Thiamine Market Outlook 2024 to 2034 Growth Insights with Glanbia Nutritionals, Nexira, Nutraceutical International, Kemin Industries, Archer Daniels Midland Company (ADM), Lonza Group, BASF SE

The global thiamine (Vitamin B1) market is on a trajectory of substantial expansion, with a new report forecasting its value to reach USD 2,497 million by 2034, up from an estimated USD 1,238.2 million in 2024. This robust growth, projected at a Compound Annual Growth Rate (CAGR) of 7.3% over the forecast period (2024-2034), underscores the micronutrient's increasing importance across various industries, particularly driven by public health initiatives and rising consumer health consciousness.

The market generated USD 1,166.2 million in revenue in 2023 and is anticipated to exhibit a year-over-year growth of 6.2% in 2024. North America is set to maintain a significant lead, accounting for approximately 25% of the global value share. This dominance is largely attributed to the presence of well-established companies and stringent regulatory mandates, such as the US Food and Drug Administration (FDA) requiring the fortification of staple foods like bread and cereals with essential vitamins, including B1, a practice in place since the early 1940s. According to a 2023 USDA report, vitamin B1 fortification in cereals and bread alone contributes over 40% of the total consumption in the United States.

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Key Market Drivers and Trends:

The burgeoning industry is a primary catalyst for thiamine market growth. With the global market projected to showcase an 8.9% CAGR, the essential role of vitamin B1 in energy metabolism and nerve function makes it a highly sought-after ingredient. In the United States, approximately 77% of adults reported regular intake in 2023, highlighting a significant demand for vitamins and minerals.

Furthermore, the escalating global prevalence of vitamin B1 deficiency-related conditions, such as Beriberi and Wernicke-Korsakoff Syndrome, is fueling demand. The World Health Organization (WHO) identifies vitamin B1 deficiency as a critical public health concern in regions like Southeast Asia and sub-Saharan Africa, where unique dietary customs often lead to low thiamine intake. In developed nations, Wernicke-Korsakoff syndrome is a growing concern, particularly among individuals with chronic alcoholism, with up to 80% of alcoholics susceptible to thiamine deficiency, as noted by the National Institutes of Health (NIH).

The rising adoption of thiamine-fortified packaged foods also presents a significant growth opportunity. Governments worldwide, including India, are implementing large-scale fortification programs for staple foods like rice and wheat flour to combat widespread micronutrient deficiencies. Industry giants such as Nestlé and Kellogg's are increasingly incorporating thiamine into their product lines to cater to health-conscious consumers seeking convenient nutritional solutions.

Regional Dynamics and Competitive Landscape:

Regionally, India is poised for remarkable growth, projected to exhibit a 13% CAGR between 2024 and 2034, reaching approximately USD 250 million. This growth is significantly bolstered by government-mandated food fortification programs. China is set to lead East Asia with a 12.4% CAGR, reaching around USD 620 million by 2034, driven by its rapidly expanding market and the increasing use of vitamin B1 in anti-aging skincare products by brands like Pechoin and Inoherb. In Europe, the United Kingdom is a key player, with personal care brands like Emma Hardie and Unilever exploring thiamine's benefits in haircare products.

The global thiamine market is characterized by its fragmented nature, featuring a diverse mix of global and regional players. Tier 1 companies, including BASF SE, DSM Nutritional Products, and Huazhong Pharmaceutical, command a significant share (24-25%) due to their extensive production capacities and integrated supply chains. Mid-sized Tier 2 players like Lonza Group AG and Zhejiang NHU hold robust regional presences, while Tier 3 companies comprise numerous small-scale local players.

Top Segments Studied in the Thiamine Market Research Report

By Product Type:
Mononitrate and hydrochloride are the two product types.

By End-use:
In terms of end-use, the industry is divided into food and beverages, animal feed, pharmaceuticals, and personal care. Food and beverages are further segregated into fortified cereals and nutritional supplements. The animal feed category is trifurcated into livestock feed, pet food, and aquaculture feed. The personal care segment is segregated into skincare and hair care.

By Region:
Key countries of North America, Latin America, Europe, East Asia, South Asia, and the Middle East and Africa have been covered in the report.

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