Portland, OR, Feb. 21, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global biotin supplement market generated $583.4 million in 2021, and is projected to reach $1,410.9 million, by 2031, growing at a CAGR of 9.1% from 2022 to 2031. The report examines changing market dynamics, major segments, the value chain, the competitive scenario, and the regional landscape. This research provides valuable guidance to market leaders, investors, shareholders, and startups in developing strategies for long-term growth and gaining a competitive advantage.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $583.4 million |
| Market Size in 2031 | $1,410.9 million |
| CAGR | 9.1% |
| No. of Pages in Report | 240 |
| Segments Covered | Product Form, Application, Distribution Channel, and Region. |
| Drivers |
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| Opportunities |
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| Restraints |
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Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic accelerated the growth of the global biotin supplement market. Furthermore, hair loss and concern for hair has increased the demand for biotin supplements.
- The halt in operations of specialty stores dealing in the sale of biotin supplements also hampered the sales of biotin supplements during the pandemic. However, sales through the online channel have contributed to the growth of the market.
The research report divides the global biotin supplement market into detailed segments based on product form, application, distribution channel, and region. The report uses tables and figures to provide detailed information about the various segments and their sub-segments. Engaged market participants and investors can develop strategies based on the report's highest revenue-generating and fastest-growing segments.
According to product form, the capsules segment accounted for the majority of the biotin supplement market in 2021 and is expected to maintain its leadership status during the forecast period, registering the highest growth with a CAGR of 8.7% from 2022 to 2031. As a comparison to other forms, the capsule form functions more quickly in the body, hence it is one of the most preferred forms in the biotin supplement market. It has a higher bioavailability than other formulations, which allows for more medication absorption into the bloodstream and increases its effectiveness.
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According to the biotin supplement market size, the hair care segment held the largest market share in 2021. Due to the rise in hair damage accounting for pollution and other reasons such as hair coloring, people are constantly spending money on hair care products, which is expected to accelerate the expansion of the hair care industry. Moreover, the keratin structure is kept stable by biotin, which encourages hair development. Furthermore, growing interest in hair nourishing and hair treatments among young people is expected to create a wealth of economic prospects for industry players in the coming years.
Based on the distribution channel, the specialty stores segment accounted for the highest share in 2021, holding the majority of the global biotin supplement market, and is expected to continue its leadership status during the forecast period. This segment is estimated to grow at the highest CAGR of 8.7% during the forecast period, while the online channels segment is also expected to have significant growth during the forecast period. Manufacturers primarily target specialty retailers as they are continuously working to improve product exposure on the shelf. As a result, specialist shops carry a wider selection of biotin supplements. The market for biotin supplements is expanding as a result of the selections, discounts, and benefits of instant gratification that online businesses can provide.
According to the region, Asia-Pacific held the largest share in 2021 and is expected to continue its dominance during the forecast period due to a surge in health consciousness and an increased understanding of the advantages of biotin supplements. Moreover, the huge penetration of biotin supplement products is expected to increase in the Asia-Pacific forecast period.
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Leading market players of the global biotin supplement market analyzed in the research include Church & Dwight Co., Inc., Nestle S.A., Nutraceutical Corporation, Vytalogy Wellness, L.L.C., Zenwise, LLC, SBR Nutrition, Doctor's Best, Inc., Sports Research Corporation, NOW Health Group, Inc., Life Extension, Designs for Health, Inc., SolaGarden Naturals
The report examines these key players in the global biotin supplement market in depth. To increase their market share and maintain dominant positions in various regions, these players have used various strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others. To highlight the competitive scenario, the report highlights business performance, operating segments, product portfolio, and strategic moves of market players.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
