NEWARK, Del, Dec. 01, 2023 (GLOBE NEWSWIRE) -- The global thiamine market value is forecast to increase from US$ 1,166.2 million in 2023 to US$ 2,356.8 million by 2033. Over the assessment period, global demand for thiamine is projected to surge at a CAGR of 7.2%.
Thiamine mononitrate segment is expected to dominate the global thiamine industry through 2033. It will likely hold a volume share of 77.1% by 2023. This is due to rising usage of thiamine mononitrate in diverse sectors.
The demand for thiamine, also known as vitamin B1, is driven by its essential role in supporting human health and well-being. Thiamine is involved in vital bodily functions, including energy metabolism and the proper functioning of the nervous system.
The increasing awareness of the importance of a balanced diet and the role of vitamins in overall health is expected to propel the demand for thiamine-containing products. This, in turn, will foster growth of the thiamine industry.
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The food and beverage industry is witnessing high demand for thiamine-fortified products as manufacturers respond to consumer preferences for nutritionally enhanced options. The pharmaceutical sector relies on thiamine to formulate medications and supplements addressing thiamine deficiencies and related health conditions.
Growing usage of thiamine in the personal care industry is another key factor expected to boost the market. Thiamine possesses antioxidant properties that may help protect the skin from oxidative stress.
The global market for thiamine continues to grow as health-conscious consumers seek products that support and fulfill their nutritional needs. Whether through fortified foods, dietary supplements, or pharmaceutical formulations, the demand for thiamine remains robust.
The research continues to uncover new facets of thiamine’s benefits. As industries adapt to evolving consumer needs, thiamine's influence is poised to remain significant in shaping the future of nutrition, healthcare, and several industrial sectors worldwide.
Key Takeaways from the Thiamine Market Report
- The global market for thiamine is projected to thrive at 7.2% CAGR through 2033.
- By product type, the thiamine mononitrate segment is expected to total US$ 1,996.7 million by 2033.
- By end use, the food and beverage segment is set to hold a market share of 58.9% in 2023.
- East Asia is expected to account for a significant share of about 26.6% in 2033.
- Sales in the United States are predicted to total US$ 344.5 million by 2033.
- China is set to attain a valuation of US$ 577.4 million by 2033.
- Demand in India is predicted to rise at 13.1% CAGR through 2033.
“The global thiamine industry is poised to witness healthy growth due to escalating government regulations on food products, expanding industrial sectors, and increasing emphasis on importance of thiamine in daily diet.” - Says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
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Competitive Landscape
Key players focus on expanding thiamine's domestic production and technology areas to provide consumers with cost-efficient solutions. They are also investing in developing new products and further innovating existing ones to meet end-user demand.
Key Companies Profiled
- BASF SE
- DSM Nutritional Products
- Lonza Group AG
- Tianjin Pharmaceutical Group
- Huazhong Pharmaceutical
- Shouguang Fukang Pharmaceutical Co., Ltd.
- Jiangxi Tianxin Pharmaceutical Co., Ltd.
- Brother Enterprises Holding Co., Ltd
- Zhejiang NHU Co., Ltd.
- CSPC Pharmaceutical Group
- Xinfa Pharmaceutical Co., Ltd.
Recent developments:
- In January 2023, BASF and Cargill collaborated to bid high-performance enzyme solutions to several animal protein producers in the United States.
More Insights into the Thiamine Market Report
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the global thiamine market, providing historical data from 2018 to 2022 and forecast statistics for the period 2023 to 2033.
To understand the global thiamine market potential, growth, and scope, the market is segmented based on product type (thiamine mononitrate and thiamine hydrochloride), end use (food and beverages, animal feed, pharmaceuticals, personal care, and others), and region (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia and Pacific, Middle East and Africa)
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Thiamine Market Outlook by Category
By Product Type:
- Thiamine Mononitrate
- Thiamine Hydrochloride
By Application:
- Food and Beverages
- Animal Feed
- Pharmaceuticals
- Personal Care
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa
Author by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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