PYRIDOXINE HYDROCHLORIDE VITAMIN B6 MARKET ANALYSIS

Pyridoxine Hydrochloride Vitamin B6 MarketSize and Trends

Market Dynamics

• 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.

Market Outlook

• Among grade, non-food grade segment is projected to be the fastest growing segment in the global pyridoxine hydrochloride (Vitamin B6) market over the forecast period. Non-food grade pyridoxine hydrochloride (Vitamin B6) is used in the preparation of solid & liquid pharmaceutical preparations and fortification of animal feed. Therefore, growing pharmaceutical industry, globally is expected to be major factor for growth of this segment. According to International Trade Association report, the worldwide market for pharmaceuticals is expected to reach US$ 1.3 trillion by the end of 2020.
• Among end-use industry, food & beverages segment was the dominant segment in the market in 2017. Pyridoxine hydrochloride (Vitamin B6) is extensively used for the nutritional enrichment of food products such as cereals, rice, flour, confectionary, and others.
• According to Coherent Market Insights analysis, Asia Pacific held highest market share in the global pyridoxine hydrochloride (Vitamin B6) market in 2017. China accounted for highest market share in Asia Pacific pyridoxine hydrochloride (Vitamin B6) market in 2017. This is owing to higher presence of vitamin B6 manufacturers such as Huazhong Pharmaceutical, Acebright Pharmaceuticals Group, in the country and it is also projected to maintain its dominance throughout the forecast period.