Analysis by Type (Food Grade, Feed Grade, and Pharmaceutical Grade); by Application (Supplements, Feed Additives, Cosmetics, and Others); and by Distribution Channel (Online, and Offline) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035
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The global thiamine mononitrate (vitamin B1) market is estimated to garner a revenue of ~USD 1220 Million by the end of 2035 by growing at a CAGR of ~5% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of ~USD 680 Million in the year 2022. The growth of the market can be attributed to the increasing utilization of thiamine mononitrate as a food additive as of its various benefits for health. For instance, Vitamin B1 is also referred to as thiamine mononitrate. It promotes the health of the neurological and cardiovascular systems. It is also used in certain foods to keep nutrient levels stable during processing. It aids in the maintenance of proper neural, muscle, and myocardium function. It also maintains gastrointestinal peristalsis, normal appetite, and secretion of digestive juice. Further, the growing use of thiamine mononitrate as a feed additive, and as a pharmaceutical ingredient is also estimated to fuel the growth of the global thiamine mononitrate (vitamin B1) market during the forecast period.
In addition to these, factors that are believed to fuel the market growth of thiamine mononitrate (vitamin B1) include the rising use of thiamine mononitrate in numerous anti-aging products as of its great anti-oxidant properties, along with the increasing proportion of aged people across the globe. For instance, Thiamine is oxidized to thiochrome and thiamine disulfide through interactions with free radicals and hydroperoxides. The sequential transfer of 2H (+) from the NH (2) group of the pyrimidine ring and H (+) from the thiazole ring (after its opening) to reactive substrates is probably the reason for thiamine's antioxidant activity. Additionally, the growing awareness in people regarding the numerous health benefits of thiamine mononitrate, along with the rising stances of short-term memory loss is also predicted to proliferate the market growth over the projected time frame.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~5% |
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Base Year Market Size (2022) |
~ USD 680 Million |
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Forecast Year Market Size (2035) |
~ USD 1220 Million |
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Regional Scope |
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Growth Drivers
Worldwide Rising Geriatric Population – Elderly population tends to fall sick and get numerous health issues. With growing age, people suffer from several kinds of mental and physical disorders as the efficiency of their bodies turns less effective in absorbing certain types of required nutrients. Thus, the rising number of elderly populations across the globe is estimated to drive market growth. According to the World Health Organization (WHO) figures, the world's population of adults aged 60 and more is projected to grow to 2.1 billion by 2050 globally. Moreover, between 2020 and 2050, the number of persons aged 80 and more is expected to triple, reaching 426 million around the world.
An Upsurge in the Demand for Health Supplements - Nutritional supplements enrich our usual diet by providing a healthy supply of nutrients. With the growing desire to live an active and healthy lifestyle, the usage of health or dietary supplements has increased. These supplements contain essential vitamins and minerals that can improve a person's state of mind, appearance, and even overall health. Thiamine mononitrate is highly used in the production of such supplements, thus the rising demand for such health supplements is estimated to skyrocket the demand for thiamine mononitrate (vitamin B1) in the coming years. It was observed that the sales of health supplements rose by nearly 9% and garnered revenue of around USD 365 million in the US in 2019 globally.
Growing Stances of Korsakoff's syndrome - Korsakoff syndrome is a memory disease caused by a lack of vitamin B1 that is linked to drinking, along with growing age. Long-term administration of oral thiamine, other vitamins, and magnesium may alleviate symptoms in those who acquire korsakoff syndrome. Hence, the increasing ratio of korsakoff syndrome is also projected to drive the market growth further throughout the projected time frame. For instance, globally more men than women experience korsakoff syndrome, which often occurs between the ages of 31 and 70. Males and individuals over 40 make up the majority of WKS instances associated with drinking.
Worldwide Surge in Beauty and Personal Care Industry – For instance, in 2021, the worldwide beauty and personal care sectors are expected to be valued at more than USD 560 billion. Further, the industry is expected to be worth roughly USD 790 billion by 2026 around the world.
Challenges
The global thiamine mononitrate (vitamin B1) market is segmented and analyzed for demand and supply by type into food grade, feed grade, and pharmaceutical grade. Out of these three segments, the pharmaceutical grade segment is estimated to gain the largest market share of about ~52% in the year 2035. The growth of the segment can be attributed to the rising ratio of several disorders such as diabetes, beriberi, Alzheimer’s, and so on where thiamine-enriched medications deliver a better outcome. As per the World Health Organization (WHO) report, there are 422 million diabetics worldwide, and diabetes is the primary factor of 1.5 million fatalities per year. Moreover, the escalating use of vitamins in the healthcare sector is also estimated to boost segment growth in the projected time frame.
