Thiamine Mononitrate Market Trends

Growth Drivers

• The Surge in Underweight Issue - Being underweight, is defined as having less weight than what is considered healthy as per a person’s height. The such condition indicates a major health issue. Being underweight issue can be caused by a variety of factors, including dietary habits, health issues, and being on long-term medications. Currently, a huge count of individuals has been dealing with this issue, which is estimated to drive the market growth of thiamine mononitrate (vitamin B1) as of its growing use in various types of health supplements. For instance, in 2020, nearly 9.9% of males and 8.7% of women worldwide were underweight globally.

• 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

• High Cost of Thiamine Mononitrate – The cost of thiamine mononitrate is comparatively higher than the other vitamin compounds. Its widespread usage has also made the deriving of thiamine mononitrate costly. Hence, this factor is anticipated to lower the market growth in the coming years.
• Easy Availability of its Substitutes
• A Dearth of Awareness Regarding the Benefits of Thiamine in Emerging Nations