The Thiamine Market demand is estimated to grow at a high 13.9% CAGR, rising from US$ 170.9 million in 2021 to US$ 715.32 million by 2032.
Thiamine’s growing use in mental health is driving up market size, as its applications extend beyond physical health. Furthermore, market leaders in Thiamine, such as Jiangsu Jubang Pharmaceutical Co. Ltd, work hard to maintain their positions by bringing in the highest percentage of revenue and capturing the largest share of the market.
The rising function of the product in energy metabolism, as well as the formation and development of healthy cells, is what drives the Thiamine market. Thiamine demand is increasing mostly as a result of increased public awareness of the human body’s Thiamine deficit.
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Thiamine sales are increasing since it is used by both humans and animals. The drug is administered to animals to protect their livers and kidneys against lead-induced lipid peroxidation. It is required for both the creation and proliferation of healthy cells, as well as the metabolism of human energy.
The rising incidence of illnesses, as well as a lack of understanding and awareness of Thiamine deficiency, may be limiting factors for the Thiamine market’s growth. Furthermore, this scarcity can lead to a variety of major health problems.
The United States is a major consumer of protein components because to increased healthcare spending, an ageing population, enhanced medical facilities, changing pharmaceutical distribution networks, and cutting-edge technologies.
Key Takeaways of the Thiamine Market
- During the forecast period, the Thiamine market is expected to grow at a CAGR of 13.9%.
- By 2032, the Thiamine market is expected to be worth $715.32 million.
- In 2021, the Thiamine market was valued at US$ 170.9 million.
- The Thiamine market is divided into surgical applications, with the dietary supplements segment expected to grow at a CAGR of 30.1% by 2021.
- The pharmaceutical industry ranks second because to the use of Thiamine in the treatment of a variety of illnesses.
- With a CAGR of 35.0% in 2021, Asia Pacific dominated the Thiamine market.
- The Thiamine market in North America is predicted to grow rapidly, with a sizable share during the forecast 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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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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