Thiamine Market Report

Market Overview:

The global thiamine market size reached US$ 217.1 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 469.3 Million by 2028, exhibiting a growth rate (CAGR) of 12.60% during 2023-2028. The increasing production of dietary supplements, rising inclination toward functional food products, and the growing production of animal feed represent some of the key factors driving the market.

Thiamine, also known as vitamin B1, is a water-soluble essential vitamin for the proper functioning of the nervous system, cardiovascular system, metabolic processes, and overall body. It is generally found in various foods, such as whole grains, legumes, nuts, and meat. It contains antioxidant properties that help protect the body against oxidative stress and damage caused by free radicals. Moreover, its deficiency is associated with fatigue, muscle weakness, irritability, and nerve damage. It is diagnosed by healthcare professionals through various physical examinations and blood tests. Thiamine deficiency is treated using medications and supplements, which aid in minimizing the pain associated with the symptoms, enhance energy levels, and improve the quality of life.

Thiamine Market Trends:

There is an increase in the utilization of thiamine in the production of dietary supplements, including tablets, capsules, gummies, and liquid forms. This, coupled with the rising consumption of dietary supplements in daily routines for maintaining overall health due to the surging prevalence of chronic medical ailments related to thiamine deficiencies, represents one of the major factors driving the demand for thiamine-based supplements around the world. In addition, the growing awareness about the benefits of a healthy and nutritious diet due to sedentary lifestyles and unhealthy dietary patterns is influencing the market positively. Moreover, there is a rise in the inclination toward functional and nutrient rich food products and beverages, such as cereals, bread, pasta, rice, flavored milk, and orange juice. This, along with the significant growth in the food and beverage (F&B) industry, is contributing to the market growth. Apart from this, the increasing use of thiamine in the brewing process and the rising demand for premium alcoholic beverages on account of the emerging trend of socializing and parties among working professionals and young adults are propelling the growth of the market. Furthermore, the growing production of animal feed that is fortified with thiamine to promote the growth and overall health of livestock and other animals is creating a positive outlook for the market. Besides this, the increasing use of thiamine supplementation in the agriculture sector as a soil treatment to improve plant growth and crop yield that are prone to thiamine deficiency is impelling the growth of the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global thiamine market report, along with forecasts at the global, regional, and country levels for 2023-2028. Our report has categorized the market based on application.

Application Insights:

• Dietary Supplements
• Animal Feed
• Pharmaceuticals
• Food and Beverages
• Others
   

The report has provided a detailed breakup and analysis of the thiamine market based on the application. This includes dietary supplements, animal feed, pharmaceuticals, food and beverages, and others. According to the report, dietary supplements represented the largest segment.

Regional Insights:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for thiamine. Some of the factors driving the Asia Pacific thiamine market included the rising occurrence of lifestyle related disorders, changing lifestyles, increasing demand for sports nutrition, etc.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global thiamine market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Chemizo Enterprise, HPC Standards GmbH, Jiangsu Jubang Pharmaceutical Co., Ltd, Jiangxi Tianxin Pharmaceutical Co., Ltd., Koninklijke DSM N.V., McCartan's Pharmacy, Nutricost, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Questions Answered in This Report:

• How has the global thiamine market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global thiamine market?
• What is the impact of each driver, restraint, and opportunity on the global thiamine market?
• What are the key regional markets?
• Which countries represent the most attractive thiamine market?
• What is the breakup of the market based on the application?
• Which is the most attractive application in the thiamine market?
• What is the competitive structure of the global thiamine market?
• Who are the key players/companies in the global thiamine market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the thiamine market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global thiamine market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the thiamine industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.