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Vitamin B Market | Covid-19 Impact Analysis
Vitamin B was once thought to be a single nutrient; however, it refers to all the known essential water-soluble vitamins except for Vitamin C. It includes Thiamine (B1), Riboflavin (B2), Niacin (B3), Pantothenic acid (B5), Pyridoxine (B6), Biotin, Folic acid and the cobalamins (B12). The Vitamin B complex finds application in pharmaceuticals, cosmetics, food and beverages and animal feed industries.
It has been noted that more than 40-55% adults consume daily dosage of Vitamin B complex as part of their daily nutritional supplement. With the rise in awareness, sports enthusiasts, fitness enthusiasts and older population, the demand for Vitamin B complex is expected to increase in next 5 years.
The segment has seen high traffic in different regions, with few companies taking the lead such as Adisseo France, Amway, BASF, Atlantic Essential Products, Bactolac Pharmaceuticals, Jiangsu Nutraceuticals, Glanbia Nutritionals Deutschland, Kirkman, Lonza, Nattopharma, NBTY, Nulab, Nutrilo, Pfizer, ParkAcre Enterprise, Sanofi, Thorne Research, Vertellus Specialities and few more.
The report Global B-Vitamins (B1, B2, B3, B5, Biotin, B6, B12 and Folic Acid) Market - Demand and Opportunity in Top 10 Global Markets from Stratview Research helps the reader understand the category of customers who will purchase more products during the forecast period of 2020 and 2030. The report also showcases the strategic roadmap for distributors, manufacturers and vendors supplying raw materials and operating in the Vitamin B complex ingredients market and help them mitigate risk due to high competition, demand fluctuations and other factors.
The report compares the pricing difference of the same ingredients in key markets such as China, India, USA, Canada, Germany, France, UK, KSA, Malaysia, Singapore, Indonesia, Australia and South Africa. The price difference between similar ingredients is causing difference in profit margins for manufacturers. This report will consider KOL insights as well as suppliers and distributors’ insights from different market to come to a conclusive insight.
In markets such as India, Vitamin B12 (Cobalamin) has shown an increase in growth since 2017 and this trend is expected to continue in 2019. Is it because of over prescription or awareness or deficiency in population? The report also analyses this trend from major markets such as demand for Vitamin B complex prescription. Are the prescriptions on rise due to deficiency in the population or is it because of the awareness of sports and fitness enthusiasts? What role does OTC marketing play in all this? How many additional revenues companies are able to generate because of strong social media campaigns and advertisements?
Inadequate intake of folate and Vitamin B12 leads to low serum or plasma concentrations of both vitamins and elevated plasma homocysteine. Severe folate deficiencies are known to be associated with megaloblastic anemia, there are some markets where high incidence of folate deficiency occurs during pregnancy. Manufacturers must identify these markets to push more products and enhance marketing of their products.
In contrast Vitamin B12 deficiency has been observed more in wealthier countries such as USA, Germany, UK and others. According to some studies, even markets like Latin America have high reports of Vitamin B12 deficiency among children (~40%), compared to that the deficiency had been found severe in some pockets of Africa (study was conducted on Kenya) and India. While marketing B complex products, knowledge of these trends are a must for long term growth of a company.
Vitamins available in food and dietary supplements are also on rise these days. According to findings of Mayo Clinic, Vitamin B12, a water-soluble vitamin, plays a significant role in nerve function, formation of RBC (red blood cell), production of DNA and patients with GI disorders. Due to awareness, campaigns and regular updates on social media, over the counter sale of Vitamins have increased and manufacturers are flourishing on multiple sales channels for their products such as Online Pharmacies, Online Retain stores like Amazon, Offline Retail and Pharmacy, Departmental Stores, Personal Sales (Amway) and other methods. The report considers the demands and trends in this segment to help the readers, manufacturers, distributors and people related with the industry to channelize their marketing efforts to yield maximum benefits in each market.
The report ranks each market based on profitability, long term demand, competition, gaps and other factors and gives a 360-degree view of the market.