Executive Summary

The global vitamin B complex ingredients market is expected to grow at a CAGR of 6.2% during the forecast period (2021-2026). The market is driven by the increasing demand for functional food and dietary supplements, particularly among the aging population. The Asia-Pacific region is expected to witness the highest growth rate during the forecast period, owing to the increasing demand for vitamin B complex ingredients in the food and pharmaceutical industries. The market is highly competitive, with several key players operating in the market, including BASF SE, Lonza Group AG, and DSM Nutritional Products AG.

Important Note: The companies listed in the image above are for reference only. The final study will cover 18–20 key players in this market, and the list can be adjusted based on our client’s requirements.

Key Market Insights

• The global vitamin B complex ingredients market is expected to grow at a CAGR of 6.2% during the forecast period (2021-2026).
• The market is driven by the increasing demand for functional food and dietary supplements, particularly among the aging population.
• The Asia-Pacific region is expected to witness the highest growth rate during the forecast period, owing to the increasing demand for vitamin B complex ingredients in the food and pharmaceutical industries.
• The market is highly competitive, with several key players operating in the market, including BASF SE, Lonza Group AG, and DSM Nutritional Products AG.

Market Drivers

1. Increasing Demand for Functional Food and Dietary Supplements The rising awareness about the importance of maintaining a healthy lifestyle has led to an increasing demand for functional food and dietary supplements. Vitamin B complex ingredients are widely used in these products due to their health benefits, including the regulation of metabolism and energy production.
2. Growing Aging Population The aging population is more susceptible to chronic diseases and nutrient deficiencies, making them a key target market for functional food and dietary supplements. Vitamin B complex ingredients are particularly important for this group, as they are essential for maintaining cognitive function and reducing the risk of age-related diseases such as dementia.
3. Rising Incidence of Chronic Diseases Chronic diseases such as diabetes, cancer, and heart disease are on the rise globally. Vitamin B complex ingredients have been shown to play a crucial role in reducing the risk of these diseases, making them a popular choice for consumers looking to improve their overall health.

Market Restraints

1. Side Effects Associated with Overconsumption While vitamin B complex ingredients are generally safe to consume, overconsumption can lead to side effects such as nausea, vomiting, and diarrhea. This can be a concern for some consumers, particularly those with pre-existing medical conditions.
2. Lack of Awareness Among Consumers Despite the growing awareness about the health benefits of vitamin B complex ingredients, there is still a lack of understanding among some consumers about their importance. This can limit the growth of the market, particularly in developing countries where education and awareness campaigns are not as prevalent.

Market Opportunities

1. Increasing Demand for Natural and Organic Products There is a growing demand for natural and organic products, particularly in developed countries. This presents an opportunity for manufacturers to develop vitamin B complex ingredients derived from natural sources, such as plants and algae.
2. Rising Demand for Fortified Foods Fortified foods are becoming increasingly popular as consumers look for convenient ways to improve their nutrient intake. Vitamin B complex ingredients are widely used in these products, providing an opportunity for manufacturers to develop new and innovative fortified food products.

Market Dynamics

The global vitamin B complex ingredients market is highly dynamic, with several factors driving its growth. The market is expected to continue growing in the coming years, driven by the increasing demand for functional food and dietary supplements, particularly among the aging population. The Asia-Pacific region is expected to witness the highest growth rate during the forecast period, owing to the increasing demand for vitamin B complex ingredients in the food and pharmaceutical industries.

Regional Analysis

The Asia-Pacific region is expected to witness the highest growth rate during the forecast period, owing to the increasing demand for vitamin B complex ingredients in the food and pharmaceutical industries. North America and Europe are also expected to witness significant growth, driven by the increasing demand for functional food and dietary supplements. The Latin America and Middle East & Africa regions are expected to witness moderate growth during the forecast period.

Competitive Landscape

Leading companies in the Vitamin B Complex Ingredients Market:

1. Lonza Group Ltd.
2. BASF SE
3. Amway Corp.
4. Archer Daniels Midland Company
5. DuPont de Nemours, Inc.
6. Pfizer Inc.
7. Glanbia plc
8. DSM Nutritional Products AG
9. NOW Foods
10. Thorne Research, Inc.

