Global Thiamine Market Report 2024: Market Size, CAGR, Lucrative Segments And Top Regions

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Overview and Scope

The thiamine market consists of sales of thiamine hydrochloride, thiamine mononitrate, multivitamin supplements, b-complex supplements, and fortified foods. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods

Sizing and Forecast

The thiamine market size has grown strongly in recent years. It will grow from $1.24 billion in 2023 to $1.37 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to increased fortification programs, expansion of functional foods, rise in demand for natural and organic sources, increased demand for functional foods, and increased fortification efforts.

The thiamine market size is expected to see rapid growth in the next few years. It will grow to $2.01 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to increasing health awareness, aging population, rising incidence of chronic diseases, consumer preference for natural and organic products, and rising occurrence of lifestyle-related disorders. Major trends in the forecast period include technological advancements, research and development, integration into telemedicine and digital health platforms, research into therapeutic applications, and personalized nutrition approaches.

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Segmentation & Regional Insights

The thiamine market covered in this report is segmented –

1) By Product Type: Thiamine Mononitrate, Thiamine Hydrochloride, Thiamine Pyrophosphate
2) By Form: Tablets And Capsules, Liquid, Powder
3) By Application: Food And Beverages, Pharmaceuticals, Animal Feed, Dietary Supplements, Other Applications

Asia-Pacific was the largest region in the thiamine market in 2023. The regions covered in the thiamine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The increasing demand for dietary supplements is expected to boost the growth of the thiamine market going forward. A dietary supplement is a manufactured product intended to supplement a person’s diet by taking a pill, capsule, tablet, powder, or liquid. The rising demand for dietary supplements is due to heightened health awareness, a growing preference for preventive healthcare, and an increasing emphasis on immune system support. Thiamine is included in dietary supplements to guarantee sufficient intake of this essential vitamin, which is crucial for vital bodily functions such as energy production, nervous system health, heart function, digestion, stress management, and overall metabolic equilibrium. For instance, in 2021, according to the CRN Consumer Survey on Dietary Supplements conducted by the Council for Responsible Nutrition, a US-based trade association for dietary supplements, the number of Americans using dietary supplements increased from 73% in 2020 to 80% in 2021. Therefore, increasing demand for dietary supplements is driving the growth of the thiamine market.

Key Industry Players

Major companies operating in the thiamine market are BASF SE, Koninklijke DSM N.V., The Nature’s Bounty Co. Ltd., Zhejiang Medicine Co. Ltd., Swanson Health Products Inc., Brother Enterprises Holding Co. Ltd., NOW Health Group Inc., Molekula Group, Nutricost LLC, Solgar Inc., Tokyo Chemical Industry Co. Ltd., HPC Standards GmbH, Puritan’s Pride Inc., Loba Chemie Pvt. Ltd., Aland Nutraceuticals Group, Anhui Tiger Biotech Co. Ltd., Caisson Laboratories Inc., Chemizo Enterprise, General Nutrition Centers Inc., Huazhong Pharmaceutical Co. Ltd.

The thiamine market report table of contents includes:

1. Executive Summary
2. Thiamine Market Characteristics
3. Thiamine Market Trends And Strategies
4. Thiamine Market – Macro Economic Scenario
5. Global Thiamine Market Size and Growth
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32. Global Thiamine Market Competitive Benchmarking
33. Global Thiamine Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Thiamine Market
35. Thiamine Market Future Outlook and Potential Analysis
36. Appendix