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A Strong Surge in Thiamine Market Growth

• Current Market Size: The thiamine market was valued at $1.24 billion in 2023.
• Growth Forecast: Expected to reach $1.37 billion in 2024.
• Compound Annual Growth Rate (CAGR): 9.9% from 2023 to 2024.
• Historical Growth Drivers:
  • Increased fortification programs.
  • Expansion of functional foods.
  • Rise in demand for natural and organic sources.
  • Enhanced fortification efforts.

Future Growth Trajectory

• Market Projections: The thiamine market is anticipated to grow to $2.01 billion by 2028.
• Future CAGR: 10.2% from 2024 to 2028.
• Growth Influences:
  • Increased health awareness.
  • Aging population.
  • Rising incidence of chronic diseases.
  • Consumer preference for natural and organic products.
  • Rise in lifestyle-related disorders.
• Key Trends:
  • Technological advancements.
  • Integration into digital health platforms.
  • Research into therapeutic applications and personalized nutrition.

Read More On The Thiamine Market Report 2024 – https://www.thebusinessresearchcompany.com/report/thiamine-global-market-report

Impact of Dietary Supplements on Thiamine Market

• Rising Demand for Supplements:
  • Driven by heightened health awareness and preference for preventive healthcare.
  • Increased focus on immune system support.
• Thiamine’s Role in Supplements:
  • Vital for energy production, nervous system health, heart function, and metabolic equilibrium.
• Market Insights:
  • CRN Consumer Survey showed a rise in dietary supplement usage in the US from 73% in 2020 to 80% in 2021.
  • This trend is fueling the growth of the thiamine market.

Major Players and Innovations

• Key Companies:
  • BASF SE
  • Koninklijke DSM N.V.
  • The Nature’s Bounty Co. Ltd.
  • Zhejiang Medicine Co. Ltd.
  • Swanson Health Products Inc.
  • Others.
• Innovative Products:
  • Vitamin B1 deficiency infusions, like thiamine hydrochloride injection (USP) launched by Lupin Limited in June 2023.
  • These products offer direct and efficient treatment for severe deficiencies.

Strategic Moves in the Industry

• Nestlé Health Science Acquisition:
  • Acquired core brands of The Bountiful Company in August 2021.
  • Aim: To enhance its health and wellness portfolio and meet growing consumer demand for nutritional supplements.

Market Segmentation

• By Product Type:
  • Thiamine Mononitrate
  • Thiamine Hydrochloride
  • Thiamine Pyrophosphate
• By Form:
  • Tablets and Capsules
  • Liquid
  • Powder
• By Application:
  • Food and Beverages
  • Pharmaceuticals
  • Animal Feed
  • Dietary Supplements
  • Other Applications

Regional Insights

• Leading Region: Asia-Pacific was the largest market region in 2023.

Conclusion

The thiamine market is on a robust growth trajectory, driven by increasing health awareness, the rising prevalence of chronic diseases, and the growing demand for dietary supplements. Major players are innovating with new products and strategic acquisitions to maintain their competitive edge. With a promising forecast and expanding applications, the thiamine market is set to continue its upward trajectory in the coming years.

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