Global Thiamine Market Demand is expected to rise at a rapid 13.9% CAGR, from US$ 170.9 million in 2021 to US$ 715.32 million by 2032.
Thiamine’s increasing use in mental health is fueling market growth, as its applications go beyond physical health. Furthermore, market leaders in Thiamine, such as Jiangsu Jubang Pharmaceutical Co. Ltd, work hard to keep their positions by generating the highest percentage of revenue and obtaining the largest market share.
Thiamine market is driven by the product’s increasing role in energy metabolism as well as the construction and growth of healthy cells. Thiamine demand is rising mostly because to greater public awareness of the human body’s Thiamine deficiency.
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Thiamine sales are increasing because to the fact that it is used by both humans and animals. Animals are given the medication to protect their livers and kidneys from lead-induced lipid peroxidation. It is necessary for the formation and multiplication of healthy cells, as well as the metabolism of human energy.
The increased prevalence of ailments, as well as a lack of understanding and awareness of Thiamine insufficiency, may be stifling the expansion of the Thiamine market. Furthermore, scarcity can lead to a number of serious health issues.
Because of growing healthcare spending, an ageing population, improved medical facilities, changing pharmaceutical distribution networks, and cutting-edge technology, the United States is a major consumer of protein components.
Key Takeaways of the Thiamine Market
- Thiamine market is estimated to increase at a CAGR of 13.9% over the forecast period.
- The Thiamine market is anticipated to be worth US$ 715.32 million by 2032.
- Thiamine market was estimated at US$ 170.9 million in 2021.
- Thiamine is classified into surgical applications and dietary supplements, with the dietary supplements segment predicted to develop at a CAGR of 30.1% by 2021.
- Thiamine is used in the treatment of a range of ailments, hence the pharmaceutical business ranks second.
- Asia Pacific dominated the Thiamine market in 2021, with a CAGR of 35.0%.
- The North America thiamine market is expected to grow rapidly, with a sizable share during the projected period.
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Competitive landscape: Fresh Companies Are Meeting The Product Demand
Because of rising customer demand for products and limited manufacturer supply, existing enterprises have numerous options to obtain a strategic and competitive edge. New enterprises can generate market-ready goods with the support of skilled and competent R&D.
To obtain a competitive advantage and assure consumer pleasure, the major competitors in the Thiamine industry have implemented a variety of strategic activities, such as establishing various research programmes, cutting pricing, and launching profit-making and expansion projects.
Recent Developments: Innovations and Product launches
- The US Food and Drug Administration (USFDA) has granted Aurobindo Pharma Limited final approval to manufacture and market Thiamine HCl Injection 200 mg/ 2 mL Multi-Dose Vials.
- 18 February 2021 – Hikma Pharmaceuticals PLC (Hikma) has introduced Thiamine Hydrochloride Injection, USP, 200mg/2mL in the United States through its US affiliate, Hikma Pharmaceuticals USA Inc.
Key segments
By Application:
- Food & Beverages
- Animal Feed
- Pharmaceuticals
- Dietary Supplements
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