The global thiamine mononitrate (vitamin B1) market is estimated to grow at a CAGR of ~4.5% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the growing demand for vitamin B1 supplements. Vitamin B1 is an antioxidant, which is essential in the human body to maintain good health. It fights premature aging, increases blood circulation, and makes the skin and hair healthy and glowing. Owing to these benefits of the vitamin, it is extensively used in cosmetic products, fortification of food items, and in the healthcare industry. Such factors are anticipated to boost the market growth. Moreover, the poor lifestyle and eating habits, adulteration in food items, and high pollution levels cause malnutrition amongst people. According to the data by the World Health Organization (WHO), around 45% of the total deaths among children under the age of 5 years, are linked to undernutrition. As a result, people are becoming aware about malnutrition, and are opting for supplements to compensate for the nutrition deficiency in the body, which is further expected to increase the demand for thiamine mononitrate. Additionally, vitamin B1 is also used as an additive for feed and fodder, which is further anticipated to fuel the market growth.
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The market is segmented by application into supplements, feed additives, cosmetics, and others, out of which, the cosmetics segment is anticipated to hold a substantial share in terms of revenue, in the global thiamine mononitrate (vitamin B1) market over the forecast period on account of increasing sales of cosmetic products across the world. Moreover, vitamin B1 helps in removing wrinkles, dark spots, pigmentation, and adds glow in skin and hair. These advantages of thiamine mononitrate are estimated to surge its use in the cosmetic industry.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
On the basis of geographical analysis, the global thiamine mononitrate (vitamin B1) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of high demand for supplements and vitamins in the region. In fact, it was observed that vitamins, herbals, minerals and supplements (VHMS) generated a revenue of about USD 40 billion in 2017, in the Asia Pacific region. Moreover, the growing cosmetic industry in the region is further estimated to boost the market growth.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the growing demand for cosmetics, higher awareness regarding proper nutrition, and growing pharmaceutical industry in the region.
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The global thiamine mononitrate (vitamin B1) market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global thiamine mononitrate (vitamin B1) market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing demand for vitamin B1 supplements is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~4.5% over the forecast period, i.e., 2022 – 2031.
The major players in the market are Huazhong Pharmaceutical Co., Ltd., Koninklijke DSM N.V., Jiangxi Tianxin Pharmaceutical Co., Ltd., Saltvae Pharmaceuticals Private Limited, BASF SE, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, distribution channel, and by region.
The cosmetics segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Growing competition from thiamine hydrochloride is estimated to hamper the market growth.
The Asia Pacific region is anticipated to provide more business opportunities over the forecast period owing to the increasing sale of vitamins and supplements in the region.
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