Biotin's prices declined in the Asian market due to a sustained decrease in consumer demand and a sufficient level of inventory held by market providers. As a result, market providers turned to destocking in order to reduce inventory levels and maintain profit margins.

The market for Biotin supplements has experienced a slowdown in growth due to an increased risk of adverse reactions associated with high doses of the product supplements. Biotin, a white, water-soluble vitamin, is a member of the B vitamin family and can be found naturally in certain foods and as dietary supplements. It is used to treat Biotin deficiency and to reduce hair loss and brittle nails, among other conditions. It is often marketed as a product for hair growth. However, recent research has demonstrated that high doses of Biotin can interfere with thyroid and heart function tests.

Also, rising demand for organic animal protein and growing awareness of healthy eating habits are driving consumers to opt for organic foods, hindering the Biotin market growth. The recommended amount of the product can be obtained from different kinds of food sources, such as meat, salmon, eggs, offal (such as liver), and nuts.

China and India are the two major producers of Biotin supplements. Biotin prices declined in China as factory activity slowed down due to a drop in downstream industry demand. Moreover, Chinese exports decreased by 14.5% in July as central banks in US and Europe raised the interest rates to cool inflation, increasing the supply of Biotin in the Chinese domestic market, which added downward pressure on prices. On the other hand, the Chinese economy has entered a state of deflation with the decline in consumer prices as the slowing down of domestic spending weighed on China's post-pandemic economic recovery. Consumer Price Index (CPI), the main inflation gauge, declined 0.3 percent in July, according to the National Bureau of Statistics (NBS). The decline in sales has had a significant impact on manufacturers and suppliers. Retailers who had anticipated an increase in demand following the lifting of COVID-19 restrictions are now being compelled to reduce their prices.

The manufacturing sector in India experienced a significant expansion in the third quarter of 2023, indicating an improvement in the overall health of the manufacturing sector. As a result, the production of Biotin increased, resulting in a high level of inventory in the market. However, the demand for Biotin remained lower, contributing to decreased prices.

The ChemAnalyst forecast suggests that the prices will likely rise in the coming months due to increased demand from pharmaceutical and healthcare end-users. Moreover, ease of trading activity might further support the growth of the Biotin market.