Global Vitamin B Market Size to Reach USD 1.33 Billion in 2032 | Emergen Research

Vancouver, Oct. 25, 2023 (GLOBE NEWSWIRE) -- The global vitamin B market size is expected to reach USD 1.33 Billion in 2032 and register a steady revenue CAGR of 5.3% during the forecast period, according to the latest analysis by Emergen Research. Rising awareness among individuals regarding health is the primary factor driving market revenue growth. Adequate vitamin B levels in the body are required for proper physiological and neurological function. For instance, vitamin B1 increases insulin levels, helps to control high blood sugar, and aids in the reduction of heart problems and excessive blood pressure in diabetics.

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In addition, increasing usage of vitamin B in pharmaceutical applications is another factor driving revenue growth of the market. Vitamin B aids enzymes in the systems' operations and are essential for various cellular functions such as glucose breakdown and nutrient transfer. For instance, vitamin B1 is essential for proper growth and function of organs such as brain and heart. Vitamin B3 i.e., niacin is required by the body to maintain healthy skin, nerves, and digestion, as a result doctors prescribe high dosages of niacin to help improve cholesterol levels. Moreover, vitamin B6 aids in the production of new red blood cells, which transport oxygen throughout the body and aid in the maintenance of immune system.

However, excess consumption of supplements containing vitamin B may result in adverse health effects, which could restrain market revenue growth.  For instance, supplemental B3 (niacin) in large dosages can cause vomiting, elevated blood sugar levels, skin flushing, and potentially liver damage. In addition, excessive B6 consumption causes nerve damage, light sensitivity, and painful skin sores, which could also restrain market revenue growth.

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Scope of Research

Major Companies and Competitive Landscape

The global vitamin B market is fragmented with large and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective vitamin supplements in the market. Some major players included in the global vitamin B market report are:

•  Nature's Bounty.
• Sanofi.
• Country Life, LLC.
•  Mason Vitamins.
• Solgar Inc.
• NOW Foods.
• Nature's Truth.
• Pharmavite.
• The Synergy Company.
• BASF SE.
• Glanbia plc.
• Amway
• Atlantic Essentials Products, INC.
• Adisseo
• Kirkman
• DuPont
• Bluebonnet Nutrition
• AIE Pharmaceuticals, Inc.
• DSM
• ADM

Strategic Development

• On 25 October 2022, DIESSE Diagnostica Senese announced the availability of two new Vitamin B12 and Folate tests. Vitamin B12 and Folate quantification is useful for investigating the reasons for anemia or neuropathy, assessing nutritional status in some individuals, and monitoring the efficacy of treatment for these vitamins. These new products demonstrate DIESSE's dedication to providing high-quality diagnostic solutions that improve patient outcomes.

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Some Key Highlights From the Report

• The vitamin B12 segment accounted for largest revenue share in the global vitamin B market in 2022. This is due to rising demand for vitamin B12  for proper functioning and development of several organs, such as brain, nerves, and blood cells. Vitamin B12 is widely used to treat vitamin B12 deficiency, cyanide poisoning, and high levels of homocysteine in the blood. In addition, rising prevalence of vitamin B12 insufficiency among individuals as a result of unhealthy lifestyles, poor eating habits, and aging population is rising demand for vitamin B12 supplements and fortified foods, hence driving revenue growth of this segment.
• The synthetic/vitamin B supplements segment is expected to register steadily fast revenue growth rate in the global vitamin B market during the forecast period. This is due to rising demand for folate, or folic acid, the synthetic form of folate widely used in dietary supplements and food fortification, for the formation of red blood cells, which transport oxygen throughout the body. Folate promotes fetal nervous system development, as well as Deoxyribonucleic Acid (DNA) synthesis and cell growth, as a result, women of child-bearing age need a diet rich in folate. In addition, vegans and vegetarians are more likely to be deficient in vitamin B12 owing to lack of animal products in their diet. Moreover, synthetic vitamin supplements help to regain vitamin B12 levels, which is expected to drive revenue growth of this segment during the forecast period. Pregnant and lactating mothers require regulated levels of folate, vitamin D, and vitamin A supplements for their babies' normal development.
• The North America market accounted for largest revenue share in the global vitamin B market in 2022 attributed to increasing awareness among individuals regarding health. Thiamin, also known as vitamin B1, assists the body in breaking down and releasing energy from food. Thiamine deficiency arises owing to low levels of vitamin B1, which is caused by a diet that consists primarily of highly processed carbohydrates such as white sugar, flour, and high alcohol intake levels. Moreover, rising usage of vitamin B in pharmaceutical applications owing to various benefits in different forms, such as tablets & capsules, liquids, powder, and others, is another factor driving market revenue growth of this region.

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For the purpose of this report, Emergen Research has segmented the global vitamin B market on the basis of type, form, source, application, distribution channel, end-use, functionality, and region:

• Type Outlook (Revenue, USD Billion; 2019–2032)

• • Vitamin B12
  • Vitamin B1
  • Vitamin B2
  • Vitamin B3
  • Vitamin B5
  • Vitamin B6
  • Vitamin B7
  • Vitamin B9
  • Others

• Form Outlook (Revenue, USD Billion; 2019–2032)

• • Tablets & Capsules
  • Liquids
  • Powder
  • Gummies
  • Soft Gels
  • Injectable
  • Topical Creams and Lotions

• Source Outlook (Revenue, USD Billion; 2019–2032)

• • Synthetic/Vitamin B Supplements
  • Natural Sources
  • Fortified Foods

• Application Outlook (Revenue, USD Billion; 2019–2032)

• • Pharmaceuticals
  • Dietary Supplements
  • Food and Beverage (F&B)
  • Animal Feed
  • Cosmetics and Personal Care Products
  • Others

• Distribution Channel Outlook (Revenue, USD Billion; 2019–2032)

• • Online Retail
  • Pharmacies and Drugstores
  • Supermarkets and Hypermarkets
  • Others

• End-use Outlook (Revenue, USD Billion; 2019–2032)

• • Children
  • Adults
  • Elderly
  • Athletes and Fitness Enthusiasts
  • Others

• Functionality Outlook (Revenue, USD Billion; 2019–2032)

• • Energy and Metabolism Support
  • Nervous System Health
  • Skin and Hair Health
  • Heart Health
  • Digestive Health
  • Immune Support

• Regional Outlook (Revenue, USD Billion, 2019–2032)
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • BENELUX
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Rest of Middle East & Africa
• • Others

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