Global thiamine market set to reach $2.2 billion by 2033 due to rising consumer demand.
From GlobeNewswire: 2024-05-31 06:00:00
The Global Thiamine Market is set to grow from USD 1.3 billion in 2023 to USD 2.2 billion by 2033 with a CAGR of 5.40%. Thiamine, also known as vitamin B1, is in high demand across dietary supplements, food and beverages, pharmaceuticals, and animal feed due to increased consumer awareness of its benefits. The rising focus on preventative healthcare and treatment of neurological disorders is driving market growth.
Tablets and capsules are the most popular form of thiamine supplements due to consumer preference for convenience and portability. The growth of this segment is driven by advancements in pharmaceutical technology and increased awareness of thiamine’s benefits on energy levels and neurological function.
Food and beverage fortification with thiamine is on the rise as consumers seek nutrient-dense options to improve energy levels and overall health. This trend is especially significant among those looking to enhance cognitive function through their diet. Thiamine is added to a variety of products like breakfast cereals, energy bars, and fortified drinks to meet consumer demand.
North America is expected to dominate the Thiamine Market from 2023 to 2033, driven by a health-conscious consumer base and a focus on preventive healthcare. The region utilizes thiamine in various pharmaceutical products, including multivitamins and therapies for deficiency disorders.
Asia Pacific is experiencing rapid market growth between 2023 to 2033, fueled by rising disposable incomes and urbanization. The growing middle class in the region is driving demand for health and wellness products, including thiamine supplements and fortified foods. Investments in R&D to explore new therapeutic applications for thiamine are further boosting its demand in the pharmaceutical industry.
Read more at GlobeNewswire: Global Thiamine Market Size To Exceed USD 2.2 Billion By