Vitamin B Market Size, Share & Industry Analysis, By Type (Vitamin B12, Vitamin B1, Vitamin B2, Vitamin B3, Others), By Application (Fortified Food & Beverages, Dietary Supplements, Pharmaceutical Industry, Animal Feed, Others (Personal Care Products, and Others)) And Regional Forecast, 2024-2032

The majority of populace worldwide is facing vitamin B deficiency owing to lack of balanced diet. The increasing consumption of fast food has led to rise in number of people having micronutrient deficiency, as a result the demand and popularity of vitamin B containing food is 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, Vitruvias Therapeutics has announced the launch of generic Vitamin B12 dosage. The product is widely available in retail market.

The rising awareness amid 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 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 supplements and easy availability of these supplements on various online platforms are expected to boost the product sales. For instance, 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.

Key Market Driver -

Increasing Prevalence of Vitamin B Deficiency

Key Market Restraint -

Stringent Rules Regarding the Product Labelling and Marketing

The stringent rules and regulations regarding the labelling of dietary supplements and functional foods is predicted to act as a restraining factor for market growth. For instance, in December 2019, Taiwan Food and Drug Administration (FDA) revised and strengthen its laws regarding the labelling of vitamin and mineral supplements to maintain the quality of the product.

Key Players Covered:

The prominent players operating in the global vitamin B market are BASF SE, Amway, The Archer Daniel Midland Company, Bayer AG, The Vitamin Shoppe, Integrated Biopharma Inc., Pfizer, Koninklijke DSM NV, Synthesia A.S., ADM Alliance Nutrition Inc., and Others.

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 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 are expected to increase in forthcoming years. Furthermore, vitamin B is extensively utilized in pharmaceutical industry for the production of B vitamin complex tablets and liquids owing to rising incidences of vitamin B deficiency.

Regional Analysis:

North America is expected to hold significant share in the global market. The vitamin B supplements are gaining immense popularity within the region owing to rising awareness regarding benefits of vitamin B consumption. The presence of affluent consumers, well-established market, and increasing aging population are anticipated to drive the regional vitamin B market.

Asia Pacific is anticipated to witness considerable growth in the global vitamin B market. The expansion of animal feed industry and rising utilization of vitamin B from this industry is predicted to positively impact the market growth. Moreover, the increasing number of people suffering from micronutrient deficiency is anticipated to fuel the growth of the vitamin B market.

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Segmentation

Key Industry Developments:

• In September 2019, The Vitamin Shoppe introduced Only Me, an online assessment for customized vitamin supplement solutions.


• In January 2020, The Vitamin Shoppe announced the launch of Vthrive -The Vitamin Shoppe Brand, a new line of premium vitamin supplements.