PYRIDOXINE HYDROCHLORIDE VITAMIN B6 MARKET ANALYSIS

Market Challenges And Opportunities

• Increasing adoption of pyridoxine hydrochloride (Vitamin B6) enriched dietary supplements due its health benefits is boosting demand for pyridoxine hydrochloride (Vitamin B6) products. According to National Institute of Health (NIH) Report, in 2016, between 28 to 35% of population take vitamin supplements containing vitamin B6 in the U.S. Moreover, it is widely adopted to cure nerve disorders and hereditary disorders. Such factors are playing important role in fueling growth of the market.
• Demand for vitamin enriched food & beverage products is increasing significantly and hence, manufacturers are extensively incorporating vitamins in their products. For instance, in April 2017, VitaCup launched coffee & tea products enriched in vitamin with French Roast, French Vanilla, and Green Tea flavors. These products were launched in order to combat fatigue, boost immunity, and speed up metabolism. This is therefore, projected to create conductive environment for growth of the market over the forecast period.
• Favorable growth of food & beverages, animal feed, and pharmaceutical industries globally is projected to create potential demand for pyridoxine hydrochloride (Vitamin B6) in the near future. According to International Trade Association report, total sales of pharmaceuticals in the U.S. was valued at US$ 333 billion in 2015 which was triple the size of sale in China. Total US exports in the personal care and cosmetics subsector totaled US$ 10.4 billion in 2015. Total U.S. exports in the industry grew at an average rate of 15% over the past three years. Moreover, Canada is the 10^th largest pharmaceutical market in the world and 2^nd largest in North America, which represents potential opportunity for growth of vitamin B6 market in Canada.
• However, stringent regulations imposed on pyridoxine hydrochloride (Vitamin B6) by regulatory authorities such as The European Pharmacopoeia, The United States Pharmacopeial Convention, and Food Chemical Codex (FCC) is a major challenge for manufacturers to maintain their product quality.