by Pyridoxine Hydrochloride, also known as Vitamin B6, is a water-soluble vitamin which acts as a coenzyme in many enzymatic reactions involved in amino acid, lipid and carbohydrate metabolism. It plays a key role in erythropoiesis and the production of heme as well as neurotransmitters like serotonin, norepinephrine and gamma-aminobutyric acid (GABA). It is commonly used in nutritional supplements, food fortification and treats vitamin B6 deficiency conditions like neuropathy, cancer, cardiovascular disease and kidney disease.
The 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
Market Dynamics:
One of the major drivers for the Pyridoxine Hydrochloride (Vitamin B6) Market is increasing demand as supplements in the treatment of peripheral neuropathy often associated with diabetes, chemotherapy and alcohol abuse. Pyridoxine hydrochloride supplements tend to improve neuropathy symptoms in many cases. Additionally, it is also increasingly being used as an adjuvant therapy for depression and epilepsy where it regulates neurotransmitter levels like GABA and serotonin. Further, growing awareness about nutrient deficiencies, increasing health consciousness, rising geriatric population as well as expanding food & beverage fortification practices are some other factors expected to propel the market growth over the forecast period.
Segment Analysis
The pyridoxine hydrochloride (Vitamin B6) market is dominated by the pharma products segment. This segment accounts for over 60% of the total market share owing to the wide applications of vitamin B6 in pharmaceutical drugs and dietary supplements. Vitamin B6 is vital for many bodily functions and deficiency can lead to poor absorption of nutrients. Thus, pharmaceutical companies utilize vitamin B6 extensively in formulations.
PEST Analysis
- Political: Regulation on nutrient fortification and dietary supplement usage across different countries impacts the pyridoxine hydrochloride market.
- Economic: Rising income levels in developing nations boost spending on healthcare and nutraceuticals, fueling market growth.
- Social: Increasing health consciousness among consumers propels demand for vitamin B6 fortified foods and dietary supplements.
- Technological: Advancements in large-scale fermentation processes aid manufacturers lower production costs of pyridoxine hydrochloride.
Key Takeaways
The global pyridoxine hydrochloride (Vitamin B6) market is expected to witness high growth, exhibiting CAGR of 6.0% over the forecast period, due to increasing awareness about nutritional deficiences. The market size is estimated to reach US$ 330.2 Mn by 2030 from US$ 215.4 Mn in 2023.Regionally, North America dominates the pyridoxine hydrochloride market currently. This is attributed to growing health supplement consumption in the U.S. and Canada. Asia Pacific is expected to exhibit fastest growth during the forecast period. China has emerged as the leading producer and consumer of vitamin B6 globally.
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, and Nanjing Pharmaceutical. Major players are focusing on expanding capacities and geographical reach through partnerships and mergers and acquisitions.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
