Surging demand for Thiamine Mononitrate [Vitamin B1] as a dietary supplement is one of the significant factors influencing the market growth.
The global thiamine Mononitrate [vitamin B1] market is expected to reach USD 778.9 Million by 2027, according to a new report by Reports and Data. The growth of the market is attributed to the growing application of thiamine mononitrate [vitamin B1], a water-soluble vitamin needed to process carbohydrates, fat, and protein.
Thiamine mononitrate [vitamin B1] helps in enhancing the body immunity. It is beneficial in improving the health of the skin, eyes, hair, and liver, along with the prevention of complications in the nervous system, stomach, muscles, and heart, among others. It is required by the body to maintain the proper flow of electrolytes into and out of nerve and muscle cells. Moreover, it aids in preventing several disorders, including beriberi, which involves the nerves, heart, and digestive system.
Rising geriatric population is likely to boost the growth of the thiamine mononitrate [vitamin B1] market in the upcoming years. Diets of the aged people are often high in carbohydrates, which surges the need for thiamine mononitrate [vitamin B1]. As per the Global Health and Aging report published by the WHO (World Health Organization), the number of people aged 65 years or older is estimated to increase from a projected 524 million in 2010 to approximately 1.5 billion by 2050, with a significant percentage of increase in developing economies. Additionally, the number of people aged 65 years or older is anticipated to considerably surpass children younger than 5 years of age by 2050.
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The report puts an emphasis on the information regarding the key players with a special focus on their company profile, business overview, recent advancements, product catalog, and strategic business plans. It provides a comprehensive overview of the strategic alliances in the market under taken by the key players such as mergers and acquisitions, joint ventures, collaborations, partnerships, agreements, product launches, brand promotions, and corporate deals, among others.
Key companies operating in the market and profiled in the report include:
BASF SE, DSM Nutritional Products AG, Tianjin Golden World Group, Xinfa Pharmaceutical, Huazhong Pharmaceutical, Brother Enterprises Holdings Co. Ltd., Jiangsu Jubang Pharmaceutical Co. Ltd., Jiangxi Tianxin Pharmaceutical Co., Ltd., Tianjin Zhongjin Pharmaceutical Co., Ltd., and Zhejiang Tianxin, among others.
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The Thiamine Mononitrate [Vitamin B1] market takes into account major geographical locations such as North America, Europe, Asia Pacific, Latin America, and Middle East Africa to offer key insights into market growth, market size, market share, revenue growth, current and emerging trends, supply and demand ratio, import/export, consumer demand and behavior, and presence of key players in each region. The report offers an in-depth country wise analysis to impart better understanding of the market and its growth prospects.
Segments Covered in the report
Grade Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
- Food Grade
- Feed Grade
- Pharmaceutical Grade
Distribution Channel Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
- Online
- Offline
Application Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
- Animal Feed
- Food Beverage
- Pharmaceutical
- Personal care Cosmetics
Key Regions Analyzed in the Report include:
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- Italy
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Rest of MEA
Furthermore, it consists information about individual segment of the Thiamine Mononitrate [Vitamin B1] market based on the types and application. The report also offers insights about the key segments expected to register significant revenue growth over the forecast period and primary trends influencing their growth. It also offers CAGR and market share values for each segment to provide clear understanding of demand and trend in the global market.
Further key findings from the report suggest
- By grade, the feed grade thiamine mononitrate [vitamin B1] held a substantial market size in 2018. Feed grade product is required to cater to the requirements of the animal and several changes arising from causes, including genetic lines, the effect of changing seasons, and different animal physiologies, among others.
- By distribution channel, the offline distribution channel contributed to the largest market share in 2018 and is expected to grow at a rate of 3.4% in the forecast period. Offline channel is the most preferred channel for distribution as it includes the opportunity for customers to create personal connections with business, which is beneficial in building loyalty.
- By application, food beverage contributed to the largest market share in 2018 and is estimated to grow at a rate of 4.1% in the forecast period.
- The market in the Asia Pacific region held the largest market share in 2018 and is projected to grow at a rate of 4.9% in the forecast period. Growing inclination towards a healthy lifestyle, growing population, and a rise in the level of disposable income are among the factors that drive the growth of the market in the region.
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