The global thiamine mononitrate (vitamin B1) market is also segmented and analyzed for demand and supply by application into supplements, feed additives, cosmetics, and others. Amongst these four segments, the feed additives segment is expected to garner a significant share of around ~43% in the year 2035. Animal feed is the diet given to domestic animals, and it frequently refers to fodder in the process of farm animal management and care. Thiamine supplementation benefits dairy cows by enhancing rumen fermentation, regulating the bacterial community, and decreasing the inflammatory response in the ruminal epithelium. Therefore, the significant advantage has made the thiamin mononitrate (vitamin B1) to be highly used in the production of several kinds of cattle feed. For instance, in 2021, South Korea's compound livestock feed production exceeded by around 7 million tons, which includes feed for both dairy and beef cattle. The entire volume of animal feed produced in South Korea that year was around 20 million tons. On the other hand, the supplements segment is projected to witness a significant CAGR during the forecast period, owing to the rising awareness about the benefits of multivitamins amongst people worldwide. Since, the lack of these micronutrients may trigger several kinds of health issues including digestive disorders, skin disorders, the occurrence of dementia, and improper bone growth too. Hence, to combat such types of health conditions, the use of numerous types of health and dietary supplements has been increased which is anticipated to spike the segment growth further in the coming years.
Our in-depth analysis of the global thiamine mononitrate (vitamin B1) market includes the following segments:
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By Type |
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By Application |
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By Distribution Channel |
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The Asia Pacific thiamine mononitrate (vitamin B1) market, amongst the market in all the other regions, is projected to hold the largest market share of about ~44% by the end of 2035. The growth of the market can be attributed majorly to the increasingly high demand for dietary supplements and vitamins in the region. For instance, as per a survey report, more than 60% of Asians were consuming a health supplement in 2022, Moreover, almost 80% of respondents in South Korea reported that they used dietary supplements, the highest share within the Asia-Pacific region surveyed. Further, the upsurge in the population, coupled with the rising cognizance among people regarding thiamine deficiency, and escalating disposable income are also anticipated to contribute to the market growth in the region during the forecast period.
The North American thiamine mononitrate (vitamin B1) market, amongst the market in all the other regions, is projected to hold the second largest share of about ~23% during the forecast period. The growth of the market can be attributed majorly to the expanding demand for cosmetics, higher awareness regarding proper nutrition, and the growing pharmaceutical industry in the region. For instance, in 2021, the US pharmaceutical industry generated nearly USD 558 billion in revenue. In addition to this, the escalating use of thiamine in the food and beverages sector, along with the rising ratio of the geriatric population, and a steady increase in the proportion of rare disorders is also estimated to skyrocket the market growth in the region in the coming years.
Further, the market in the European region, amongst the market in all the other regions, is projected to hold a considerable share of about ~17% by the end of 2035. The growth of the market can be attributed majorly to the increasing utilization and production of thiamine-infused cosmetic and personal care products comprising anti-aging creams, lotions, anti-pigmentation creams, and so on. Moreover, the a significant presence of several multinational key players who are engaged in the huge production of thiamine-enriched cosmetics and personal care products. In addition to this, the escalating demand and production of hair protection products are also anticipated to drive market growth further throughout the forecast period in the region.
Koninklijke DSM N.V. has acquired Midori USA, Inc., a biotechnology start-up with a cutting-edge precision platform creating ground-breaking targeted eubiotics that enhance the well-being and ecological impact of animals.
Koninklijke DSM N.V. has updated its OVN Optimal Vitamin Nutrition standards to promote sustainable farming methods. OVN, which has a low environmental impact, enhances animal health and welfare by giving animals the right amount of superior vitamins.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Increasing demand The surge in the underweight issue, the worldwide rising geriatric population, and an upsurge in the demand for health supplements are the major factors driving the market growth.vitamin B1 supplements is estimated to boost the market growth.
Ans: The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2023 – 2035.
Ans: High cost of thiamine mononitrate, and a dearth of awareness regarding the benefits of thiamine in emerging nations are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: The major players in the market are Brother Enterprises Holding Co., Ltd., BASF SE, Jiangxi Tianxin Pharmaceutical Co., Ltd., Koninklijke DSM N.V., Supreem Pharmaceuticals Mysore Pvt. Ltd., and others.
Ans: 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.
Ans: The market is segmented by type, application, distribution channel, and region.
Ans: The pharmaceutical grade segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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