Market Overview
The global vitamin B market is predicted to grow at a healthy CAGR over the forecast period (2018-2023), states the new Market Research Future (MRFR) report. B vitamins have a vital role in the human body. It helps in converting food into energy, maintaining healthy brain cells, skin cells, and other body tissues, creating new blood cells, and helping in proper nerve function. Vitamin B is of eight types- Vit B1 (thiamin), Vit B2 (riboflavin), Vit B3 (niacin), Vit B5 (pantothenic acid), Vit B6, Vit B7 (biotin), Vit B9 (folate), and Vit B12. Together, they are referred to as Vit B complex.
Various factors are propelling the vitamin B market growth. These factors, as stated by the latest MRFR report, include growing demand for vitamin B owing to its properties of increasing metabolism and helping in proper nerve function. Besides, it also helps to increase red blood cells and prevent infections. Moreover, the growing healthcare industry, the importance of maintaining a proper and active lifestyle, demand for health supplements, and increase in the geriatric population are also adding to the growth of the market.
Key Players
Leading players profiled in the vitamin B market report include The Synergy Company (US), Pharmavite LLC (US), Natures Truth Products, LLC. (US), NOW Health Group, Inc. (US), Solgar Inc. (US), NatureSmart, LLC (Canada), Mason Vitamins, Inc. (US), Country Life, LLC (Japan), Sanofi SA (France), Nature's Bounty Co. (US), and others.
Market Segmentation:
The MRFR report provides a complete segmental analysis of the vitamin B market report on the basis of type, form, end user, and distribution channel.
Based on type, the vitamin B market is segmented into vitamin B1, B3, B6, B7, B9, and B12. Of these, the vitamin B1 segment will have the largest share in the market over the forecast period. Vitamin B1 is largely used in different end use industries such as animal feed, pharmaceuticals, food and beverages, and nutraceuticals manufacturers, as thiamine helps to boost the metabolism by converting nutrients into energy.
Based on form, the vitamin B market is segmented into liquids, tablets and capsules, chewables, and others. Of these, the tablets and capsules segment will dominate the market over the forecast period. This is owing to growing inclination towards vitamin B supplements as this helps to produce red blood cells as well as increase the level of energy in the body.
Based on end user, the market is segmented into nutraceuticals, dietary supplements, pharmaceutical, and others. Of these, the pharmaceutical segment will lead the market over the forecast period due to the fact that vitamin B is used in the form of curative medicines for rheumatoid arthritis, celiac disease, and inflammatory bowel disease.
Based on distribution channel, the vitamin B market is segmented into non-store based and store-based. The store-based segment is again segmented into specialty store, supermarkets and hypermarkets, and others. Of these, the store-based segment will have the maximum share in the market over the forecast period while the non-store-based segment will grow at the highest CAGR.
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Regional Analysis
By region, the vitamin B market report covers the latest trends and growth opportunities across Europe, the Asia Pacific, North America, and the Rest of the World. Of these, North America will spearhead the market over the forecast period. This is chiefly due to the increasing use of vitamin B by different end users such as dietary supplement manufacturers and pharmaceutical companies.
The vitamin B market in the APAC region is predicted to grow at the fastest pace over the forecast period. This is chiefly due to the growing consumption of vitamin B owing to the various health benefits that it offers.
The market in Europe is predicted to have a healthy growth over the forecast period. This is followed by the Rest of the World which is predicted to have a notable growth over the forecast period due to growing number of people with vitamin B deficiency and the plentiful health benefits of vitamin B consumption. Vitamin B acts as an antioxidant, helps in DNA repair and production, and maintain good eyesight.
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