non-store-based segment is expected to register the higher CAGR during the assessment period owing to technological advancements in the e-commerce industry and growing consumer preference for online retailing.
Based on type, the global vitamin B market has been segmented into vitamin B1 (Thiamine), vitamin B3 (Niacin), vitamin B6 (Pyridoxine), vitamin B7 (Biotin), vitamin B9 (Folic Acid), vitamin B12 (Cobalamin), and others. The vitamin B1 (Thiamine) segment is anticipated to gain the largest revenue share in the global vitamin B market and shall maintain lead throughout the forecast period. Vitamin B1 (Thiamine) is being used in various end-users such as dietary supplements & nutraceuticals manufacturers, food &beverages, pharmaceuticals, animal feed, and others as thiamine helps in boosting the metabolism by converting nutrients into energy. This is a crucial determinant that is catalyzing the growth of vitamin B1 (Thiamine) segment in the global vitamin B market. The same segment is expected to grow with the highest growth rate owing to the growth of end-use industries in which vitamin B is used.
Some of the key players in the global vitamin B market are Nature’s Bounty Co. (US), Sanofi SA (France), Country Life, LLC (Japan), Mason Vitamins, Inc. (US), NatureSmart, LLC (Canada), Solgar Inc. (US), NOW Health Group, Inc. (US), Natures Truth Products, LLC. (US), Pharmavite LLC (US), The Synergy Company (US).
The global Vitamin B market has been segmented on the basis of region, into North America, Europe, Asia-Pacific, and Rest of the World.
North America is expected to dominate the global Vitamin B market owing to increasing usage of vitamin B by various end-users such as pharmaceutical companies and dietary supplement manufacturers in the region.
Asia-Pacific vitamin B market is expected to grow at a rapid pace due to the surging consumption of vitamin B in the regions due to health benefits associated with it. Moreover, Europe and RoW is also expected to project a significant market share owing to the increasing awareness about various benefits associated with consumption of vitamin B complex. Vitamin B complex help in maintaining good eyesight, DNA production and repair, and antioxidant. Increasing number of patients with vitamin B deficiency in the region.
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