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The Vitamin B-complex Ingredients Market size is forecast to increase by USD 790.27 million, at a CAGR of 4.7% between 2023 and 2028. The growth rate of the market depends on several factors, including such as growing health and wellness awareness, the rising consumer preference for fortified foods, and the vast prevalence of vitamin B preferences.
The report offers extensive research analysis on the market, with a categorization based on Distribution Channel, including offline and online. It further segments the market by End-user, encompassing nutraceuticals and dietary supplements, food and beverage industry, pharmaceuticals, cosmetics and personal care, and animal feed. Additionally, the report provides Region segmentation, covering APAC, Europe, North America, the Middle East and Africa, and South America. Market size, historical data (2018-2022), and future projections are presented in terms of value (in USD million) for all the mentioned segments.
A vitamin B-complex is a group of vitamins that are soluble in water and play important roles in the body.
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Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the market growth is the growing health and wellness awareness. The main reason for the growth of the market is the increasing recognition of the vital role of the vitamin B-complex in overall health. In addition, the vitamin B-complex is made up of water-soluble vitamins such as B1, B2, B3, B4, B5, B6, B7, biotin, B9, folic acid, and B12.
Moreover, these vitamins are essential for a variety of bodily functions. In addition, they support metabolism and energy generation, as well as skin, hair, and cognitive function. In addition, Vitamin B-complex ingredients and vitamin-fortified food products are in high demand due to lifestyle changes and the need for preventive healthcare. Furthermore, consumers are looking for products that not only meet their nutritional needs but also contribute to their overall health. Hence, such factors are driving the market growth during the forecast period.
A key factor shaping the market growth is the increasing demand for nutritional supplements. Consumers today are more conscious regarding their health, seeking ways to improve their health and prevent health problems through a well-balanced and fortified diet. In addition, Vitamin B-complex is made up of a group of water-soluble essential vitamins, including B1, B2, B3, B5, B6, B7, B9, and B12.
Moreover, it supports various bodily functions, such as energy metabolism, nervous system function, and red blood cell production. In addition, as people focus more on preventive healthcare, there is a growing trend toward adding vitamin B-complex supplements to their daily routine. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
Issues related to supply chain disruptions are one of the key challenges hindering market growth. The raw materials required for the manufacturing of vitamin B-complex ingredients are sourced from many different regions around the world. In addition, geopolitical tensions, natural disasters, and political instability in the regions where these raw materials are sourced can cause supply chain disruptions.
For instance, supply chain disruptions of key raw materials such as yeast extract and animal by-products that are essential for the synthesis of vitamin B-complex ingredients can have a ripple effect across the entire market. Hence, such factors are negatively impacting the market. Therefore, it is expected to hinder the market growth during the forecast period.
The offline segment is estimated to witness significant growth during the forecast period. The offline segment comprises traditional retail stores, such as supermarkets, pharmacies, and health food stores, as well as specialty stores. In addition, these are essential touchpoints where customers can directly purchase vitamin B-complex supplements or products.
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The offline segment was the largest segment and was valued at USD 2,191.31 million in 2018. Moreover, the offline segment targets a wide range of consumers, from those who prefer face-to-face interactions to those who want immediate product availability or value the convenience of in-store shopping. In addition, one of the advantages of offline distribution channels is that you can offer a hands-on shopping experience. Furthermore, one can go through the products in person, ask questions from trained staff, and make buying decisions. In addition, the customer can get your vitamin B-complex supplements right away. Hence, such factors are fuelling the growth of the segment which in turn drives the market growth during the forecast period.
Based on the end-user, the market has been segmented into nutraceuticals and dietary supplements, the food and beverage industry, pharmaceuticals, cosmetics and personal care, and animal feed. The nutraceuticals and dietary supplements ?segment will account for the largest share of this segment. The growth of this segment is driven by increasing consumer awareness of the importance of maintaining a balanced and nutritionally rich diet for overall health and well-being. In addition, nutraceutical products, such as fortified foods and functional drinks, are becoming increasingly popular as an easy and affordable way to add essential vitamin B-complex ingredients to your daily diet. Furthermore, more people are looking for products that provide more than just basic nutrition. Hence, such factors are fuelling the growth of the segment which in turn drives the market growth during the forecast period.
North America is estimated to contribute 34% to the growth of the global market during the projection period. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the projection period.
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Factors such as the robust healthcare infrastructure, increasing consumer awareness regarding the importance of nutrition, and a growing aging population contribute significantly to the demand for vitamin B-complex ingredients in North America. In addition, lifestyle-related health issues are one of the main factors driving the growth of the vitamin B-complex ingredients market in North America. Moreover, as people become more conscious of their health, there is an increasing demand for dietary supplements containing vitamin B-complex to fill deficiencies and promote overall health. Furthermore, a growing number of people are eating vegan and vegetarian foods, which has caused a surge in the demand for plant-based vitamin B-complex ingredients. Hence, such factors are driving the market growth in North America during the forecast period.
Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
BASF SE: The company offers a vitamin B complex ingredient namely vitamin B5. It is used in the dietary supplement and food industries.
The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Bayer AG, Blackmores Ltd., Country Life Vitamins LLC, GNC Holdings LLC, Haleon Plc, Jarrow Formulas Inc., Koninklijke DSM NV, Life Extension Foundation Buyers Club Inc., Lonza Group Ltd., Nestle SA, NOW Health Group Inc., Nutricost, Otsuka Holdings Co. Ltd., Solgar Inc., Swanson Health Products Inc., Swisse Wellness Pty Ltd., Thorne HealthTech Inc., Vitabiotics Ltd., and WN Pharmaceuticals Ltd.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report predicts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Vitamin B-complex Ingredients Market Scope |
|
Report Coverage |
Details |
Page number |
163 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.7% |
Market Growth 2024-2028 |
USD 790.27 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.8 |
Regional analysis |
North America, Europe, Asia, and the Rest of the World (ROW) |
Performing market contribution |
North America at 34% |
Key countries |
US, Canada, Germany, UK, and China |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
BASF SE, Bayer AG, Blackmores Ltd., Country Life Vitamins LLC, GNC Holdings LLC, Haleon Plc, Jarrow Formulas Inc., Koninklijke DSM NV, Life Extension Foundation Buyers Club Inc., Lonza Group Ltd., Nestle SA, NOW Health Group Inc., Nutricost, Otsuka Holdings Co. Ltd., Solgar Inc., Swanson Health Products Inc., Swisse Wellness Pty Ltd., Thorne HealthTech Inc., Vitabiotics Ltd., and WN Pharmaceuticals Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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