Please note: This is a preliminary list; the final study will feature 18–20 leading companies in this market. The selection of companies in the final report can be customized based on our client’s specific requirements.

Segmentation

The global vitamin B complex ingredients market can be segmented based on type, form, application, and region. By type, the market can be segmented into thiamine (B1), riboflavin (B2), niacin (B3), pantothenic acid (B5), pyridoxine (B6), biotin (B7), folate (B9), and cobalamin (B12). By form, the market can be segmented into liquid and powder. By application, the market can be segmented into food and beverages, pharmaceuticals, animal feed, and others.

Category-wise Insights

1. By Type The pyridoxine (B6) segment is expected to witness the highest growth rate during the forecast period, owing to its importance in maintaining cognitive function and reducing the risk of age-related diseases.
2. By Form The powder segment is expected to dominate the market, owing to its ease of use and convenience.
3. By Application The food and beverages segment is expected to dominate the market, owing to the increasing demand for functional food products.

Key Benefits for Industry Participants and Stakeholders

• The global vitamin B complex ingredients market presents significant growth opportunities for manufacturers and suppliers of these ingredients.
• The increasing demand for functional food and dietary supplements presents a key opportunity for industry participants to develop new and innovative products.
• The market is highly competitive, with several key players operating in the market. This presents an opportunity for industry participants to develop strategic partnerships and collaborations to strengthen their position in the market.

SWOT Analysis

Strengths:

• Wide range of health benefits associated with vitamin B complex ingredients
• Growing demand for functional food and dietary supplements

Weaknesses:

• Side effects associated with overconsumption
• Lack of awareness among consumers

Opportunities:

• Increasing demand for natural and organic products
• Rising demand for fortified foods

Threats:

• Intense competition from other functional ingredients
• Stringent regulations and guidelines for the use of vitamin B complex ingredients in food and pharmaceutical products

Market Key Trends

1. Increasing Demand for Vegan and Plant-based Products There is a growing demand for vegan and plant-based products, particularly among younger consumers. This presents an opportunity for manufacturers to develop vitamin B complex ingredients derived from plant-based sources, such as algae and yeast.
2. Rising Demand for Energy Drinks and Sports Nutrition Products Energy drinks and sports nutrition products are becoming increasingly popular among consumers, particularly among athletes and fitness enthusiasts. Vitamin B complex ingredients are widely used in these products, providing an opportunity for manufacturers to develop new and innovative products.

Covid-19

Impact The Covid-19 pandemic has had a mixed impact on the global vitamin B complex ingredients market. While the demand for functional food and dietary supplements has increased, the supply chain disruptions and restrictions on movement have affected the production and distribution of these products. However, the market is expected to recover in the coming years, driven by the increasing demand for functional food and dietary supplements.

Key Industry Developments

• In May 2020, Lonza Group AG launched a new range of vegan and non-GMO vitamin B complex ingredients derived from plant-based sources.
• In August 2020, BASF SE announced the acquisition of Isobionics, a leading provider of natural aroma ingredients and vitamins for the food and beverage industry.

Analyst Suggestions

• Manufacturers should focus on developing vitamin B complex ingredients derived from natural and organic sources, in response to the growing demand for these products among consumers.
• Manufacturers should also focus on developing new and innovative products, such as fortified food products and plant-based supplements, to meet the changing needs and preferences of consumers.

Future Outlook

The global vitamin B complex ingredients market is expected to continue growing in the coming years, driven by the increasing demand for functional food and dietary supplements, particularly among the aging population. The Asia-Pacific region is expected to witness the highest growth rate during the forecast period, owing to the increasing demand for vitamin B complex ingredients in the food and pharmaceutical industries. The market is highly competitive, with several key players operating in the market, including BASF SE, Lonza Group AG, and DSM Nutritional Products AG.

Conclusion

The global vitamin B complex ingredients market is poised for significant growth in the coming years, driven by the increasing demand for functional food and dietary supplements. Manufacturers and suppliers of these ingredients should focus on developing new and innovative products that meet the changing needs and preferences of consumers, while also ensuring that their products are derived from natural and organic sources. The market is highly competitive, and manufacturers should collaborate and form strategic partnerships to strengthen their position in the market. Overall, the future outlook for the vitamin B complex ingredients market is positive, and the market is expected to continue growing in the coming years.