Vitamin B Complex Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1414
Vitamin B Complex Market size is mainly found finds major application scope in pharmaceutical, cosmetics, food & beverages and animal feed industries. Change in consumer lifestyle has led to rise in processed food demand, thereby driving industry growth.
Increase in health & fitness awareness has led consumers to prefer usage of multivitamins consumption. thiamine (B1), riboflavin (B2), niacin (B3), pantothenic acid (B5), piridoxine (B6), folic acid (B9), biotin (B7) and cobalamin (B12) are various water soluble vitamin B complex types. These are available in various forms such as tonic, capsules and injection. Thiamine and pantothenic acid promotes wound healing whereas cobalamin addresses problems of low stomach acidity leading to heartburn and indigestion.
Global vitamin market is poised to exceed USD 10 billion by 2024. In the U.S., about 45% of adults consume vitamin B complex on daily basis. Rise in geriatric population along with increasing health supplements demand may fuel industry growth. Importance on maintaining active & proper lifestyle accompanied by rise in healthcare industry may stimulate product demand.
Vitamin B complex market size from pharmaceutical applications may witness strong gains over the forecast timeframe. Global pharmaceutical market size may surpass USD 1.3 trillion by 2024. Increasing consumer spending in medicines along with rise in health consciousness may drive industry growth. Most of the pharmaceutical companies prescribe vitamin B complex during pregnancy, anaemia, skin diseases like eczema and high cholesterol.
Strong application scope in cosmetic industry should drive vitamin B complex market size as it enhances skin penetration, stability and moisturizes skin. Global cosmetic market size may register close to 5% growth. Rising skincare products and sunscreen lotions demand owing to varying climatic dynamics may stimulate industry growth.
Additionally, increasing herbal, organic, and natural cosmetic products will create potential opportunities for manufactures to develop new products in accordance to consumer preference. Biotin is widely used in the formulation of shampoos, hair conditioners, moisturizing agents, and personal care products.
Energy drinks uses vitamin B complex as they build or break carbohydrates, proteins, and reduce tiredness. Global energy drinks market size was valued at over USD 55 billion in 2015 and is slated to grow over 3.5%. Rapid urbanization along with increasing sports activities mainly in China and India has led to rise in industry growth. Most of the energy drinks contains riboflavin, B12, and thiamine, which provide instant energy supplier, boost protein, fats, carbohydrates, and form haemoglobin.
Vitamin B complex is used in sheep and cattle to prevent deficiency. B12 is essential for maturation and cell growth, wool and energy production. Most of the animals are susceptible to develop deficiency, therefore B12 supplement is provided to treat or prevent these deficiencies.
North America, driven by Canada and the U.S vitamin B complex market size, may witness strong growth due to increase in pharmaceutical, cosmetic & energy drink industries. Strong R&D spending along with government guidelines towards product usage may drive regional growth.
Europe vitamin B complex market size, driven by U.K, France & Germany may show significant gains over the forecast timeframe. Breast cancer is the most common health concern among European women. Approximately, 1.7 million new cases were diagnosed in 2015. Vitamin B complex prevent or kill cancer cells effectively, thereby influencing pharmaceutical applications in this region.
Asia Pacific led by Japan, India, and China vitamin B complex market size, may witness significant growth owing to change in consumer lifestyle along with increase in supplement consumption. China was the major meat exporter and may account for significant market share by 2024.
Stringent regulations by New Dietary Ingredients (NDI) & Dietary Supplement Health and Education Act (DSHEA) may challenge industry growth. Increase in costs has led to undergo imbalance in supply demand gap which may affect vitamin B complex market price trend.
Global vitamin B complex market share is consolidated. Some of the companies operating in the market includes Albert David, Sapiens Pharmaceuticals, Seven Seas, Lloyds Pharmacy, The Synergy Company and North American Herb & Spice.
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