Vitamin B6 Market Size, Share, Growth and Industry Analysis By Type (Feed Grade, Pharmaceutical Grade, And, Food Grade), By Application (Animal Nutrition, Food And Beverage Industry, And Pharmaceutical Industry), Regional Forecast To 2031

Updated On: 01 April 2024

Vitamin B6 Market REPORT OVERVIEW

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The global vitamin B6 market size was USD 82 million in 2021 and market is projected to touch USD 196.74 million by 2031, at a CAGR of 9.1% during the forecast period.

This is a kind of vitamin B and is more essentially a nutrient. It is a group of six chemically similar compounds and they are referred to as vitamers. These vitamers can be easily interconverted into various biological systems. This vitamin has a lot applications and advantages.

One of the remarkable trends that is now being witnessed in the market is the introduction of highly efficient tablets that can considerably reduce the deficiency. This advancement has brought about many improvements in the market. This vitamin has many disease-curing qualities and can cure some of the most complex diseases.  Apart from actively being used in the health-care industry it has also found application in the cosmetic and hair care industry. These factors drive the market growth.

COVID-19 impact: Decline in The Value of The Chemical Industry Decreased the Market Growth

The COVID-19 pandemic hit all the markets and industries across the world. The chemical industry was high affected due to the deadly disease. Due to lockdown many strict restrictions and norms were imposed because of which the raw materials necessary for the production of vitamin B6 were not easily available.

The main constituents of this vitamin include pyridoxal 5’ phosphate and pyridoxamine 5’ phosphate. These are the most important active coenzymes which are used in the production of this vitamin. These chemicals were not easily available and there was also a shortage of skilled workers. All these factors affected the chemical industry which directly had a negative impact on the vitamin B6 market share.

LATEST TRENDS

"Highly Effective Vitamin B6 Tablets to Increase the Market Growth"

Many advancements and discoveries are being made in every field, especially in health care and drug industry. Vitamin B6 plays a very important role in human body and can provide cure for many diseases. The deficiency of this vitamin can cause many problems. Hence, it is very important to consume these vitamins in an adequate amount.

It is required for maintaining healthy nervous system, red blood cells and skin. In order to infuse the right amount of vitamin, highly effective vitamin B6 tablets are being introduced in the market which is prone to reduce the deficiency considerably. This has been identified as the latest trend in the market.

Vitamin B6 Market SEGMENTATION

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• By Type

The market can be divided on the basis of type as follows:

Feed grade, pharmaceutical grade, and, food grade. The feed grade segment is expected to hold the dominant market share through 2028.

• By Application

Classification based on application is as follows:

Animal Nutrition, Food and Beverage Industry, and, Pharmaceutical Industry. Animal nutrition segment is predicted to dominate the market through 2028.

DRIVING FACTORS

"Disease-Preventing Quality of Vitamin B6 to Amplify the Market Growth"

Many scientific researches and reports have demonstrated the usefulness of consuming vitamin B6 tablets. Deficiency of this vitamin can cause severe medical problems. Microcytic anemia, electroencephalographic abnormalities, scaling on the lips and the corners of the mouth also known as dermatitis with cheilosis, confusion and depression are some serious problems caused by the lack of vitamin B6 in human body.

Therefore, consuming vitamin B6 in adequate quantities is very essential. This vitamin has the capacity to cure many diseases such as peripheral neuropathy a kind of nerve disorder. It is also useful in treating hereditary diseases like hyperoxaluria, homocystinuria, and xanthurenic aciduria. These disease-preventing qualities of the vitamin acts as factor driving the market growth.

"Application Of the Vitamin in Cosmetic Industry to Develop the Market"

Apart from being useful in the health care industry, vitamin B6 has also found its application in the skincare and cosmetics industry. This vitamin is known for improving skin health and for enhancing the looks. Hence it is utilized as an important factor in the cosmetic industry.

It is known to reduce the sebum levels due to which the oily secretions are reduced. This in turn reduces the formation of pimples and acne. Along with this it also promotes hair health by acting as an anti-dandruff agent. The vast application of this vitamin in cosmetic, hair care and health industry together contribute to the vitamin B6 market growth.

RESTRAINING FACTOR

"Side-Effects of Consuming Vitamin B6 to Decrease the Market Growth"

Along with providing various health benefits this vitamin can also cause many side effects when taken continuously or in large quantities. Any drug or medicine when taken in large quantities can cause other problems.

Lack of muscle control and co-ordination, disfiguring skin lesions that are painful, nausea, heartburn, numbness, photosensitivity or extreme sensitivity to sunlight are some of the side effects caused due to the high consumption of this vitamin. This can be one of the major factors that can restrain the market growth and development.

Vitamin B6 Market Regional Insights

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"North America to Dominate the Market Growth During the Forecast Period"

The region that is seen dominating the market is North America. North America has majority of the market share and predominantly dominates the industry. Asia Pacific occupies the next position to North America. Many favorable factors have contributed to the development of the industry.

There has been a rising awareness about the consumption of this vitamin in the region of North America. Also, the presence of affluent consumers and a well-developed market in the region has provided the opportunity for the market to flourish. Huge investments in the field and expansion of health care and cosmetic markets are the factors that have made North America the top market in the region.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position in the recent days. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market. Key market players have adopted unique strategies to flourish in the market.

List of Market Players Profiled

• Tianxin Pharmaceutical (China)
• DSM (U.S.)
• Huazhong Pharmaceutical (China)
• Hegno (China)
• Guangji Pharmaceutical (China)

Report Coverage

The report provides an insight into the vitamin B6 industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations.