Market Dynamics
Introduction
Vitamin B is a group of eight water-soluble vitamins that help the body maintain healthy organs and systems by converting food into energy. This vitamin B complex is essential for working certain enzymes in the body to produce blood cells and maintain healthy skin. There are different types of vitamin B which include vitamin B1(thiamine), vitamin B2(riboflavin), vitamin B3(niacin), vitamin B6(pyridoxine), vitamin B12(cobalamin), and others.
Market Drivers
The increasing number of people suffering from vitamin B deficiency, and disorders like anemia, and celiac disease among all age groups, leading to increased consumption of vitamin B are some of the key market drivers.
Key Players
The market is highly fragmented with the presence of over 500 players across the region. Most of the major players compete in some of the governing factors including price, service offerings, regional presence, etc. The following are the key players in the Vitamin B Market:
Here is the list of the Top Players (Based on Dominance)
- Nature's Bounty.
- Sanofi SA
- Country Life LLC
- Mason Vitamins, Inc.
- NatureSmart LLC
- Solgar Inc.
- NOW Health Group, Inc.
- Nature’s Truth LLC
- Pharmavite
- The Synergy Company
Note: The above list does not necessarily include all the top players of the market.
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Segment Analysis
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Segmentations
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List of Sub-Segments
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Segments with High Growth Opportunity
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Type Analysis
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Vitamin B1, Vitamin B2, Vitamin B3, Vitamin B6, Vitamin B12, and Others
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Vitamin B12 is expected to be the dominant type in the vitamin B market.
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End-User-Type Analysis
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Pharmaceuticals, Dietary Supplements, Nutraceuticals, and Others
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Dietary supplements to hold the major share of the market in the coming years.
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Formulation-Type-Analysis
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Soft Gels, Tablets & Capsules, Liquid, and Others
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Tablets & capsules to account for the largest share of the market during the forecast period.
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Distribution-Channel-Type-Analysis
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Online Retail and Offline Stores
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Offline stores are expected to be the dominant distribution channel type in the market.
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Region Analysis
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North America, Europe, Asia-Pacific, and Rest of the World
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North America is estimated to maintain its dominance whereas Asia-Pacific is likely to register the highest growth in the market.
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By Type
“Vitamin B12 is expected to remain the dominant type in the market during the forecast period.”
The Vitamin B Market is segmented into vitamin B1, vitamin B2, vitamin B3, vitamin B6, vitamin B12, and others. The dominance of vitamin B12 can be attributed to its rising demand and wide range of utilization in medical and food industries for proper functioning and development of several organs such as the brain, nerves, and blood cells. Additionally, the increasing prevalence of vitamin B12 deficiency among people due to unhealthy lifestyles and an aging population is expected to drive the growth of the segment.
By End-User Type
“Dietary supplements are estimated to account for the largest share of the market during the forecast period.”
The market is segmented into pharmaceuticals, dietary supplements, nutraceuticals, and others. Dietary supplements are anticipated to account for the largest share due to the increasing number of people suffering from vitamin B deficiency. Rise in unhealthy and poor eating habits, anaemic patients have led to an increased demand for dietary supplements, accelerating the segment’s growth throughout the forecast period.
By Formulation Type
“Tablets & Capsules holds the major share of the market during the forecast period.”
The market is segmented into soft gels, tablets & capsules, liquid, and others. Tablets & capsules are expected to hold the major share of the market on account of their comparatively low cost, easy dosage, higher convenience, and longer shelf-life.
By Distribution Channel Type
“Offline stores are estimated to be the dominant distribution channel type in the market during the forecast period.”
The market is segmented into online retail and offline stores. Offline stores are generally available in urban as well as rural areas, and provide festival discounts, cost variation, and availability of products, fuelling the segment growth over the forecast period.
On the other hand, online retailers are expected to account for a significant share of the market owing to their no additional costs as shipping can be done directly from the seller to the customer. They also provide detailed product information, and customer reviews, helping the consumer to make decisions.
Regional Analysis
“North America is estimated to maintain its dominance whereas Asia-Pacific is likely to be the fastest-growing region in the market during the forecast period.”
North America is estimated to be the dominant region in the market owing to the presence of several key market players in the region. In addition, increasing awareness regarding vitamin B deficiency is driving the regional market growth. Furthermore, Asia-Pacific is expected to register the highest growth in the market on account of the increasing adoption of vitamin supplements for better health and lifestyle, driving the overall market growth during the forecast period.
