The global Vitamin B1 market stood at approximately 76 thousand tonnes in 2023 and is anticipated to swell at a healthy CAGR of 5.4% during the forecast period until 2034. Vitamin B1's versatile applications highlight its indispensable role in promoting health and well-being while facilitating essential industrial processes, making it a valuable component in the global industrial landscape.
Vitamin B1, also known as thiamine, serves multiple industrial purposes across diverse sectors. Firstly, in the realm of food fortification, thiamine is a crucial additive, often incorporated into staple foods like bread, cereal, and rice to address thiamine deficiency prevalent in certain populations and ensure adequate nutrient intake for overall health. Furthermore, thiamine plays a vital role in animal nutrition, where it is included in feed formulations to prevent thiamine deficiency-related health issues in livestock and pets. In the pharmaceutical industry, thiamine finds extensive use in the formulation of multivitamins and dietary supplements, supporting essential bodily functions such as energy metabolism and nervous system health. Thiamine is employed for the treatment of beriberi, a condition characterized by symptoms such as tingling and numbness in the feet and hands, muscle atrophy, and diminished reflexes resulting from thiamine deficiency in the diet. Additionally, it is utilized to both treat and prevent Wernicke-Korsakoff syndrome, a disorder marked by symptoms like tingling and numbness in the hands and feet, memory impairment, and confusion arising from insufficient thiamine intake. Moreover, thiamine's significance extends to industrial processes, particularly in fermentation processes involved in the production of alcoholic beverages like beer and wine. As a cofactor for enzymes crucial to fermentation, thiamine facilitates the conversion of sugars into alcohol, contributing to the production process.
Vitamin B1 is a key component in pharmaceutical formulations, including multivitamins and dietary supplements. As the pharmaceutical industry continues to innovate and expand its product offerings to address various health concerns, the demand for Vitamin B1-based formulations rises, further driving market growth. Growing consumer awareness of the importance of thiamine in maintaining overall health and wellness drives demand for Vitamin B1 supplements. Individuals seek to address potential deficiencies and support their nervous system function and energy metabolism, contributing to market growth. The fortification of staple foods with Vitamin B1 continues to expand, especially in regions where thiamine deficiency is prevalent. Government initiatives and regulations promoting food fortification to address nutritional deficiencies further drive market growth by increasing the availability of thiamine-fortified products. As the global population grows and demand for animal products rises, the need for thiamine supplementation in animal nutrition also increases, stimulating market growth. The global Vitamin B1 market is likely to reach approximately 135 thousand tonnes in 2034.
Regionally, The Asia Pacific region is expected to exhibit the fastest growth in terms of consuming Vitamin B1 in the forecast period due to several factors. Firstly, the region has a large and rapidly growing population, particularly in countries like China and India, which drives significant demand for essential nutrients like Vitamin B1. With improving standards of living and healthcare awareness, there is a growing emphasis on preventive healthcare measures, leading to greater consumption of dietary supplements and fortified foods containing Vitamin B1. Additionally, there is a rising prevalence of diet-related health issues in the Asia Pacific region, such as thiamine deficiency disorders. This has prompted greater attention to nutrition and an increased focus on fortifying foods with essential vitamins like Vitamin B1 to address these health concerns.
Based on the end-use industry, the global Vitamin B1 market is divided into Pharmaceuticals & Nutraceuticals, Food & Beverages, Animal Feed, and Others. However, Pharmaceuticals & Nutraceuticals is the dominating segment and held about 60% of the global Vitamin B1 market in 2023. Food & Beverages is another important end-use industry.
Major players in the Global Vitamin B1 market are DSM, Xinfa Pharmaceutical Co., Ltd., Jiangxi Tianxin Pharmaceutical Co., Ltd., Chemizo Enterprise, McCartan’s Pharmacy, Jiangsu Jubang Pharmaceutical Co., Ltd., HPC, Nutricost, and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2023
Estimated Year: 2024
Forecast Period: 2025-2034
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Objective of the Study:
• To assess the demand-supply scenario of Vitamin B1 which covers production, demand and supply of Vitamin B1 market in the globe.
• To analyse and forecast the market size of Vitamin B1
• To classify and forecast Global Vitamin B1 market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Vitamin B1 market in the globe.
To extract data for Global Vitamin B1 market, primary research surveys were conducted with Vitamin B1 manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Vitamin B1 market over the coming years.
ChemAnalyst calculated Vitamin B1 demand across the globe by analyzing the volume of Vitamin B1 consumed by the end-user industries and the forecast is calculated based on the growth rate of end-use industries. ChemAnalyst sourced these values from industry experts and company representatives and externally validated them by analyzing the historical sales data of respective manufacturers to determine the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Vitamin B1 manufacturers and other stakeholders
• Organizations, forums and alliances related to Vitamin B1 distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Vitamin B1 manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years, thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Vitamin B1 market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2023
76 thousand tonnes
Market size Volume in 2034
135 thousand tonnes
Growth Rate
CAGR of 5.4% from 2024 to 2034
Base year
2023
Estimated year
2024
Historical Data
2015 – 2022
Forecast period
2025 – 2034
Quantitative units
Demand in thousand tonnes and CAGR from 2024 to 2034
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process.
Segments covered
By End-Use: (Pharmaceuticals & Nutraceuticals, Food & Beverages, Animal Feed, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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What was the net market size of Vitamin B1 in terms of volume in 2023?
Ans:
The global market size of Vitamin B1 has reached approximately 76 thousand tonnes in 2023.
Q2.
Which industry is the leading end-user industry of Vitamin B1?
Ans:
Pharmaceuticals & Nutraceuticals industry is the leading end-user industry of Vitamin B1 globally.
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