New York, United States , May 31, 2024 (GLOBE NEWSWIRE) -- The Global Thiamine Market Size to Grow from USD 1.3 Billion in 2023 to USD 2.2 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 5.40% during the forecast period.
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Thiamine, often known as vitamin B1, is an essential nutrient that aids in energy metabolism and nervous system function. Thiamine is widely used in dietary supplements, food and beverages, pharmaceuticals, and animal feed, resulting in high global demand. The increased consumer knowledge of the benefits of vitamins and a healthy diet drives up demand for thiamine supplements and fortified foods. There is a rising emphasis on preventative healthcare and the benefits of thiamine in the treatment of beriberi, Wernicke-Korsakoff syndrome, and other neurological disorders. Thiamine is used in the creation of a wide range of pharmaceutical products, including multivitamin pills, injectable vitamins, and therapeutic formulations for specific health conditions.
Browse key industry insights spread across 266 pages with 110 Market data tables and figures & charts from the report on the “Global Thiamine Market Size Form (Tablets & Capsules, Liquid, Powder), Application (Food & Beverages, Pharmaceutical, Animal Feed, Dietary Supplements), By Region, And Segment Forecasts, By Geographic Scope And Forecast to 2033.”
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Insights by Form
The tablets and capsules segment accounted for the largest market share over the forecast period 2023 to 2033. The thiamine (vitamin B1) tablets and capsules demand is expanding rapidly, owing to a number of important factors. First, the growing consumer preference for handy and easily consumable vitamin forms has greatly increased demand for thiamine tablets and capsules. These formats are preferred for their portability, accurate dosing, and ease of administration, making them popular among health-conscious people and those who lead busy lives. Furthermore, growing knowledge of the role of thiamine in energy levels, neurological function, and overall well-being has resulted in increased intake of these supplements. Overall, the rise of the tablets and capsules segment in the thiamine market is driven by customer preferences for convenience, advances in pharmaceutical technology and improved health awarenes.
Insights by Application
The food and beverage segment is dominating the market with the largest market share over the forecast period 2023 to 2033. The food and beverage segment of the thiamine (vitamin B1) market is expanding, driven by rising consumer demand for nutrient-dense goods and the growing trend of functional meals. As people become more health-conscious and want to improve their eating habits, there is a growing trend for foods and beverages fortified with critical vitamins like thiamine. This tendency is especially significant among people aiming to improve their energy levels, cognitive function, and overall health through food. Manufacturers are reacting to this need by adding thiamine to a variety of items, including breakfast cereals, energy bars, fortified drinks, and dairy products.
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Regional Forecasts
North America Market Statistics
North America is anticipated to dominate the Thiamine Market from 2023 to 2033. In North America, consumers are becoming more health-conscious, using dietary supplements to maintain balanced meals and prevent deficiencies. The emphasis on preventative healthcare is driving the demand for thiamine supplements. Thiamine is utilised in a variety of medicinal products, including multivitamin formulations and therapies for diseases such as beriberi and Wernicke-Korsakoff syndrome. The widespread usage of thiamine in the pharmaceutical industry promotes market growth. Ongoing R&D operations in the pharmaceutical business to investigate novel applications and benefits of thiamine are increasing its use and market potential.
Asia Pacific Market Statistics
Asia Pacific is witnessing the fastest market growth between 2023 to 2033. The region's rising disposable incomes allow customers to spend more on health and wellness products such as nutritional supplements and fortified foods. Rapid urbanisation and changing lifestyles are driving up consumption of convenience foods and beverages. The inclusion of thiamine in these goods provides a means to boost their nutritional value. The pharmaceutical sector in Asia Pacific is quickly developing, fueled by rising healthcare costs and a growing middle class. Thiamine is commonly utilised in pharmaceutical goods, such as multivitamins and therapies for deficiency disorders. Investments in R&D to seek new therapeutic applications for thiamine are driving up its demand in the pharmaceutical industry.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global thiamine market are DSM, Chemizo Enterprise, Xinfa Pharmaceutical Co., Ltd., Jiangxi Tianxin Pharmaceutical Co., Ltd., Nutricost, McCartan’s Pharmacy, Jiangsu Jubang Pharmaceutical Co., Ltd., HPC, and Others Key Vendors.
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Recent Market Developments
- In October 2023, Lonza expanded their GMP filling line to enable the commercial manufacture of antibody-drug conjugates.
Market Segmentation
This study forecasts revenue at global, regional, and country levels from 2023 to 2033.
Thiamine Market, Form Analysis
- Tablets & Capsules
- Liquid
- Powder
Thiamine Market, Application Analysis
- Food & Beverages
- Pharmaceutical
- Animal Feed
- Dietary Supplements
Thiamine Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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