The global vitamin B market is anticipated to grow at a CAGR of 3.0% during the forecast period (2022-2028). The majority of the population globally is facing vitamin B deficiency owing to a lack of a balanced diet. The increasing consumption of fast food has led to a rise in the number of people having micronutrient deficiency, as a result, the demand and popularity of vitamin 8 containing food are rising across the globe. Vitamin B deficiency can lead to anemia, pellagra, fatigue, celiac disease, and abnormal body functioning.
The rising awareness regarding the adverse health effects of vitamin B deficiency is expected to boost the demand for vitamin B-containing functional foods. The demand for vitamin B-containing dietary supplements is increasing on account of an increasing number of people suffering from vitamin B deficiency. The prominent, as well as niche players operating in the market, are embarking on the new product launch to expand their consumer offerings and to increase their global prominence. For instance, in September 2019, Vitruvius Therapeutics has announced the launch of a generic Vitamin B12 dosage. The product is widely available in the retail market.
The rising awareness among buyers regarding the benefits associated with vitamin B consumption is anticipated to drive the global vitamin B market. Vitamin B is necessarily required for the prevention of various disorders such as anemia, celiac disease, and many others. The rising prevalence of the aforementioned diseases among all age groups is leading to increased doctor recommendations for consumption of vitamin B, which is predicted to further drive the overall market growth. The ongoing research and development activities for the production of cost-effective vitamin B Pe supplements and easy availability of these supplements on various online platforms are expected to boost product sales. For instance, in August 2019, Vita Miracle, producer of high-quality health and wellness products, introduced its new B Vitamin Complex Tablets on Amazon. The producer claims that this ultra-potent product is an effective source of all the essential B complex vitamins.
Each B vitamin plays a separate and unique role in the body. But as a group, they help the body to generate energy from nutrients such as carbohydrates, fat, and protein. The B-group vitamins have also been helpful to improve stress levels. Henceforth, the demand for B vitamin complex supplements is predicted to increase in forthcoming years. Moreover, increasing demand for vitamin B12 from the animal feed industry and rising usage of vitamin B3 in personal care products are expected to positively impact the product sales of these vitamins in the forthcoming years.
A significant amount of vitamin B is lost during food processing owing to several environmental conditions such as pH and Temperature, as a result, the sale of vitamin B supplements and fortified food is expected to increase in forthcoming years. Furthermore, vitamin B is extensively utilized in the pharmaceutical industry for the production of B vitamin complex tablets and liquids owing to rising incidences of vitamin B deficiency.
North America is expected to hold a significant share in the global market. Vitamin B supplements are gaining immense popularity within the region owing to rising awareness regarding the benefits of vitamin B consumption. The presence of affluent consumers, a well-established market, and an increasingly aging population is anticipated to drive the regional vitamin B market.
Some major players in the market include Adisseo France SAS, Amway India Enterprises Pvt. Ltd., Archer Daniels Midland Co., DSM, International Flavours & Fragrances Inc., among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, Amway India Enterprises Pvt. Ltd. offers Nutrilite Natural B with yeast, it helps fulfill the daily requirement for B-complex vitamins along with a regular diet.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape– Adisseo France SAS, Amway India Enterprises Pvt. Ltd., Archer Daniels Midland Co., DSM, International Flavours & Fragrances Inc., among others.
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Global Vitamin B Market Report by Segment
By Type
- Vitamin B12
- Vitamin B1
- Vitamin B2
- Vitamin B3
- Others (Vitamin B5, Vitamin B6)
By Application
- Fortified Food & Beverages
- Dietary Supplements
- Pharmaceutical Industry
- Animal Feed
- Others (Personal Care Products)
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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