Thiamine Market Insights on Trends and Growth Forecast by 2032
The Thiamine Market is expected to grow at a significant 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.
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The expanding function of the product in energy metabolism, as well as the growth and development of healthy cells, is what drives the thiamine market. Thiamine demand is increasing primarily as a result of increased public awareness of the human body’s thiamine deficiency.
Thiamine sales are increasing because it is used by both humans and animals. The chemical is given to animals to protect their livers and kidneys from lead-induced lipid peroxidation. It is required for both the development and growth of healthy cells, as well as the metabolism of human energy.
The increased frequency of illnesses, as well as a lack of knowledge and awareness about thiamine deficiency, may be limiting factors for the thiamine market’s growth. Furthermore, this scarcity can lead to a variety of serious health problems.
The United States is a major consumer of protein components due to rising healthcare spending, an ageing population, improved medical facilities, changing pharmacy 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 supplementary segment expected to grow at a CAGR of 30.1% by 2021.
- The pharmaceutical industry ranks second due to the use of thiamine in the treatment of a variety of disorders.
- With a CAGR of 35.0% in 2021, Asia Pacific dominated the thiamine market.
- The thiamine market in North America is expected 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 dwindling manufacturer supply, existing firms have numerous opportunities to gain a strategic and competitive advantage. New businesses can create market-ready goods with the assistance of experienced and productive R&D.
To gain a competitive advantage and ensure consumer satisfaction, the top players in the thiamine market have implemented a variety of strategic actions, such as establishing various research programmes, lowering prices, and launching 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.
- Food & Beverages
- Animal Feed
- Dietary Supplements
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