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Vitamin B Industry Benchmarks
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Vitamin B Market Intelligence
global market outlook
- The global Vitamin B market was valued $622 Million (2021) and is expected to grow at a CAGR of 4.5-5.5 percent and reach $730 Million by 2024
- China is the major source of Vitamin B and its globally supplying more that 60-65 percent of the global demand
- Market for Vitamin B1 is highly concentrated in China, just like many other vitamins. DSM is the major manufacturer of Vitamin B1 outside China.
- The market for Vitamin B is fragmented market with more than 25+ suppliers. Some of the major suppliers in China are Jiangxi Tianxin Pharmaceutical Co., Ltd., Hebei Yuxing Bioengineering
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Vitamin B market frequently asked questions
Vitamin B12 is the most expensive active pharmaceutical ingredient (API) compared to other vitamins due to its complicated manufacturing procedure.
Beroe’s category intelligence reveals that vitamin B12 and vitamin B6 have experienced notable usage amidst the COVID-19 crisis. Numerous studies have reckoned that both these vitamins can check the progression rate of the coronavirus.
China stands at the forefront of the global vitamin B market as the region is the heaven for the production and demand for vitamin B1 and vitamin B6. In addition, France-based Sanofi S.A. has registered notable sales growth of vitamins B, E, and C in China, especially during the COVID-19 pandemic.
The revenue size of the global vitamin B market was $642 Mn in 2020 and is likely to hit $737 Mn by 2023, at a 4-5% CAGR. While the global capacity of vitamin B6 was 12–15 KT in 2019, the global consumption volume of vitamin B12 was 220–250 MT within the same timeframe.
Vitamin B1 or thiamine is primarily used in the pharmaceutical or dietary supplements industries. Besides, a portion of the worldwide supply also is utilized to produce food and feed.
Vitamin B6 finds usage in several fields, including food & beverages, animal nutrition, pharmaceuticals, to name a few.
Vitamin B market report transcript
Vitamin B Global Market Outlook:
Global market size of Vitamin B1 – $642 Million
(2020 E) Expected to grow at a CAGR of 4–5 percent to $737 million by 2023.
- Manufacturing of vitamins using chemical technology or fermentation involves technical expertise, which adds up to the R&D cost.
- Raw material occupies a major chunk in the manufacturing of most vitamins.
Market Overview-Vitamin B1:
- Vitamin B1 or thiamine is majorly manufactured for the use in pharma or dietary supplements industry. Part of the global supply also goes into the manufacturing of food and feed
- Market for vitamin B1 is highly concentrated in China, just like many other vitamins. DSM is the major manufacturer of vitamin B1 outside China. However, most of their production is to meet their captive demand
Market Overview-Vitamin B6:
- The global capacity of vitamin B6 was estimated to be 12–15 KT in 2019, Chinese manufacturers hold the largest market shares by volume
- There are several applications for vitamin B6 in various fields, such as animal nutrition, food & beverage industry, pharmaceutical industry, and others
- Vitamin B6 is among the various vitamins, whose demand has increased, due to COVID-19. Sanofi has particularly reported the sales of these vitamin B, C, and E increasing considerably in China
Market Overview-Vitamin B12:
- Vitamin B12 is the most expensive API compared to other vitamins because of its complex production process
- The global consumption volume of vitamin B12 was around 220–250 MT in 2019
- Several studies have claimed that vitamin B12 can reduce the rate of progression of COVID-19, and this has triggered a surge in the demand for vitamin B12