Vitamin B Market Size, Share, Industry, Forecast and outlook (2024-2031)

Market Overview

The Global Vitamin B Market is estimated to reach at a high CAGR during the forecast period 2024 - 2031.

Vitamin B is a known essential water-soluble vitamin and includes Thiamine (B1), Riboflavin (B2), Niacin (B3), Pantothenic acid (B5), Pyridoxine (B6), Biotin, Folic acid and the cobalamins (B12). Vitamin B finds application in pharmaceuticals, cosmetics, food and beverages and animal feed industries. It has been noted that more than 40-55% adults consume daily dosage of vitamin B as part of their daily nutritional supplement. Vitamin B plays a vital role in maintaining good health and well-being. As the building blocks of a healthy body, vitamin B has a direct impact on energy levels, brain function, and cell metabolism. It helps prevent infections and helps support or promote cell health. With the rise in awareness, sports enthusiasts, fitness enthusiasts and older population, the demand for vitamin B is expected to increase in over the forecast period.

Market Scope

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Source: DataM Intelligence Analysis (2021)

Market Dynamics

The deficiency of vitamin B creates health issues, which increase the demand

Several disease categories are correlated with one or more B-vitamin deficiencies, including a nutritional deficiency, such as pellagra and beriberi, several forms of anemia, which contained nervous and metabolic system functioning and a reduced immune system. Vitamin B1 (Thiamin) scarcity is commonly found in various countries where the dietary staple food is white rice. Deficiencies in the Western world are usually induced by a very poor diet and extreme alcohol intake. Beriberi is a disease caused by thiamin deficiency and impacts cardiovascular, gastrointestinal, muscular and nervous systems. It is categorized as dry and wet beriberi. Dry beriberi influences nervous symptoms, while wet beriberi influences the cardiovascular system. Wernicke-Korsakoff syndrome (also called 'wet brain') is a different thiamin-deficiency disease associated with alcohol abundance and a thiamin-deficient diet. Hence, to avoid such health-related risks, intake of proper amounts of vitamin B is essential, thus driving the market growth. 

Moreover, the rising awareness among buyers regarding the various health benefits associated with consumption of vitamin B is expected to drive the market growth. Vitamins B plays a crucial role in the maintenance of an optimal health state. The B-complex vitamins are necessary for normal growth, reproduction and metabolism.

Market Segmentation

Folic acid is expected to dominate the global vitamin B market in the year 2020

Folic acid, also identified as folate or folacin, is a vitamin that supports protein metabolism, the development of red blood cell production and maturation. Folic acid is a haematinic, with vitamin B6, iron, vitamin B12, epoietin, ascorbic acid and the synthesis of pyrimidines and purines. Folic acid reduces the uncertainty for neural tube inherent disabilities, such as spina bifida, and assists manage homocysteine levels, thus potentially decreasing the risk of coronary heart condition. On the other hand, coblamin is expected to be the fastest growing segment during the forecast period. Vitamin B12 is used in animal fodder to maintain the normal health in animals and helps in maintaining the nutrients deficiency in the body. Livestock such as sheep, cow, and goats require vitamin B12, which increases the energy and helps in faster metabolism process. Cobalt deficiency due to lack of vitamin B12 reduces the appetite of animals and results in scaly ears.

On the other hand, dietary supplements is expected to dominate the market, by application. The demand for vitamin B containing dietary supplements is increasing on account of number of people suffering from vitamin B deficiency. Inadequate intake of folate and Vitamin B12 leads to low serum or plasma concentrations of both vitamins and elevated plasma homocysteine. Severe folate deficiencies are known to be associated with megaloblastic anemia, there are some markets where high incidence of folate deficiency occurs during pregnancy. Hence, manufacturers are identifying these markets to push more products and enhance marketing of their products in the form of dietary supplements.

Market Geographical Share

North America is dominating the global vitamin B market by revenue

The United States is expected to dominate the North America vitamin B market. Vitamin B supplements are gaining popularity in the withing the country owing to rising awareness regarding benefits of vitamin B consumption. The presence of affluent consumers, well established market, and increasing aging population are anticipated to drive the vitamin B market in the country. Older adults, pregnant women, and people with certain health conditions are more likely to have vitamin B deficiencies in the country. 

In the United States, the prevalence of vitamin B12 deficiency is less than 5% in young and middle-aged adults but is between 5 and 10% in the elderly population. However, marginal vitamin B12 status is more common, with an estimated 20% of individuals 60 years and older affected. Vitamin B12 deficiency has been observed more in wealthier countries such as USA, Germany, UK and others. According to some studies, even markets like Latin America have high reports of Vitamin B12 deficiency among children (~40%), compared to that the deficiency had been found severe in some pockets of Africa and India.

Source: DataM Intelligence Analysis (2021)

Vitamin B Companies

The global vitamin B market is highly segregated with many players like Albert David Ltd., BASF SE, Amway India Enterprises Pvt. Ltd., Pfizer Inc., DSM, The Procter & Gamble Company, and The Vitamin Shoppe among others. Product launches, and acquisitions are some of the key strategies adopted by players in asparagus market. 

For instance, in September 2019, Vitruvias Therapeutics announced the launch of generic Vitamin B12 dosage. The product is broadly available in retail market. In September 2019, The Vitamin Shoppe entered Only Me, an online evaluation for customized vitamin addition solutions. In August 2019, Vita Miracle, introduced its new B vitamin complex tablets on Amazon.

COVID-19 Impact:

Pandemic has positively impacted the global vitamin B market

Vitamin B not only helps to build and maintain a healthy immune system but it could potentially prevent or reduce COVID-19 symptoms. Vitamin B6 (pyridoxine) influences innate/adaptive immunity and the proliferation of immune cells. A recent study showed that pyridoxine supplement relieves COVID-19 symptoms by reducing pro-inflammatory cytokines, improving immune responses, and preventing hypercoagulability. According to a recent study, folic acid inhibits the enzyme furin and blocks the binding of the SARS-CoV-2 spike protein, which makes it helpful in controlling respiratory disease in COVID-19. Vitamin B12 (cobalamin/cyanocobalamin) may regulate chemokine/cytokine formation and mediate the communication among immune cells in pathophysiological pathways and thus protect against various bacterial and viral infections, including COVID-19. Vitamin B2 (riboflavin) is a neuroactive compound with immunomodulatory impressions and can reduce pathogens in the blood of COVID-19 patients thus reducing transfusion–transmission risk in COVID-19. Vitamin B3 [niacin (nicotinic acid, pantothenic acid)] has an anti-inflammatory impact, and recent studies show that it can help reduce inflammation in patients with COVID-19 and can even be used as an adjunct therapy.

Why Purchase the Report?

• Understand the current market scenario and viability of global vitamin B over the forecast period
• Visualize the composition of the global vitamin B market in terms of type and application to identify major players, growth potential, and market strategies
• Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period
• Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining in the market

What we offer?

• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study
• Excel data sheet with valuable data points of the global vitamin B market – Regional and Country level segmentation
• Product mapping in excel for the key products of all major market players
• Market share analysis covering business revenues ($) and revenue share (%) of key market players

The global vitamin B market report would provide an access to approximately 45 market data tables, 45 figures and 180 pages

Target Audience:

• Dietary Supplements Manufacturers
• Food Processing Companies
• Import and Export Companies
• Pharmaceutical Companies
• Industry Investors/Investment Bankers
• Education & Research Institutes
• Research Professionals