The Thiamine Market is expected to see a significant CAGR of 13.9%, and is projected to increase from US$ 170.9 million in 2021 to US$ 715.32 million by 2032.
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Thiamine’s expanding use in mental health is driving up the market size, as its uses go beyond only physical health. Additionally, the market leaders for thiamine, like Jiangsu Jubang Pharmaceutical Co. Ltd, work hard to preserve their leadership positions by bringing in the biggest percentage of revenue and snatching up the largest portion of the market.
The product’s expanding function in energy metabolism, as well as the growth and development of healthy cells, is what largely drives the thiamine market. The growing demand for thiamine is mostly due to increased public awareness of the human body’s thiamine deficiency.
Sales of thiamine are expanding, as it is used by both humans and animals. Animals are given the chemical to protect their livers and kidneys against lead-induced lipid peroxidation. It is essential for both the development and growth of healthy cells, as well as for human energy metabolism.
The increased frequency of illnesses and the lack of knowledge and awareness surrounding thiamine deficiency may be limiting factors for the growth of the thiamine market. Furthermore, this shortage can lead to a number of other serious health issues.
Due to the country’s rising healthcare spending, aging population, improved medical facilities, changing pharmacy distribution networks, and cutting-edge technologies, the United States is one of the main consumers of protein components.
Key Takeaways of the Thiamine Market
- The thiamine market is expected to have a CAGR of 13.9% during the forecast period.
- The thiamine market is anticipated to have a valuation of US$ 715.32 million by 2032.
- The thiamine market had a valuation of US$ 170.9 million in 2021.
- The thiamine market is segmented based on surgical application, wherein the dietary supplementary segment had a CAGR of 30.1% in 2021.
- The pharmaceutical segment holds the second leading position as a result of the usage of thiamine in treatments for a number of disorders.
- The Asia Pacific dominated thiamine market, with a CAGR of 35.0% in 2021.
- The North America thiamine market is expected to expand rapidly, with a prodigious share during the forecast period.
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Competitive landscape: Fresh Companies Are Meeting The Product Demand
Due to the increasing customer demand for the products and the dwindling supply of manufacturers, there are many opportunities for the existing firms to gain a strategic and competitive advantage. With the assistance of experienced and productive R&D, new businesses can create goods that are ready for the market.
In order to gain a competitive edge and ensure consumer satisfaction, the top players in the thiamine market have taken a number of strategic actions, including setting up various research programs, lowering prices, and carrying out profit-making and expansion initiatives.
Recent Developments: Innovations and Product launches
- The US Food & Drug Administration (USFDA) has given final permission for Aurobindo Pharma Limited to produce and sell Thiamine HCl Injection 200 mg/ 2 mL Multi-Dose Vials.
- February 18, 2021 – Through its US subsidiary, Hikma Pharmaceuticals USA Inc. The multinational pharmaceutical business Hikma Pharmaceuticals PLC (Hikma) has introduced Thiamine Hydrochloride Injection, USP, 200mg/2mL, in the US.
Key segments
By Application:
- Food & Beverages
- Animal Feed
- Pharmaceuticals
- Dietary Supplements
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