The global pyridoxine hydrochloride (vitamin B6) market is estimated to be valued at US$ 215.4 Mn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Pyridoxine hydrochloride (vitamin B6) plays an important role in protein metabolism and is essential for cellular activity, immunity, hormone balance, and nervous system. Vitamin B6 deficiency is increasingly prevalent globally due to impaired nutritional status and heavy metal toxicity especially in developing countries propelling the demand for vitamin supplements and fortified foods.
Market key trends:
The global pyridoxine hydrochloride (vitamin B6) market is witnessing significant growth owing to the growing prevalence of vitamin deficiency cases globally. According to a recent report by WHO, over 2 billion people worldwide suffer from deficiencies of essential vitamins and minerals, with children and women being some of the most impacted groups. Lack of vitamin B6 leads to various health issues like anemia, depression, sores on the mouth, tiredness, and carpal tunnel syndrome. Furthermore, lifestyle changes, irregular eating habits, and increased consumption of processed and junk foods which lack essential nutrients have increased the susceptibility of populations towards micronutrient deficiencies. This is creating high demand for vitamin B6 fortified products and supplements, thereby driving the growth of the pyridoxine hydrochloride market. Growing health awareness among consumers regarding nutrition is another factor augmenting the market expansion.
SWOT Analysis
1. Strength: Pyridoxine hydrochloride has wide applications in food and pharmaceutical industries as a nutrient supplement and treatment for various diseases. It acts as a cofactor for many enzymes involved in metabolism.
2. Weakness: The market is fragmented with presence of many regional and local players. This increases competition and pressure on pricing.
3. Opportunity: Increasing demand for functional foods and dietary supplements offers growth opportunities. Rising health consciousness and preventive healthcare is driving the use of vitamin B6 supplements.
Threats: Stringent regulations regarding use of vitamins and minerals can hamper business prospects. Dependence on China for raw material supply is also a threat.
Key Takeaways
The global pyridoxine hydrochloride market is expected to witness high growth.
The Asia Pacific region currently dominates the market and is expected to maintain its leading position over the forecast period. Countries like China, India and Japan have seen rising consumption of vitamin B6 supplements.
Key players operating in the pyridoxine hydrochloride market are Tianxin Pharmaceutical, DSM, Hegno, Sentai, Guangji Pharmaceutical, Acebright Pharmaceuticals Group, BASF SE, Huazhong Pharmaceutical, HuiSheng Pharma, Nanjing Pharmaceutical. The market is fairly consolidated with top five players accounting for over 50% share. Companies are investing in expanding production capabilities and launching new products to gain market share.
